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Related Experiment Videos

Economic tools for the pathologist

E M Travers1

  • 1Department of Veterans Affairs, Northport, New York, USA.

Clinics in Laboratory Medicine
|March 1, 1995
PubMed
Summary
This summary is machine-generated.

Laboratory management requires economic expertise beyond traditional tools. Pathologists must adopt financial analysis and management principles to navigate increasing costs and regulations for successful laboratory operations.

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Area of Science:

  • Laboratory Management
  • Healthcare Economics
  • Pathology Business Operations

Background:

  • Laboratories, whether hospital-based or freestanding, function as businesses requiring profitability.
  • Increasing test volumes, regulatory burdens, and rising costs challenge laboratory financial viability.
  • Traditional pathology tools are insufficient; economic and management skills are now essential.

Purpose of the Study:

  • To highlight the critical need for economic tools in laboratory management.
  • To introduce financial analysis techniques for pathologists.
  • To emphasize the role of pathologists as managers of fiscal and operational resources.

Main Methods:

  • Review of economic and financial tools relevant to laboratory management.

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  • Description of techniques developed by the College of American Pathologists' Laboratory Fiscal Management Committee.
  • Analysis of macro-indicators for laboratory cost and operational functions.

    • Main Results:

    • Economic tools such as cost, productivity, ratio, utilization, and capital asset analysis are vital.
    • Specific techniques aid in analyzing and interpreting laboratory financial data.
    • Generic indicators can be applied across diverse laboratory settings.

    Conclusions:

    • Pathologists must integrate business management and financial acumen into their practice.
    • Successful laboratory management hinges on understanding and applying economic principles.
    • These economic tools empower pathologists to ensure laboratory survival and success.