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- W2081142009 abstract "Objective: The institution of specific workflow mechanisms to accurately track various parameters of laboratory testing can serve an important role for practice management in a private practice setting. We describe a laboratory practice management data collection “system” that: tracks laboratory volume; calculates disposable costs; monitors disposable cost-per-test and per CPT code; forecasts future laboratory testing volume and personnel needs; and estimates other potential laboratory related revenues and expenses.Design: Laboratory test volume tracking and vendor disposable cost calculations were instituted at the inception of the practice (1-1-97) and have continued through abstract submission utilizing Microsoft Excel. Laboratory expense tracking was initiated in the beginning of 1999 using Microsoft Money.Materials and Methods: Intra-office workflow had to be altered to ensure that on a daily basis all laboratory activities were monitored and tracked. On a monthly interval, laboratory test volumes are tallied by lab personnel to calculate total monthly testing volume. Microsoft Excel was used extensively to input data and setup a laboratory cost accounting system that operates dynamically. Many spreadsheets are involved, but they are externally linked with each other in cascading fashion, such that a change in the top most file will be reflected in all others down the line. Microsoft Money was used to input and track actual laboratory expenses. Again, intra-office workflow was arranged so that all laboratory related invoices and bills were triaged and given to the appropriate laboratory “controller”. Revenue and expenses were cross-checked with the practice management billing system.Results: The institution of laboratory test tracking and vendor disposable per/unit costs have formed the foundation upon which laboratory related revenues and expenses are determined. Tasks and disposable supplies utilized during the execution of each CPT related procedure were calculated and are dynamically updated monthly based on external links to other spreadsheets. As well, trends and characteristics of the laboratory testing menu are monitored.Conclusions: The evolution of a relatively simple laboratory test tracking and expense-monitoring system has given our clinic much valid information and insight into the complex interplay between medical practice and the business of medicine. To make this type of system work, complete laboratory “buy in” is important. Lab personnel are responsible for the day-to-day tracking and completion of test results. Thus, they should be active participants in reports and statistical analysis generated from the data they collect. Additionally time-series decomposition techniques can be applied to laboratory testing data to identify trends and seasonal differences in testing volume. Regression techniques can also be used to forecast testing volume that can be used to determine, for example, appropriate staffing levels. Aside from the laboratory, overall practice specific information can also be generated. Laboratory test volume may serve as an important indicator of practice growth: identifying time periods where growth is slow, on the rise, or in decline. Objective: The institution of specific workflow mechanisms to accurately track various parameters of laboratory testing can serve an important role for practice management in a private practice setting. We describe a laboratory practice management data collection “system” that: tracks laboratory volume; calculates disposable costs; monitors disposable cost-per-test and per CPT code; forecasts future laboratory testing volume and personnel needs; and estimates other potential laboratory related revenues and expenses. Design: Laboratory test volume tracking and vendor disposable cost calculations were instituted at the inception of the practice (1-1-97) and have continued through abstract submission utilizing Microsoft Excel. Laboratory expense tracking was initiated in the beginning of 1999 using Microsoft Money. Materials and Methods: Intra-office workflow had to be altered to ensure that on a daily basis all laboratory activities were monitored and tracked. On a monthly interval, laboratory test volumes are tallied by lab personnel to calculate total monthly testing volume. Microsoft Excel was used extensively to input data and setup a laboratory cost accounting system that operates dynamically. Many spreadsheets are involved, but they are externally linked with each other in cascading fashion, such that a change in the top most file will be reflected in all others down the line. Microsoft Money was used to input and track actual laboratory expenses. Again, intra-office workflow was arranged so that all laboratory related invoices and bills were triaged and given to the appropriate laboratory “controller”. Revenue and expenses were cross-checked with the practice management billing system. Results: The institution of laboratory test tracking and vendor disposable per/unit costs have formed the foundation upon which laboratory related revenues and expenses are determined. Tasks and disposable supplies utilized during the execution of each CPT related procedure were calculated and are dynamically updated monthly based on external links to other spreadsheets. As well, trends and characteristics of the laboratory testing menu are monitored. Conclusions: The evolution of a relatively simple laboratory test tracking and expense-monitoring system has given our clinic much valid information and insight into the complex interplay between medical practice and the business of medicine. To make this type of system work, complete laboratory “buy in” is important. Lab personnel are responsible for the day-to-day tracking and completion of test results. Thus, they should be active participants in reports and statistical analysis generated from the data they collect. Additionally time-series decomposition techniques can be applied to laboratory testing data to identify trends and seasonal differences in testing volume. Regression techniques can also be used to forecast testing volume that can be used to determine, for example, appropriate staffing levels. Aside from the laboratory, overall practice specific information can also be generated. Laboratory test volume may serve as an important indicator of practice growth: identifying time periods where growth is slow, on the rise, or in decline." @default.
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- W2081142009 date "2003-09-01" @default.
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- W2081142009 title "Beyond laboratory testing: data collection serves important practice management functions" @default.
- W2081142009 doi "https://doi.org/10.1016/s0015-0282(03)01773-4" @default.
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