Monitoring costs and revenues are essential steps in the fiscal management of a clinical laboratory. Below are several reasons why it is important to monitor costs and revenues. The laboratory supervisors and managers need to make good choices about:
- Number, type, and scheduling of personnel
- Capital equipment acquisition
- Procedure choices
- Inventory management
- Developing and monitoring the laboratory budget
- Maximizing resources and practicing effective cost containment
- Setting fees for service
- Ways to cut costs
- What tests to add or eliminate
