Labsquire: Next gen Lab

Powering the Next Generation of Laboratory Operations
Through our creativity and innovation we shape a better world for ourselves, our partners, and billions of users.
Client overview
Labsquire is the next generation laboratory in making

A leading diagnostic laboratory network faced challenges in managing its rapidly growing operations. With multiple locations, a vast array of testing equipment, and a sizable sales force, the organization sought a comprehensive solution to streamline processes, enhance financial performance, and gain actionable insights. 

The
challenge

The laboratory network encountered several operational hurdles

Fragmented Revenue Cycle Management

Different systems caused billing delays, reimbursement issues, and more claim denials.

Manual Machine Data Integration

Manual data capture from lab instruments led to errors and slow workflows.

Limited Reporting Capabilities

Poor reporting tools limited monitoring of KPIs and informed decision-making.

Untracked Sales Performance

Without a centralized system, monitoring sales activities, tracking targets, and evaluating team performance was cumbersome.

The
Solution

To address these challenges, the laboratory network implemented Labsquire, a comprehensive lab management platform developed by Tekreant

Solution

Integrated Revenue Cycle Management

Labsquire's RCM module streamlined billing processes, reduced claim denials, and accelerated reimbursements by automating the entire revenue cycle

Solution

Automated Machine Integration

The platform seamlessly connected with over 100 laboratory instruments, enabling real-time data capture, reducing manual entry errors, and expediting test result processing

Solution

Smart Reporting

Customizable dashboards and reports provided real-time insights into laboratory operations, financial metrics, and compliance indicators, facilitating data-driven decision-making.

Solution

Revenue Analytics & Trends

Advanced analytics tools offered visibility into revenue streams, identified growth opportunities, and supported strategic planning through trend analysis

Real-World Results
Since implementing the Labsquire platform

Post-implementation of Labsquire, the laboratory network experienced significant improvements

Enhanced Financial Performance

Annual revenue increased to $250 million, attributed to efficient RCM processes and improved billing accuracy

Operational Efficiency

Automated machine integration reduced manual data entry by 40%, leading to faster turnaround times and improved data accuracy

Revenue Growth

Advanced analytics identified underperforming areas, leading to targeted interventions and a 15% increase in revenue from optimized services

Sales Optimization

he sales tracker module provided real-time performance data, resulting in a 20% improvement in sales team productivity and better alignment with organizational goals.