The tao of LabacoEconomics
More and more, labs swim against a rising tide of commoditization—becoming mere cost centers judged by the price of their tests. This “penny wise and pound foolish” mindset devalues the true contributions that a lab can make to an institution.
The key to building value is to redefine the lab as a business center. With a broader perspective, appropriate management structure, and measurable metrics based on solid data, a lab can become an economically dynamic driver of excellence across the entire care continuum. LabacoEconomics can help achieve just that.
Contributing Lab Leaders:
- To survive and thrive, labs must transform themselves from cost centers to business centers
- Labs possess the expertise, technology, and data to achieve just that
- Learn the fundamental concepts of LabacoEconomics—the new way to leverage your lab’s inherent strengths to maximize its economic impact
Philip Chen, M.D., Ph.D.
Chief Healthcare Informatics Officer
Vice President of Quality/Case Management
North Kansas City Hospital
Following the patient-centric path
This brief review was only a taste of the many ways LabacoEconomics can help you redefine what success means for your lab.
Think of it as a first step along a path that begins with the truth that labs are no longer limited to diagnostics and results. They need to embrace entire continuum of care—and the collaborative relationships built with the entire multi-disciplinary team. This path leads to greater value for you and better overall care for the patient. We wish you an enlightening journey.
Look to LabLeaders.com for upcoming articles that will delve into the tactical details of LabacoEconomics; and how they can help your lab save money, demonstrate results, and advocate for a larger share budget dollars.