Overview
Users can now generate additional revenue for patient pay orders by adding a retail fee to lab tests in the portal. A retail fee is created when a retail price is set above the wholesale price paid. Fees can be adjusted by a percentage or a fixed amount in global settings or on a case-by-case basis. Additionally, users can add a consultation fee directly to the same bill patients pay for testing.
Revenue can be easily managed on a personal or practice level with the new wallet, allowing credits to be applied to future orders or deposited directly into a bank account. Practice admins can control whether providers can use or cash out revenue. State limitations may apply to retail prices(RI, NJ, NY, CA). Providers in these states may still use the wallet and consultation fee functions.
Definitions:
Revenue: Any payment collected from the patient on behalf of the provider that exceeds the wholesale testing price and any fees that apply.
Wallet: Where revenue and credits are managed in the portal.
Credit: Indicates a positive balance in the provider's account. Revenue credits are eligible for cashout. Other credit types such as refunds, gift cards, or rewards can only be applied to future orders.
Retail Price: The price for testing charged to the patient which is set by the provider.
Wholesale Price: The cost of testing for providers.
Retail Fee: A retail fee for the patient is created when the retail price chosen by the provider exceeds the wholesale price paid by the provider. Retail fees will not be displayed to the patient.
Price Update: Indicates the method and amount the retail price was adjusted from the wholesale price.
Consultation Fee: An additional service charge providers can apply to overall orders.
Transaction Fees
Providers will only be responsible for the portion of the transaction fee that covers revenue. Vibrant will cover the portion of the transaction fee that applies to the wholesale price. Transaction fees are dependent on the form of payment chosen by the patient and thus cannot be determined until the payment is complete. For more details about how different forms of payment can affect transaction fees, please visit Stripe. Once the patient has completed payment, the transaction fee will be visible on the lab receipt in the Statements Tab.
Adjusting Retail Prices
Default retail prices can be set for the entire practice or each provider in the Revenue Enhancement System. Retail prices can also be set or adjusted on a case-by-case basis on the order page. Retail prices adjusted on the order page will only apply to a single order.
Making One-time Price Adjustment
Selecting the edit icon next to the test revenue allows users to edit revenue amounts for the active order only. Users can make a one-time adjustment to the consultation fee by selecting the edit icon next to it in the order summary section while placing an order.
Practice admins can control whether providers are allowed to make these one-time adjustments with the Allow Customization dropdown in the RES.
Setting Up Default Retail Prices
Users can access the
Revenue Enhancement System from the banner on the
Dashboard or from the
Order Test Tab.
Once Inside the Revenue Enhancement System, Practice Admins can adjust default prices for individual tests, custom panels, and shortcut bundles. The retail price cannot exceed 150% of the wholesale price excluding consultation fees.
Select multiple items to Edit Retail Price by Bulk. Users can update multiple prices by revenue, or percentage. Practice Admins can also choose customization permissions in bulk here.
Select Edit Retail Price to open the price adjustment module for a single item. Practice Admins can adjust prices for single or multiple providers. The Allow Customization drop-down allows Practice Admins to choose if providers are allowed to make one-time price adjustments for this item when ordering it.
Price Update Types:
Price Update by Revenue: Adjust price by a fixed amount of revenue. (+$20 to patient price)
Price Update by Percentage: Adjust prices on a percentage basis. (+20% to patient price)
Fixed Retail Price: Allows a fixed retail price to be set. Should the wholesale price change in the future, the retail price will not be adjusted automatically except in the case that the new wholesale price exceeds the fixed retail price. In that case, the retail price will adjust to reflect the new wholesale price and the user will be notified via email.
Organization
Filters allow for easier identification of customized items and allow practice admins to view prices by provider if providers have different price adjustments. Sorting allows users to see the information in the way that makes the most sense.
Setting Default Consultation Fees
Settings & Preferences> Billing & Receipts> Consultation Fee
Default Consultation Fees can be set on a practice or personal level. The Apply to Every Provider toggle available to practice admins disables a provider's ability to customize their own consultation fee.
Managing Revenue
Revenue and revenue usage permissions can be managed in the wallet.
Learn More About the Wallet
