Laboratory Finance: 101 and Beyond

Presented by

Jane M. Hermansen MBA, MT(ASCP)
CLMA Past-President
Manager, Outreach and Network Development, Mayo Clinic       

Effective management of a laboratory includes financial management. How and how much do you get paid for your services? Do you really know how much it costs to perform your testing? A clear understanding of both sides of the balance sheet is necessary in order to effectively budget and manage the finances of the laboratory. Regardless of reimbursement models, it is increasingly necessary to be able demonstrate an accurate bottom line, as financial contribution can be an important part of demonstrating overall laboratory value. In this educational session, you will learn the basics and beyond of laboratory finance.

Learning Objectives

  • Define commonly-used financial terms and how they can be applied within the laboratory

  • Analyze laboratory costs through accurate cost accounting

  • Describe the different laboratory revenue streams and how to measure them; demonstrate laboratory financial contribution 

Continuing Education

  • 1.0 Contact Hour

Body of Knowledge Domains

  • Financial Management
  • Business and Clinical Operations

Pricing

  • Included with Professional Membership (including Entry and Group members)
  • $29 for Emeritus Members
  • $49 for Non-Members

This continuing medical laboratory education activity is recognized by the American Society for Clinical Pathology as meeting the criteria for 1 CMLE credit. ASCP CMLE credits are acceptable to meet the continuing education requirement for the ASCP Board of Registry Certification Maintenance Program.

Recent Stories
Laboratory Finance: 101 and Beyond

Front Line Leader’s Tool Box

A Road Map for Establishing a Quality Program in the Clinical Laboratory