Innovative Laboratory Services is a Laboratory Management as a Service provider that works with providers, clinicians, clinics, and more to bring critical diagnostic laboratory testing on-premise to enable faster turnaround of results, which lead to more accurate patient care. In addition to the benefits of better patient care, these groups are also able to leverage the experience ILS has developed in accreditation, billing, collections, and management procedures and styles through the operations of its own medical diagnostic laboratories and other operations.
Laboratory Management as a Service (LabMaaS) was developed as an expansion of the specialized in-house policies and procedures that were honed through operations of its own medical diagnostics laboratory. Through a combination of financial services, proprietary testing panels, and proven operational practices, Innovative Laboratory Services is able to bring a set of unique offerings to providers that they are able to leverage in their day-to-day operations. These new services not only allow for an improved patient experience, they also create additional revenue streams for the providers at zero out-of-pocket costs.
Supporting the LabMaaS Lab-in-a-Box offering begins with a review of the client's previous 6 months billing and reimbursement statements to determine the correct level of service they qualified to begin with. This is not only determines which equipment, estimated consumables needed, and required staffing, it also guarantees that the program will be a long-term success given the existing reimbursement to patient billing ratio. With the proper reimbursement ratios providers are able to begin the program and start seeing additional profits from new revenue streams, within 60 days, and generally have a licensed, on-site point-of-presence laboratory operating in their facility within 90 to 120 days after commencement.