Lab Products from CLIA-Waived to Moderately Complex Testing
Calculating the ROI of Adding Diagnostic Equipment to Your Medical Practice
Adding the latest diagnostic equipment to your medical practice can help you provide better patient care, increase patient satisfaction and create new revenue streams. When adding equipment, however, it is important to keep in mind your patient population and payer mix to avoid an expense that does not benefit your patients or practice.
Take time to determine your patient needs and staff and space requirements to help you determine what type of diagnostic equipment might benefit your practice or laboratory:
- Your patient volume and mix, including patient groups who would most likely be candidates for the specified diagnostic testing
- Reimbursement and outlook for specific types of diagnostics
- Associated supply, staff and repair costs
- Number of years your practice would own the equipment
Calculating the Cost
Use this simple formula for estimating the additional annual revenue diagnostic equipment such as chemistry analyzers, ECG systems, and spirometers, may generate for your practice.
Diagnostic Equipment Also Helps Improve Patient Satisfaction
In today's healthcare environment, the emphasis on providing value for each patient is increasing. Diagnostic equipment allows you to provide more services for patients that can help improve their experience.
Laboratory equipment for point-of-care testing gives you the ability to share test results while your patient is still in your office and begin discussing treatment options on the spot. When you conduct lab tests in-office instead of sending them to a reference lab, the need for callbacks can be reduced, the wait for results is shorter and you can move rapidly from diagnosis to treatment.