Skip to Content

Three ways labs can unlock value for their organizations

August 17, 2018 Article 3 min read
Duane J. Fitch
How can you change your lab from a cost center to a strategic asset? By looking for tests that provide meaningful quality metrics. Read more at LabLeaders.

A picture of lab technicians talking in a lobby.

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.

Related Thinking

Doctors in a meeting room
March 9, 2018

Opening the front door: Improving patient flow in hospitals

Article 6 min read
Surgeon reaching for medical tool in an operating room.
May 25, 2018

Finally, a simple solution to confusing healthcare prices

Article 3 min read
Staff looking at their IT roamap and data analytics soluions on a tablet computer.
May 14, 2018

IT roadmap helps Midwestern health plan develop a data analytics strategy

Case Study 2 min read