Laboratory Finance

The right way to determine laboratory test prices? Start by mapping your processes

The right way to determine laboratory test prices? Start by mapping your processes

By Sam Thurgood

The top-down approach to determining laboratory prices has critical flaws. The solution? Turn the process on its head and start bottom-up.

How you calculate your laboratory test costs not only helps you manage laboratory costs effectively – it can have a dramatic impact on quality too. Traditionally, costs are determined using a top-down, proportional approach. Sam Thurgood, Senior Consultant at LTS argues that exactly the opposite approach is required.