Industry leaders in laboratory consulting

The Nichols Management Group, Ltd. (NMG) is a proven industry leader in clinical laboratory consulting and medical management services. NMG specializes in end-to-end analysis for healthcare operations optimization, strategic planning, mergers and acquisitions (M&A), sales and marketing development and revenue cycle management.

15%

Growth in Clinical Lab Outreach

$1 Billion

Transactional value of NMG due diligence

5 years

Average tenure of long-term NMG Clients-

$6 Million

Savings on review of reference lab spend

$9 Million

Consolidation savings of three hospitals

Solutions We Provide

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Strategic planning

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Management Services

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Outreach

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Benchmarking

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Cost Savings

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Revenue Cycle Management

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Operations & Performance Improvement

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Test Utilization Management

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Information Technology

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Mergers & Acquisitions

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Strategic planning

As an objective and knowledgeable healthcare consultant, NMG develops successful strategic options and business plans to achieve your goals.

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Management Services

NMG offers several options for management services including outsourced management and interim management, as well as recruitment services. We identify and screen potential candidates as well as develop job descriptions and recruitment advertisements and strategies.

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Outreach

Nichols Management Group offers extensive knowledge in end-to-end clinical laboratory outreach program optimization. From defining the outreach market opportunity to evaluating strategies for achieving measurable growth, our consultants focus on internal strategies and with potential partners.

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Benchmarking

Benchmarking measures quality, time, and cost using data compared against peers in order to analyze performance and build efficient infrastructure. LabScore® provides current performance ranking, along with a narrative that offers actionable information to optimize your clinical laboratory.

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Cost Savings

Continued economic pressure requires labs to not only focus on improved clinical outcomes but also on lowering cost. Cost savings come in many forms from supply costs, to automation, to the standardization of methodology and equipment to the consolidation of testing sites as well as the right-sizing of the labor force. NMG can help develop, analyze, and implement the best strategy that meets the needs of your particular laboratory.

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Revenue Cycle Management

Hospital and independent laboratories are facing tremendous reimbursement pressures from both federal and private payers. Compliantly collecting every dollar due to your lab is of the highest priority and the management of your revenue cycle is a good first step. NMG has extensive experience in bringing improved revenue cycle management that can lead to increased cash collections.

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Operations & Performance Improvement

NMG will conduct an assessment for your organization, make informed, data-driven recommendations, and help you develop and implement strategies to optimize your operations. More importantly, we will give you the tools to make sure that you can track progress to ensure sustainable results and continuous improvements over time.

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Test Utilization Management

Advancing the stewardship of lab testing utilization will typically result in a 10% -15% cost reduction and unmeasured improvement to quality outcomes as well as further align payers. Each time a clinical laboratory can contribute to improved patient outcomes while helping reduce the cost of care is a win-win for both the laboratory and health insurers. NMG has the proven experience and methodology to guide your laboratory in improved test utilization practices.

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Information Technology

Maximize the return on your data and information technology investment to avoid critical pitfalls with NMG's comprehensive advisory services. We offer consulting experience and capabilities to manage the information integration and connectivity-related issues for your healthcare organization.

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Mergers & Acquisitions

Nichols Management Group has been the driving force behind many of the most successful ventures in laboratory mergers, acquisitions and other forms of collaboration.

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Industries
we serve

  • Hospitals and health systems
  • Independent laboratorie
  • Academic Medical Centers
  • Anatomic pathology laborities
  • Venture capital/investment banking private equity firms
  • Health Insurance Companies
  • Biotechnology Companies
  • Government

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What people say

NMG developed the strategic plan and business plan to expand a small regional laboratory into the fourth largest lab in the country

NMG developed a strategic plan, operating model and provided recommendations on cost savings and revenue enhancement projected to save Cleveland Clinic $5 million annually.

NMG developed a business development plan for Diagnostic Lab Services, Inc. (DLS) in Hawaii that grew their business from $8 million to over $68 million.

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NMG developed the strategic plan and business plan to expand a small regional laboratory into the fourth largest lab in the country

NMG developed a strategic plan, operating model and provided recommendations on cost savings and revenue enhancement projected to save Cleveland Clinic $5 million annually.

NMG developed a business development plan for Diagnostic Lab Services, Inc. (DLS) in Hawaii that grew their business from $8 million to over $68 million.

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