Chapter 34 : Financial Decision Making: Putting the Pieces Together

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Much of a laboratory’s revenue will likely be fixed based on the size of the population receiving care from an accountable care organization (ACO), making cost containment an even greater imperative. In such circumstances, a valid cost analysis will look not merely at costs borne directly by the laboratory but also at those incurred by the larger organization. Capital expenditures for the introduction of molecular techniques would be substantial, and there would be associated needs for space, training time for technical staff, and infrastructural support, all of which would increase laboratory costs in the short term. In such a situation, even if the manager believes that the overall impact on the organization’s finances would be favorable, deciding whether to proceed may not be straightforward. While assigning precise dollar figures to incremental changes in inpatient length of stay (LOS) is problematic and beyond the purview of the laboratory manager, communication between the manager and colleagues addressing such issues is necessary to ensure that financial decisions in the laboratory are based on consideration of the wide range of pertinent data. Other than the need for teamwork in developing a suitable evidence base for decision making, effective human resource management to ensure optimal performance in the implementation phase is also equally important.

Citation: Bryant R, Lewis M. 2014. Financial Decision Making: Putting the Pieces Together, p 619-621. In Garcia L (ed), Clinical Laboratory Management, Second Edition. ASM Press, Washington, DC. doi: 10.1128/9781555817282.ch34
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