Basic Concepts for Making Informed Financial Decisions for the Clinical Laboratory Part 2: Instrument Selection, Cost Justification, and Implementation (Online CE Course)

(based on 159 customer ratings)

Author: A. Wayne Bruce, Ph.D. MLS(ASCP)
Reviewers: Larry Brace, Ph.D., MLS(ASCP)SH and Joshua J. Cannon, MS, MLS(ASCP)CMSHCM

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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.

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Continuing Education Credits

P.A.C.E.® Contact Hours (acceptable for AMT, ASCP, and state recertification): 1 hour(s)
Approved through 9/30/2026
Florida Board of Clinical Laboratory Personnel Credit Hours - Supervision/Administration, Quality Control/Quality Assurance, and Safety: 1 hour(s)
Approved through 9/30/2026

Objectives

  • Develop a plan for capital equipment acquisition and perform a basic needs assessment.
  • Set minimum standards of performance for potential equipment to be purchased.
  • Perform a work station analysis.
  • Perform an organized market search for a new instrument.
  • Describe an appropriate financial analysis process for the capital equipment being considered for purchase.
  • Perform an operations cost comparison study.
  • Determine the cost per test of the instrument by using the straight line depreciation method.
  • Calculate the break-even point and interpret the results for an instrument purchase being considered.
  • Calculate and interpret operating leverage, payback, net present value and internal rate of return in a financial analysis.
  • Describe a basic plan for new capital equipment implementation.

Customer Ratings

(based on 159 customer ratings)

Course Outline

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Additional Information

Level of Instruction: Basic

Intended Audience: Medical laboratory scientists, medical laboratory technicians, laboratory supervisors, and laboratory managers. This course is also appropriate for MLS and MLT students and pathology residents.
Author Information: Dr. A. Wayne Bruce has B.S. and M.S. degrees in Medical Technology and a Doctorate in Higher Education Administration and Statistics from the University of Minnesota. He has served as Director of a Clinical Laboratory Science program for 25 years and as Laboratory Director and Technical Consultant for over 35 years. He most recently was an Associate Dean at the Northern Ontario School of Medicine. Dr. Bruce was the President of Bruce North Country Consulting Services, LLC, and consulted with clinical laboratories on laboratory finance, start-up, management, and accreditation. He has numerous publications, including a book on quality assurance for the clinical Laboratory and a financial management manual for the Thompson Publishing Group.
The author has no conflict of interest to disclose.
Reviewer Information:
Larry Brace, Ph.D., MLS(ASCP)SH, has over 40 years of experience as a medical laboratory scientist. He holds a B.S. degree in Medical Laboratory Science, 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 Laboratory Science program at Michigan State University, a Professor of Medical Laboratory Science, and a 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 over 40 articles in scientific journals and has nearly 100 presentations (abstracts and podium presentations) at national and international scientific meetings.
Joshua J. Cannon, MS, MLS(ASCP)CMSHCM received his Bachelor of Science and Master of Science in Medical Laboratory Science from Thomas Jefferson University in Philadelphia, PA. He holds Medical Laboratory Scientist and Specialist in Hematology certifications through the ASCP Board of Certification. He was a professor at Thomas Jefferson University for seven years before transitioning into his current role as Education Developer at MediaLab. His areas of expertise and professional passions include clinical hematology and interprofessional education.  
Course Description: This course provides insight into several areas to consider 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. 

How to Subscribe
MLS & MLT Comprehensive CE Package
Includes 190 CE courses, most popular
$109Add to cart
Pick Your Courses
Up to 8 CE hours
$55Add to cart
Histology CE Package$69Add to cart
Histology CE User Increase$69Add to cart
Individual course$25Add to cart
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Figure 7
NPV Equation


NPV Example Calculation fig 8


BEP