Basic Concepts for Making Informed Financial Decisions for the Clinical Laboratory Part 3: Development and Utilization of the Laboratory Budget and Inventory Management (Online CE Course)

Continuing Education Credits

P.A.C.E.® Contact Hours (acceptable for AMT, ASCP, and state recertification): 1 hour(s) Approved through 1/31/2026

Florida Board of Clinical Laboratory Personnel Credit Hours - Supervision/Administration, Quality Control/Quality Assurance, and Safety: 1 hour(s) Approved through 1/31/2026

Objectives

• Define what a budget is and describe the phases of the budget process.
• Develop goals for a laboratory budget and list the major categories of the laboratory budget.
• Describe several budget assumptions and discuss cost and revenue projections.
• Monitor the budget, explain variances, and make adjustments.
• Describe an inventory management process as it applies to the clinical laboratory.
• List the steps required to implement an inventory control program.
• Discuss the proper location and storage of incoming supplies as applicable to the inventory management plan.
• Discuss a monitoring system to assure adequate inventory without surplus.
• Describe the importance of tracking supply usage and setting PAR level points.
• Name factors to consider in the procurement of supplies.

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Course Outline

• Introduction: Budget and Inventory Management
• Introduction
• Introduction to the Laboratory Budget
• Before managed-care hospitals, the laboratory was evaluated on the cost per test versus revenue per test.
• Introduction to Inventory Management
• The Budget Process: Definition and Phases
• Budget Defined
• An important function of the budget process is to inform the institution's financial decision-makers of the laboratory's predicted expenses to allow f...
• Phases of the Budget Process
• Phase I: Development of Budget Goals
• Phase I: Budget Goals
• A major consideration in developing the laboratory budget is to provide justification for all expenses when the laboratory budget is not fully in sync...
• Phase II: Budget Assumptions
• Phase II: Budget Assumptions
• Phase II: Budget Assumptions, continued
• One possible assumption in budget preparation is that the previous year's expenses will remain similar in the next fiscal year.
• Phase III: Forecast
• Phase III: Forecast - Budget Categories
• Phase III: Forecast - Cost and Revenue Projections
• Phase III: Forecast - Cost and Revenue Projections, continued
• Phase III: Forecast - Opportunities for Cost Containment
• Phase III: Forecast - Preparing the Final Budget
• Forecasting includes all of the following, except:
• Charting the Budget
• Charting the Laboratory Budget: The Big Picture
• Charting Expenses by Departments in the Laboratory: Monitor, Explain Variances, and Make Adjustments
• When charting the laboratory budget, it is important to:
• Budget Summary
• Budget Summary
• Inventory Management
• Introduction to Inventory Management
• What is Inventory Management? What Steps are Required?
• One of the most effective ways to reduce costs and improve productivity is to:
• The Process for Creating an Inventory Management Plan
• Step 1: Create a Starting Point
• Step 2: Assess Stocking Levels and Reductions
• Step 3: Locate, Monitor, and Track Inventory; Disposal
• Step 4: Procurement of Supplies - Leverage Pricing and Place Orders
• The process for creating or revamping an inventory management plan should include all of the following, except:
• Summary
• Summary
• References
• References

Additional Information

Level of Instruction: Basic