Connectivity between hospital-based laboratories and the physician community plays a pivotal role in the provision of health care because of the ability to send and receive laboratory orders and results electronically. Establishing connectivity with health care providers can help improve the quality of patient care, workflow, and productivity. This capability can even reduce or eliminate costs associated with paper requisitions and lessen the potential for errors entering the process. Although connectivity offers great benefits, hospital-based laboratories still may face many challenges. As the onsite laboratory IT consultant for a major hospital in the Midwest, I have directly experienced some of these challenges.
The Financial Value of Clinical Laboratories is Disproportionately High: 5% of Cost Can Drive 50% or More of Margin
Here is one of healthcare’s best kept secrets–laboratory drives a disproportionate share of hospital profits. Five percent of hospital costs can drive over fifty percent of hospital profits. How? The answer is a robust laboratory outreach program. Outreach can be the proverbial “goose that laid the golden egg” providing a growing, recurring revenue stream at a time when hospitals are starved for new revenue and margin. Continue reading