May 22, 2024
Over 2.3 trillion gigabytes of data are generated every year in healthcare. Equal to:
- 1.2x the amount of currency in circulation in the United States
- 1,000x the amount of heartbeats the average human will have in their lifetime
- Over 20x the amount of people that have ever existed on earth
- 20x the amount of stars in the milky way galaxy
- The amount of steps it would take to walk around the world 35,000 times
- 760 times the amount of base pairs in the human genome
One key place where the value of this data can be realized is in the lab. For over a decade hc1 has been transforming lab data into personalized healthcare insights. One key thing that we’ve discovered is that the best way for labs to achieve both internal operational efficiency, provide exceptional customer service and grow their business is to centralize all of those functions in a single platform.
Based on our experience, here are three of the biggest challenges your lab can overcome with a single lab insights platform that can help increase your lab’s value.
1. Data Silos
All too often, laboratories are managed by various departments running a myriad of disparate data systems and silos – making the prospect of capturing a comprehensive client view a daunting proposition. LIS, billing, sales and client service systems collectively store an abundance of critical data. The hunt for key information is spread among multiple locations, which often results in two unfortunate situations:
- An inefficient resolution is put into place because the root cause is too difficult to pinpoint.
- Too much time passes during the process of hunting down data, causing an already strained relationship to progress to “crisis mode.”
While most labs have access to an abundance of data that can guide decisions and help identify reasons for issues, the challenge typically lies in promptly and easily making sense of this information. Some labs employ teams of analysts to compile and review data from multiple sources. Client issues could be completely overlooked due to the disconnect between top level or roll-up data and what is actually happening on a per-client basis.
Having a real-time, transparent view across IT solutions and departments can make a world of difference in managing client relationships. After all, clients expect great, consistent service the majority of the time and want prompt, correct answers or plans when things veer off track.
2. Delayed Issue Tracking
A typical lab’s quality review cycle occurs every 90 to 120 days, and the reports that are reviewed are typically manually compiled in arrears. Thus, client issues often go unresolved for weeks or even months, during which time the client may engage with a competitor. In a highly competitive healthcare landscape, labs can’t afford to lack a clear, real-time view of all client issues. What happens, for example, if a lab realizes a significant volume decline in an account 6 months after the fact? With real-time insight into critical accounts, managers would have been able to recognize the downward trend in time to take proactive action.
To remove delays in issue tracking and resolution, team members must have access to:
- A real-time, 360-degree view of important client communications and activity history.
- Real-time notifications that alert the appropriate team members to changes in order volume, revenues, turnaround time or outstanding issues that are due for resolution.
- Easy-to-use dashboards that display up-to-the-moment client status, issues and concerns.
With a holistic, real-time view of every client in a central location, labs also have the peace of mind that expansion and new business opportunities stay at the forefront. By providing proactive service and quickly resolving issues, labs can free up more time to spend visiting key clients and discovering needs that translate into additional revenue.
3. Lack of Real-Time Provider Insights
Many laboratory sales and outreach teams use a customer relationship management (CRM) tool to manage provider relationships and track new opportunities. However, these tools either do not integrate with lab data sources or require costly consultations and significant customization to do so. Meanwhile, other labs are still managing their outreach using spreadsheets and email.
Either way, these labs lack valuable, real-time insight into provider ordering trends and issues. Without this data, sales teams are left flying blind when engaging with providers. Reps may be susceptible to being blindsided by unresolved issues and don’t have the information they need to target their sales efforts.
A lab insights platform that combines CRM functionality with comprehensive, real-time lab data gives lab outreach teams the insights necessary to focus their sales and marketing campaigns where they have the most impact. Labs seeking to expand their footprint with current clients now have everything they need for maximum growth:
- Insight into which tests are most commonly ordered and by whom.
- Visibility into ordering activity by time and specialty.
- The ability to focus on specialties ordering most frequently and with the most billable tests per requisition.
- The tools to track changes in order volume by physician, ordering location and specialty to know when an account may be at risk.
These patterns and insights serve as a guide for profiling new opportunities. The sales team is then able to use targeted marketing resources in order to educate the practice on additional services.
Next Steps
A critical step in a lab’s journey to reach its full potential is to remove data silos and organize lab data in such a way that actionable insights can be derived and then clearly communicated. All the data is almost useless without a method to ingest, organize and normalize it into actionable information that is meaningful for providers and patients.
Through our proprietary cloud-based technology, hc1 is able to deliver easily adoptable, scalable solutions that enable organizations to overcome knowledge and workflow barriers to achieve their goals.
The hc1 Lab Insights Platform™ helps laboratories better serve providers and patients by enabling quick access to the insights needed to improve how they manage internal and external processes and relationships.
Are you ready to get started on unifying your lab’s data in a single platform? Request a demo of our hc1 Operations Management Solution™ today.
_____________________________________________________________________________
Mackin Bannon is the product marketing manager for hc1. Mackin held various roles covering nearly every marketing area before settling on product marketing as a focus and joining hc1 in 2022. During the workday, he enjoys bringing stories to life in clear and creative ways. In his free time, he enjoys following his favorite sports teams, collecting vinyl records and exploring Indianapolis.