As an objective and knowledgeable outside party, NMG can advise by identifying and developing successful strategic options and business plans to achieve your goals.
With increasing physician alignment, NMG has seen many national laboratories offering our clients partnership models to build win-win situations for both parties in an effort to reduce costs and hold market share. Systems continue to integrate, providing opportunities for hospitals to streamline, consolidate and achieve cost savings. This continued dynamic is favorable for health systems to evaluate a wide array of partnership options which can lower cost and also provide an opening for hospital labs to compete with nationals. NMG has the depth of knowledge to guide this complex strategic planning.
Our team encompasses a broad range of clinical and organizational expertise. Drawing on this resource, NMG provides informed recommendations that will help your organization meet its short, mid- and long-term strategic goals. Since 1988 we have taken part in strategic initiatives at laboratories of all sizes and complexities throughout the United States. We will apply this experience to help your organization identify and develop successful strategies for your market and its particular needs.
As an objective and knowledgeable outside party, NMG will help you set a strategic direction and priorities to achieve your goals. We will guide you through an analysis of options for key revenue-producing diagnostic services. Typically, we explore several options at a high level, followed by a detailed analysis of one or two. High-level options analysis may include:
Mergers and Acquisitions
Acquisition of a laboratory and merging operations, or development of an exit strategy and sourcing potential buyers. Partnership opportunities with national/regional/other hospitals labs
Consolidation and Integration
Best models to consolidate operations across multiple sites. (reviewing opportunities in areas such as tissue processing, microbiology and immunology). Rapid response lab and core lab considerations
Implementation of a new outreach program, or enhancement of existing programs, with application of best practices to your organization.
Identification and quantification of the best opportunities to improve business processes, including analytical, pre-analytical or post-analytical processes, infrastructure requirements to support business strategy, billing and revenue cycle management and change management capability.
Facility Design or Consolidation
Overcoming barriers to new revenue or cost reduction through analysis of design options for existing facilities and new facilities.
Structure and Governance
Not-for-profit versus for-profit, separate company or under the hospital, provider number for billing, governance structures and functions.
Know when to monetize your valuable lab asset.
For all strategic options, NMG will take a tactical approach and review multiple potentially affected factors:
- Future volumes
- Current and future locations within the system network
- Integration and consolidation opportunities
- Equipment standardization opportunities
- Employee engagement
- Standard workflow and process improvement opportunities
- Partnership opportunities
- Health care reform
- Regulatory requirements
- Reimbursement changes (PAMA)
- Information Technology requirements
- Capital demands