Three ways labs can unlock value for their organizations

Cost centers are always in the cross hairs when an organization is trying to trim a budget. Strategic assets — revenue centers and functions central to the organization's mission—are a different story. Organizations will dig deep to preserve them in lean times and steer extra resources their way in times of plenty, because the payoff on those investments is always obvious.

How can you turn your lab from a cost center to a strategic asset? Lab leaders from top healthcare organizations say the industry-wide shift toward value-based reimbursement makes that transformation essential, but it's also in many ways easier than it used to be, because labs can harness the power of data and analytics to prove their worth and target their services more effectively.

Here are some tips on how to accomplish this.