Outreach financial management: The basics and more

Web:	mayocliniclabs.com
Email:	mcl@mayo.edu
Telephone:	800-533-1710
International:	+1 855-379-3115
Values are valid only on day of printing

August 11, 2021

Overview

An effective laboratory outreach program delivers value through clinical, operational, and financial means. Financial management requires learning a new vocabulary, understanding payment models, accounting for a myriad of laboratory costs, and calculating outreach program profit. As reimbursement models shift, it is increasingly challenging to be able to demonstrate an accurate bottom line and true financial value. In this session you will learn basic laboratory financial concepts and understand how they apply to increasing the value of the laboratory outreach program.

Handout

Presenter

Jane Hermansen

Manager, Outreach and Network Development
Mayo Clinic Laboratories, Rochester, Minnesota

Learning Objectives

Upon completion of this activity, participants should be able to:

Define commonly used financial terms and how they can be applied to a laboratory outreach program.
Analyze laboratory costs through cost accounting and accurately apply outreach costs.
Describe the different laboratory revenue streams and how to measure them.
Demonstrate laboratory financial contribution.

Intended audience

Outreach webinars are applicable to community hospital laboratory administrators, managers, directors, pathologists, outreach coordinators, marketing representatives, and sales managers.

Credit

The following types of credit are offered for this event:

ASCLS P.A.C.E.^®

Mayo Clinic Laboratories is approved as a provider of continuing education programs in the Clinical Laboratory Sciences by the ASCLS P.A.C.E.® program. This program has been approved for a maximum of 1.0 P.A.C.E.® contact hour.

To obtain credit

1. Register for and participate in the program.

2. Complete the evaluation that will be sent to you after the program.

3. Generate and print your certificate(s).

Level of instruction for this program is intermediate.

Faculty disclosure

Course director(s), planning committee, faculty, and all others who are in a position to control the content of this educational activity are required to disclose all relevant financial relationships with any commercial interest related to the subject matter of the educational activity. Safeguards against commercial bias have been put in place. Faculty members also will disclose any off-label and/or investigational use of pharmaceuticals or instruments discussed in their presentations. Disclosure of this information will be published in course materials so those participants in the activity may formulate their own judgments regarding the presentations.

Questions?