New Year’s Resolution #5: Get Organized!

It has been two weeks since many of us (research indicates over 50 percent of us) set our 2015 New Year’s goals. If yours were like most, they probably included:

  1. Spend more time with family and friends, and help others.
  2. Improve health (either start or stop doing something).
  3. Enjoy life more…take time to smell the roses.
  4. Learn something or try something new.
  5. Get organized.

University of Scranton research suggests that only eight percent of us achieve our New Year’s goals. What can we do to improve our success rate? Keep it simple, realistic, and measureable! We may not be able to help you with numbers 1-4, but we can share a simple tool to help with number 5: organization. (Although, if you end up trying this tool, then we can also help with number 4!) Continue reading

Benchmarking Clinical Laboratories: Where’s the Revenue?

There is a fundamental, inherent flaw in the current methodology for benchmarking clinical laboratories—we only measure half of the value equation. Why do we only measure costs and not revenue? It is because most hospitals still view lab as a cost center rather than profit center.

The reality is that hospital laboratory businesses are growing in size. In our 13th Comprehensive National Laboratory Outreach Survey, the average and median outreach programs were $19 million and $11 million, respectively, with an average contribution margin of 28 percent. Businesses of this size and profitability deserve some respect! At minimum, the revenue should appear in the value equation. It is nonsensical to measure only costs. It goes against the rules; it’s like:

  • Peanut butter without jelly.
  • Biscuits minus gravy.
  • Adam without Eve.
  • Milk without cookies.

Continue reading