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- Determining Need for Tests and Analytical Instrumentation
- Determining essential system and instrument criteria for a Prospective
- Market Search for an Instrument
- Financial Analysis
- Revenue Analysis
- Instrument cost determination
- Determining Instrument Cost Per Test
- A new instrument costs $50,000. The instrument is to be depreciated over 5 years and 10,000 patient reportable tests are run per year. What is the cos...
- Operations cost comparison study
- Operations Cost Comparison Study
- A cost comparison was done between three instruments considered for the laboratory. One instrument cost per test was $0.30 per test less than the othe...
- Introduction to financial measures for decision making
- Introduction to Financial Measures for Decision Making
- Which of the following is an assessment of the risk of a purchase of a new instrument for the laboratory?
- Break-Even Point
- Break-Even Point Explained
- Operating Leverage
- Operating Leverage (OL) Explained
- Return On Investment Indicators
- Financial Indicators for Equipment Purchase
- Net Present Value Example
- Internal Rate of Return (IRR)
- Which of the following financial indicators provides a potential percentage return for a prospective purchase of an analytical instrument for the labo...
- Method of Purchase
- Method for Purchasing an Instrument
- Implementation Plan for an Analytical Instrument
Level of instruction: Basic
Intended Audience: Medical laboratory scientists, medical technologists, and technicians. This course is also appropriate for medical laboratory science students and pathology residents.
Course Description: This course provides insight into a number of areas to address when considering and then purchasing analytical instruments for the clinical laboratory. Several processes are addressed including needs assessment, instrument selection, financial analysis, methods of acquisition, and implementation.
Author Information: Dr. A. Wayne Bruce has B.S. and M.S. degrees in Medical Technology and a Doctorate degree in Higher Education Administration and Statistics from the University of Minnesota. He has served as Director of a CLS Program for 25 years and as laboratory Director and Technical Consultant for over 35 years. He most recently was Associate Dean at the Northern Ontario School of Medicine. Dr. Bruce is President of Bruce North Country Consulting Services LLC and consults to clinical laboratories on laboratory finance, start-up, management, and accreditation. He currently directs a clinical laboratory. He has numerous publications including a book on quality assurance for the clinical Laboratory and a financial management manual for the Thompson Publishing Group.
Reviewer Information: Larry Brace, Ph.D., MT(ASCP)SH has over 40 years of experience as a medical laboratory scientist. He holds a B.S. degree in Medical Laboratory Sciences and an M.S. degree in Clinical Pathology from Michigan State University and a Ph.D. degree in Pharmacology from the University of Illinois at Chicago. He has been an Associate Director of the Medical Technology Program at Michigan State University, Professor of Medical Laboratory Sciences and Professor of Pathology at the University of Illinois at Chicago (UIC). He was also the Director of Core Laboratories at UIC until his retirement. Dr. Brace has published more than 40 articles in major refereed scientific journals and has nearly 100 presentations (abstracts and podium presentations) at major national and international scientific meetings.