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Laboratory Finance: Make Every Dollar Work for You
By Jane M. Hermansen, MBA, MT(ASCP)

With the sound of a standing refrain, clinical laboratories continue to face pressure from reduced reimbursement and the persistent need to manage (ie, reduce) costs. Although many laboratory directors come from a technical background, effective laboratory management requires knowledge that extends beyond the technical aspects of running a laboratory and must include an understanding of nuanced financial management to be successful. In this case, financial management includes financial accounting (reporting) for stakeholders, managerial accounting to support decision making, and revenue and expense management to ensure operational stability. When the clinical laboratory is within a hospital, financial management can be further complicated by shared revenue streams and intermingled cost structures. CLICK HERE to read more about how to identify your primary business and revenue streams, and then maximize the power of that information to benefit your lab and the rest of the organization.

Do You Know . . .
How best to maintain continuity in laboratory operations during times of crisis? CLICK HERE to read Laboratory Directors: Find Balance in the Pandemic, by Joseph G. Keary, MS, MBA, wherein he discusses the unique challenges to lab leadership in maintaining operational balance during a crisis and how to overcome them.

Editor’s PickEditor’s Pick

CLICK HERE to read Automating Flow Cytometry: A Case Study by Aaron Samson, MBA, MS(ASCP)CM, where he discusses his laboratory’s need to update its flow cytometry operations and how they were successful in doing so, operationally and financially.

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