Related Experiment Video
Updated: May 7, 2025
Comprehensive & Cost Effective Laboratory Monitoring of HIV/AIDS: an African Role Model
Published on: October 31, 2010
Financial Analytics for Laboratory Stewardship: Using Data and Informatics to Increase Financial Returns for Labs and
Khalda A Ibrahim1,2, Michael L Astion3,4
1Department of Pathology and Laboratory Medicine, University of California, Los Angeles, Los Angeles, CA, United States.
Financial laboratory analytics is crucial for laboratory stewardship, benefiting patients and healthcare systems. This skill enhances financial health and reduces patient costs for diagnostic tests.
Area of Science:
- Clinical diagnostics
- Health economics
- Laboratory management
Background:
- Clinical laboratories face financial challenges, impacting patient out-of-pocket expenses for diagnostic tests.
- Understanding the diagnostic testing revenue cycle is vital for effective laboratory stewardship.
- Financial toxicity for patients necessitates strategic interventions and partnerships.
Purpose of the Study:
- To highlight the importance of financial analysis in laboratory stewardship.
- To demonstrate how revenue cycle understanding can optimize stewardship interventions.
- To emphasize the benefits of financial laboratory analytics for all stakeholders.
Main Methods:
- Analysis of laboratory revenue cycle processes.
- Leveraging data for informatics-based interventions (e.g., clinical decision support).
- Developing partnerships along the revenue cycle.
Main Results:
- Financial laboratory analytics empowers stewardship efforts.
- Informatics-based interventions can be informed by revenue cycle data.
- Effective strategies require collaboration with revenue cycle stakeholders.
Conclusions:
- Financial laboratory analytics is an emerging and essential skill set.
- Benefits extend to patients, clinicians, laboratories, and health systems.
- This skill set supports both financial health and patient financial well-being.
Related Concept Videos
01:30Health Information Technology and Healthcare Information System
Health Information Technology, commonly called HIT, integrates advanced information systems and technology in healthcare settings. Its primary functions include:
01:23Types of Biopharmaceutical Studies: Controlled and Non-Controlled Approaches
Non-controlled studies, commonly employed for initial exploration, lack a control group, rendering them susceptible to biases and external influences. In contrast,...
01:27Nursing Ethical Principles II
Consider the following scenario, which illustrates how these principles are applied in the care of Mr. John, a fifty-year-old teacher diagnosed with metastatic liver cancer.
Initially, Mr. John's...
01:22Healthcare Associated Infections II: Preventive Measures
The best practices for preventing healthcare-associated infections include hand hygiene, patient risk...