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Chapter 43 : Finance and Decision Making in Outreach

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Finance and Decision Making in Outreach, Page 1 of 2

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Abstract:

This chapter provides a background on some basic financial concepts related to operational and strategic decision making in laboratory outreach and the logic behind them. As a business, the clinical laboratory shares the economic characteristics of both a service business and a manufacturing industry. Fixed costs constitute a large proportion of overall cost in a typical clinical laboratory. This fact has implications for certain key decisions, such as those involving analyses of cost, volume, and margin interrelationships. Ideally, a hospital clinical laboratory’s decision about whether or not to offer a given test on its test menu should be driven by objective evidence of clinical need, by perceived patient benefit, and ultimately, by measures of patient outcome associated with the test’s use. Given a decision to offer a test as part of the laboratory’s menu, the next decision is whether to set up the new test in-house or to send it out to a reference lab. Given a decision to “make,” i.e., produce test results inhouse, the next decisions involve the use or acquisition of any capital equipment that may be involved. Given a decision to acquire a new piece of equipment, the next decisions revolve around determining the least costly financing alternative.

Citation: Bissell M, Pukay-Martin H. 2014. Finance and Decision Making in Outreach, p 759-776. In Garcia L (ed), Clinical Laboratory Management, Second Edition. ASM Press, Washington, DC. doi: 10.1128/9781555817282.ch43

Key Concept Ranking

Chemicals
1.1875
Lead
0.7942955
Glasswares
0.75430495
Influenza
0.75
Salt
0.70979595
Inclusions
0.69374996
1.1875
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Citation: Bissell M, Pukay-Martin H. 2014. Finance and Decision Making in Outreach, p 759-776. In Garcia L (ed), Clinical Laboratory Management, Second Edition. ASM Press, Washington, DC. doi: 10.1128/9781555817282.ch43
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Citation: Bissell M, Pukay-Martin H. 2014. Finance and Decision Making in Outreach, p 759-776. In Garcia L (ed), Clinical Laboratory Management, Second Edition. ASM Press, Washington, DC. doi: 10.1128/9781555817282.ch43
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Citation: Bissell M, Pukay-Martin H. 2014. Finance and Decision Making in Outreach, p 759-776. In Garcia L (ed), Clinical Laboratory Management, Second Edition. ASM Press, Washington, DC. doi: 10.1128/9781555817282.ch43
Permissions and Reprints Request Permissions
Download as Powerpoint
Image of Untitled
Untitled

Citation: Bissell M, Pukay-Martin H. 2014. Finance and Decision Making in Outreach, p 759-776. In Garcia L (ed), Clinical Laboratory Management, Second Edition. ASM Press, Washington, DC. doi: 10.1128/9781555817282.ch43
Permissions and Reprints Request Permissions
Download as Powerpoint

References

/content/book/10.1128/9781555817282.chap43
1. Abraham, M.,, Beebe,, J. A. Dalton, et al. 2010. Physicians Current Procedural Terminology, CPT 2010. American Medical Association Press, Chicago, IL.
2. Bennington, J. L.,, G. E. Westlake,, and G. E. Louvau. 1974. Financial Management of the Clinical Laboratory. University Park Press, Baltimore, MD.
3. Shuffstall, R. M.,, and B. Hemmaplardh. 1979. The Hospital Laboratory: Modern Concepts of Management, Operations, and Finance. C.V. Mosby Co., St. Louis, MO.
4. Snyder, J. R.,, and D. A. Senhauser. 1989. Administration and Supervision in Laboratory Medicine, 2nd ed. J.B. Lippincott, Philadelphia, PA.
5. Travers, E. M.,, D. C. Delahunty,, L. L. Hunter,, K. D. McClatchey,, J. M. Rudar. 1998. Basic Cost Accounting for Clinical Services. Approved Guideline GP11-A. National Committee for Clinical Laboratory Standards, Wayne, PA.
6. Ullmann, J. E. 1976. Theory and Problems of Quantitative Methods in Management. Schaum's Outline Series. McGraw-Hill, New York, NY.

Tables

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Table 43.1

Comparisons of different types of costs

Citation: Bissell M, Pukay-Martin H. 2014. Finance and Decision Making in Outreach, p 759-776. In Garcia L (ed), Clinical Laboratory Management, Second Edition. ASM Press, Washington, DC. doi: 10.1128/9781555817282.ch43
Generic image for table
Table 43.2

Levels of financial decision making in lab outreach

Citation: Bissell M, Pukay-Martin H. 2014. Finance and Decision Making in Outreach, p 759-776. In Garcia L (ed), Clinical Laboratory Management, Second Edition. ASM Press, Washington, DC. doi: 10.1128/9781555817282.ch43
Generic image for table
Table 43.3

Factors in the decision to make or buy a test

Citation: Bissell M, Pukay-Martin H. 2014. Finance and Decision Making in Outreach, p 759-776. In Garcia L (ed), Clinical Laboratory Management, Second Edition. ASM Press, Washington, DC. doi: 10.1128/9781555817282.ch43

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