Course Outline
Click on the links below to preview selected pages from this course.
- Introduction
- Introduction
- Introduction to the Laboratory Budget
- In Managed-care hospitals, the main thing the laboratory is evaluated on is the cost per test versus revenue per test.
- Introduction to Inventory Management
- The Budget Process
- Budget Defined
- An important function of the budget process is to inform the institution's financial decision-makers on the laboratory's predicted expenses to allocat...
- Phases of the Budget Process
- Phase I: Development of budget Goals
- Phase I: Development of Budget Goals
- A major purpose of the laboratory budget process is to avoid disagreements on budget goals with the institution.
- Phase II: Budget Assumptions
- Phase II: Budget Assumptions
- An important assumption in budget preparation is that the previous year's expenses will be similar in the next fiscal year.
- Phase III: Forecast
- Charting the Budget
- Budget Summary
- Inventory Management
- Introduction to Inventory Management
- Introduction to Inventory Management
- The single most effective way to reduce costs and improve productivity is to:
- The Process for Creating a New or Revamped Inventory Management Plan
- Create a Starting Point
- Assess Stocking Levels and Reductions
- Where to Locate Inventory
- Ordering and Leveraging Pricing
- The process for creating or revamping an inventory management plan should include:
- Summary
- References
Additional Information
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: Basic concepts for development and utilization of the laboratory budget and Inventory management are presented. The budget steps required to create a budget, monitor, and when to adjust are described. An example of an inventory management process is described including the ordering process, supply management, when to order, and how to maximize pricing from suppliers is presented.
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.
