Basic Concepts for Making Informed Financial Decisions for the Clinical Laboratory - Part 1 (by LabCE)

1 P.A.C.E. contact hour(s)

(based on 249 customer ratings)

Author: A. Wayne Bruce, Ph.D. MT ASCP
Reviewer: Larry Brace, Ph.D., MT(ASCP)SH

Course provided by LabCE.

The course introduces the participant to financial analysis processes for the clinical laboratory. Participants will become familiar with several accounting terms, learn how to calculate depreciation, and understand how to perform micro and macro cost analysis studies. They will learn how to calculate the break-even point and operating leverage for laboratory cost and revenue centers. They will be able to calculate several resource utilization and productivity indices and apply them in managing the clinical laboratory.

See more courses in: Quality Control & Lab Math

Continuing Education Credits

P.A.C.E.® Contact Hours (acceptable for AMT, ASCP, and state recertification): 1 hour(s)
Course number 578-027-19, approved through 6/21/2021
Florida Board of Clinical Laboratory Personnel Credit Hours - Supervision/Administration, Quality Control/Quality Assurance, and Safety: 1 hour(s)
Course number 20-726300, approved through 9/1/2020

Objectives

  • Describe several resource utilization and productivity indices and how to apply them in managing the laboratory.
  • Define several accounting terms.
  • Describe fixed and variable costs and give examples.
  • Explain why labor is generally a fixed cost.
  • Calculate straight line depreciation.
  • Define cost/revenue centers.
  • List several cost/revenue centers in the typical clinical laboratory.
  • Perform a micro and macro cost analysis.
  • Calculate break-even-point and operating leverage and interpret the results.
  • Describe several resource utilization and productivity indices and how to apply them in managing the laboratory.

Customer Ratings

(based on 249 customer ratings)

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Course Outline

  • Introduction to Making Informed Financial Decisions for the Clinical Laboratory
      • Introduction
      • Managed Care Plans
      • Medicare-Medicaid (MC-MC) Health Payment
      • Physician Groups
      • In-house Laboratory Testing
  • Monitoring Cost and Revenues
      • Why Monitor Costs and Revenue?
      • Cost Determination
      • Calculating Depreciation of Capital Costs
      • Example Cost Revenue Centers in the Clinical Laboratory
  • Performing a Cost Analysis Study in The Clinical Laboratory
      • Describing Cost Analysis in the Clinical Laboratory
      • Macro Cost Analysis for the Hematology Section
      • Micro Cost Analysis for a New Analytical Instrument
  • Calculating break-even-point and operating leverage and interpretation
      • Calculating break-even-point (BEP)
      • Break-even-point (BEP) Analysis Example
      • Operating Leverage (OL)
      • Operating Leverage (OL) Example
  • Measuring Productivity
      • Measuring Productivity
  • Summary
      • Summary
  • References
      • References

Additional Information

Level of instruction: Basic

Intended Audience: Medical laboratory scientists, medical technologists, and technicians. This course is also appropriate for medical laboratory science students and pathology residents.
Course Description: The course introduces the participant to financial analysis processes for the clinical laboratory. Participants will become familiar with several accounting terms, learn how to calculate depreciation, and understand how to perform micro and macro cost analysis studies. They will learn how to calculate the break-even point and operating leverage for laboratory cost and revenue centers. They will be able to calculate several resource utilization and productivity indices and apply them in managing the clinical laboratory.
Author Information: Dr. A. Wayne Bruce has B.S. and M.S. degrees in Medical Technology and a Doctorate degree in Higher Education Administration and Statistics from the University of Minnesota. He has served as Director of a CLS Program for 25 years and as laboratory Director and Technical Consultant for over 35 years. He most recently was Associate Dean at the Northern Ontario School of Medicine. Dr. Bruce is President of Bruce North Country Consulting Services LLC and consults to clinical laboratories on laboratory finance, start-up, management, and accreditation. He currently directs a clinical laboratory. He has numerous publications including a book on quality assurance for the clinical Laboratory and a financial management manual for the Thompson Publishing Group.
Reviewer Information: Larry Brace, Ph.D., MT(ASCP)SH has over 40 years of experience as a medical laboratory scientist. He holds a B.S. degree in Medical Laboratory Sciences and an M.S. degree in Clinical Pathology from Michigan State University and a Ph.D. degree in Pharmacology from the University of Illinois at Chicago. He has been an Associate Director of the Medical Technology Program at Michigan State University, Professor of Medical Laboratory Sciences and Professor of Pathology at the University of Illinois at Chicago (UIC). He was also the Director of Core Laboratories at UIC until his retirement. Dr. Brace has published more than 40 articles in major refereed scientific journals and has nearly 100 presentations (abstracts and podium presentations) at major national and international scientific meetings.

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Course provided by LabCE.
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BEP example


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