Overview
A clinical laboratory strategy, like that of any industry, must adapt to change. Strategic planning has to consider changes in the workforce, in technology, and in demand. As a leader in clinical laboratory strategy see the 5 steps Accumen suggests for increasing profitability in your lab.
Key Takeaways
1. Optimize Lab Performance
The first step in optimizing a hospital’s lab performance begins with understanding the lab’s current position. At Accumen, we recommend benchmarking to see the entire picture which will provide insight into financials, operations, and efficiencies. Once the benchmark is conducted and assessed, the next step is to identify resources that should stay the same or change. The result of optimizing lab performance should lead to lower costs, quicker turnaround, new partnerships, or changes in resource management.
2. Leverage Strategic Technology
Technology has provided innovation, efficiency, and structure to hospital labs. When used well, technology can decrease labor costs, and increase delivery time. But what does it mean to use technology well in a hospital lab?
As technology evolves daily, it is critical to assess the needs of today and the future. Accumen has worked with countless labs to assess how technology can facilitate efficient workflows and processes. Making strategic decisions about technology in labs can make a difference for overall performance.
3. Streamline Lab Processes
Lab processes are ever-changing. With personnel and partnerships constantly evolving, it is crucial to have standard processes that reflect efficiency and adaptability. There are several questions that one may ask regarding streamlining processes in the lab. What resources will help? What is the critical path to success? Who are the key players?
All these questions can be answered after a benchmark has been conducted and reviewed.
4. Increase Personnel Productivity
When it comes to hospital labs, our Accumen team believes that productivity is essential for understanding lab profitability. Increasing productivity of lab technicians and other personnel can lead to more work executed in a shorter amount of time. Who wouldn’t want that?
However, this is easier said than done. For team members to be more productive, they must be equipped with the right technology, clean data, and clear communication channels.
5. Provide Quality Service
Service is at the heart of hospitals and hospital labs. Patients and practitioners are reliant on lab results being delivered in a timely fashion. It goes without saying that the quality of service can directly impact profitability. To ensure continued growth, it is important to monitor patient and team satisfaction with the service provided.
About Accumen Services:
Accumen’s team of experts will determine the true profitability and financial value of your Laboratory program asset and associated cash flow and help support the development of a systemwide strategy for your organization.
