Capital and budget, however extra it may be – falls short when compared with requirements of running your business. Not only in the case of running and managing a pathological lab, any business from A to Z suffers the same set of capital problem and runs into a productivity wall due to constructive budget.
Just think, what are the main black holes where funds go in the lab business?
- Expenses on Personnel
- Expenses on Equipment
- Expenses on Lab Consumables
These 3 main areas account for approximately 90% of the lab running expense. While we understand there is no shying away from these expenses, but there are a few ways to which funds can be better managed to make the most of the availability at hand.
Expense on personnel is one cost that you cannot work without. It is not possible to reduce the salary you are paying to your employees or reducing the employees without creating a stress on the resources. The only way to reduce the number of personnel is by reducing the workload, and how is that possible? Easy, implement a Laboratory Information Management System which automates the majority of the routine and mundane tasks and reduces dependence on personnel to perform them.
Equipment expense is another major expense in the laboratory business. As an owner of a growing laboratory, you need all the new, old and trending equipment necessary for the lab to seem up to date. Many times maintaining a good working relationship with the medical reps works wonders here in terms of high discounts, more knowledge, free training, service, and setup etc.
Consumables and reagents are the third most capital consuming area in running a lab. But that can be taken care of by using a LIMS. A modern Laboratory Information Management System helps control the extra purchasing of reagent in the lab in such a way that all consumables are bought just in time. What does it mean? It means that you don’t get your money invested in buying consumables when they are already in stock. The LIMS will order reagents only when the system notices the stock is lower than what the expected usage of the thing is.
The modern LIMS of today have the power to transform the functioning of the lab by providing a greater control which is the need for the future. It is also convenient in the case of multi-city and multicenter operations.
Indeed, Laboratory Information Systems are a game changer for the industry and this is just the start. Are you a doctor, pathologist, hospital owner or lab owner? Schedule a demo to learn how CareData Informatics can help you move ahead in the game.