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"Capturing Your Market" - 2006 Washington G2
1. Capturing Your
Market
Lab Institute ’06
Washington, DC
September 27 - 30, 2006
Larry Siedlick, CEO
Sunrise Medical Laboratories
1
2. Sunrise Overview
• Located Just Outside New York City
• 1972 – Founded as Local Community Lab
• 2006
– 285 Employees
– 1.2 million Patients projected
– $55 million revenue
– Largest Private Regional Lab in NY
– Over 450 sites with Electronic Orders/Results
– Over 50% of our lab orders are electronic
4. How Did We Get There
• Great Management Team
• Financial Discipline
• Organic Sales Growth
• Early Adopters of Technology
• Creative Business Solutions
• We Know When We Don’t Know
• We Never Help Our Competitors
5. Strategies for Growth
• Money and Strong Financial Controls
• Service Culture
• Marketing/Sales Discipline
• IT Connectivity Strategy
6. Money
“An Obvious But Often Missed Concept”
• Have a lot of money before you start
or
Know how to get it once you begin
• Effective Financial Controls and Billing
• Competitive Internal Cost Structure
7. Reality – “What a Concept”
• Reality # 1 - Most labs have little or
no control over reimbursement
levels from third party payers
• Reality # 2 – A major part of a
financially successful lab is the
ability to manage and control their
costs
8. Required Financial Info
Cost Side - The Basics
•Supply Cost/Accession
– For client supplies, lab supplies, etc.
•Total Labor Cost/Accession
– All your labor expense
These 2 together give you a pretty
good idea of your main cost to
process an accession.
9. Required Financial Info
Revenue Side
• Days Sales Outstanding (DSO)
• Average Time Between Lab Service and Payment
• Measures your cash flow – Lower is better
• Quest is 46 days and LabCorp is 54 days*
• Sunrise is 38 days
• Bad Debt as % of Total Sales
• Compare to other labs
• Bad Debt as % of Patient Sales
“ Profit is directly proportional to your billing capabilities”
* LIR March 2006
10. A Word About Pricing
• “If you live by price – you die by price.”
– Pat Lanza
• No Loss Leaders
• “Pull-through” is a Myth
11. Service
“Hiring for Dummies”
• We hire people for what they know…
then we fire them for who they are.
• Customer Service is a personality trait
and not a technical skill.
• Spend more time in the hiring process
finding out who people are
12. Service
It’s More Than Lab Results
• Customer Call Centers (Lab/Billing)
– Management Reporting Software for your phone service
(answer times, missed calls, distribution of calls,
abandoned calls, etc)
• Turn Around Time
– Competitors will use it against you
• Couriers
– Treat them right
– Face of Your Lab
• Field Client Services
– Takes service to next level – lab loyalty
• IT Services
– IT Staff needs a culture of service
13. Service Problem Solving
How Quickly Can You Make Things Right
– Billing Problem
– Missed Pick-up
– Incorrectly Entered Lab Order
– Repeat or Add a Test
– Send Another Report
– Fix a Printer or Computer
– Deliver Supplies
14. Basic Guerilla Marketing
Marketing is Not Complicated
• Physician Database (www.infousa.com,
www.physicianlistline.com, www.skainfo.com)
• Learn to Use Word and Mail Merge
• Buy a Color Laser Printer
15. Develop Name Recognition
• Marketing Letters to Physicians
• Marketing Leave Behinds for Sales Staff
– Insurance Lists
– CV’s of Pathologists/Key Technical Staff
– Test Information
• Patient Education Brochures
– Sources: Reagent Manufacturers, state health dept websites,
www.nih.gov, www.cdc.gov
• Press Releases
• Sales People
16. Keep Your Friends Close
and Your Enemies Closer
• Know your competitors weaknesses
• Check their websites
• Listen to quarterly web casts where they will
discuss new initiatives
• Monitor their websites (Get on their emailing
notification list)
• Talk to everyone – attend conferences and
belong to industry organizations
17. Sales
The Good, The Bad and The Ugly
• First Sales Rep Should Be from Lab Industry
• Management – Total Commitment to Sales
– Give them something new to sell on regular basis
• Basic Sales Compensation
– “Cash collected” not “Cash Expected”
– Keep them hungry
– Performance Incentives
– Non-solicitation Agreement
18. What Does a Sales Person Do?
“The Simplified Version”
• Uncover service issues with physician’s
current lab
• Present your lab’s solutions that expose
the service level differences between
national lab and your lab
• Once on-board monitor service level to
client
• Develop relationship that results in lab
loyalty
19. Information Technology
• Physician Connectivity
– Order Entry/Resulting
– Demographic Interfaces to Practice
Management Systems
• Lab-EMR/EHR Interfaces
- Growing Demand
- Government Promoting Adoption
of EHR
20. Information Technology
• Outreach Capable LIS
- Reporting Capabilities/Flexibility
- Scalable
- Efficient Order Entry/Batch Processing
• Laboratory Billing System
• Dedicated Lab IT Personnel (for Hospital Labs)
- Important for Success of Outreach
- Reduce Dependence on IT resources
21. Contact Information
Larry Siedlick
Sunrise Medical Laboratories
240 Motor Parkway
Hauppauge, NY 11788
Email:Lsiedlick@sunriselab.com
Phone 631-435-1515
