LabClarity is an online financial education tool that will allow Lab Managers to explore different scenarios within your laboratory testing activities. LabClarity is geared toward assisting small to medium size labs who want to better understand the cost effectiveness of conducting near patient testing in their laboratory. The LabClarity tool will enable managers to explore various scenarios and view the effect in making changes. The tool will summarize the operating costs and show the profit/loss information based on specialties, personnel and reimbursement costs.
LabClarity is a tool that will give lab managers the ability to explore ways to maintain or improve the business of their testing activities. Changing the variable within the scenarios such as adding a new instrument, increasing or decreasing the number of tests performed, adjusting personnel time in performing the tests, adding or removing specific tests. Creating new scenarios will give the manager an insight into the cost profitability of these changes. There is no limit to the number of scenarios they may perform.
Creating your original profile for the first time will require you to have all of the data necessary before you begin data entry. We have a checklist available to inform you of what information will be needed to compile before starting. Information such as test specific test list with cpt code, number of tests perform, cost per test, analyzer cost/service contracts, cost for qc material and general supplies. Then common expenses which include staff, salaries, and fees for COLA/CLIA, PT fees, LIS fees etc. By assembling all of the required financial data first will be necessary before creating your original profile. Then after that is when the process of creating scenarios will be possible. We hope you find this tool an asset to your laboratory.
