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"Connecting the Dots for Success" - 2007 American Association of Bioanlysts Meeting
1. Sunrise Medical
Laboratories
AAB Annual Meeting 2007
Orlando, FL
May 17 – 19th, 2007
Larry Siedlick, CEO
Sunrise Medical Laboratories
1 1
2. Sunrise Overview
• Located Just Outside New York City
• 1972 – Founded as Local Community Lab
• 2007
– Over 300 Employees
– 1.4 million Patients projected
– $72 million projected revenue
– Largest Private Regional Lab in NY
4. Share of Physician Office Market
in the New York City Area
Other labs
Enzo 10%
3%
Bio-Reference
12%
Sunrise
6%
Quest
62%
LabCorp
7%
Source: Laboratory Economics January 2007
Estimated Total Market Size = $ 1 billion
5. How Did We Get There?
Sunrise Rule #1
No Whining
6. How We Actually Got There
• Great Management Team and Happy Staff
• Financial Discipline
• Organic Sales Growth
• Early Adopters of Technology
• Creative Business Solutions
• We Know When We Don’t Know
• We Never Help Our Competitors
7. Strategies for Growth
• Strong Financial Controls and Discipline
• Service Culture
• Sales Driven Company
• IT Connectivity Strategy
8. Financial Realities
“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
9. Understanding Your Costs
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.
10. Understanding Your Revenue
Key Financial Metrics
• Days Sales Outstanding (DSO)
• Average Time Between Lab Service and Payment
• Measures your cash flow – Lower is better
• Bad Debt as % of Total Sales
• Compare to other labs
• Bad Debt as % of Patient Sales
“ The profit and growth of a laboratory is
directly proportional to its billing capabilities”
11. “Show Me The Money”
If you don’t have a lot of money to start
You Must
“Quickly learn how to collect it.”
“ The profit and growth of a laboratory is
directly proportional to its billing capabilities”
12. How Well Did Sunrise Learn?
Days Sales Outstanding (DSO)
• Average Time Between Lab Service and
Payment
• Measures your cash flow – Lower is better
• Quest is 48 days and LabCorp is 54 days*
• Sunrise is currently 35 days
* LIR April 2007
14. Sunrise Service Culture
“Hiring for Dummies”
• Customer Service is a personality trait and
not a learned technical skill.
• Most companies hire people for what they
know… then they fire them for who they
are.
• Sunrise spends more time in the hiring
process finding out who people are
15. Sunrise Culture
• #1 Priority is our Internal Customers
– Management recognizes our staff as customers
– Strong emphasis on both teamwork and
responsiveness to individuals
– Senior Management is accessible and places
strong emphasis on work environment
• “Perception is Reality”
We understand that our staff’s perception of culture
is their reality – no matter what we think.
16. Sunrise Cultural Results
• Productivity Metric - Annual Requisitions/FTE
– Quest is 3,639 and LabCorp is 3,820*
– Sunrise is 3,776
• Financial Benchmark - Revenue Per FTE
– Quest is $151,053 and LabCorp is $143,632*
– Sunrise is $206,220
• Financial Results - Similar to National Labs
• High organic growth rates
• Low staff turn-over at all levels
• High customer retention
* LIR April 2007
17. Customer Service
“It’s More Than Lab Results”
• We Solve Problems Quicker
• Customization of Service
– We Do It and We Do It Quicker
• Customer Call Centers (Lab/Billing)
– Senior Management Monitors and Measure
it Every Day
• Couriers
– We Treat Them Right – They’re the Face of Our Lab
• IT Services
– IT Staff has a culture of customer service
18. “The Sales Driven Life”
• Sales Driven Company vs Technically Driven
• Management – Total Commitment to Sales
– New tests or services to present on regular
basis
• Management Understands Sales Psychology
– Incentives and Immediate Gratification
19. Sales
The Good, The Bad and The Ugly
• First Sales Rep Should Be from Lab Industry
• Basic Sales Compensation
– “Cash collected” not “Cash Expected”
– Compensation Weighted to Commission
– Performance Incentives
– Non-solicitation Agreement
20. 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
21. Guerilla Marketing 101
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
22. Develop Name Recognition
Marketing Letters
• Why Marketing Letters?
- Build Name Recognition – NEVER assume
doctors know your lab
- Generate leads for sales people
• Where to Get the Mailing Lists
- From Internet sites like www.infousa.com,
www.physicianlistline.com, www.skainfo.com
23. Develop Name Recognition
Marketing Leave-Behinds
• Leave-Behinds Build Name Recognition
• Gives Sales person another reason to go back into office
• Examples : Insurance Lists, CV’s of Pathologists/Key Technical
Staff, Test Information, Educational Info
• Sources for Marketing Photos
www.istockphoto.com (Downloadable Photos for $5 )
http://phil.cdc.gov/Phil/home.asp (1000s of FREE
“public domain” medical and disease related photos are available
from the CDC Public Health Image Library)
24. Develop Name Recognition
Press Releases
• Build name recognition
• Helps create a larger, more credible
image for lab
• Where to Get Media Contacts
- From the internet and phone book
25. Develop Name Recognition
Press Releases
• What subjects are worth a press release?
- Anything
• Where to Send Press Releases
- All news media (papers, radio stations, TV)
- DO NOT limit press releases to news media only
- Send them to prospective physician clients
- Lab employees
26. Keep Your Friends Close
and Your Competitors Closer
• Know our 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
27. Information Connectivity
• Sunrise Recognized the Importance
– Sunrise’s First Physician System Installed in 1992
• Over 500 sites with Electronic Orders/Results
• Approximately 60% of our lab orders are
electronic
• Interfaces to all major practice management
and EMR systems
28. Top Ten Lab “To-Do List”
1. Understand and Use Financial Controls
2. Look at Your Billing Process – Get Help
3. Use Better Hiring Practices to Hire Helpful People
4. Understood What Motivates Your Staff
5. Make Some People “Available to the Industry”
Sooner
29. Top Ten Lab “To-Do List”
6. Be a Sales Driven Laboratory
7. Increase Your Sales Force Sooner
8. Let Customers Define “Service Levels”
9. Spend Some Time Understanding the
Dynamics of Insurers
10. Information Technology – Get as much as
you can afford
30. Contact Information
Larry Siedlick
Sunrise Medical Laboratories
240 Motor Parkway
Hauppauge, NY 11788
Email:Lsiedlick@sunriselab.com
Phone 631-435-1515