A strong laboratory offers significant benefits, including driving revenue for the entire health system. Yet, hospitals consider selling their laboratory or entering into a joint management agreement as they face pressure to deliver quality patient care while optimizing financial results. In a recent webinar hosted in collaboration with Becker’s Hospital Review, William Morice II, M.D., Ph.D., president and CEO of Mayo Clinic Laboratories, outlined data-driven reasons to retain ownership and strategies to optimize performance.

“Managing means not just watching, but cultivating and growing like a garden,” Dr. Morice said. “Whether it’s increasing efficiency, deploying algorithms, or finding new ways to create revenue through potential partnerships, none of it can be achieved if you don’t actively manage the lab today.”

Dr. Morice’s insights were based on findings from a Mayo Clinic Laboratories white paper created in collaboration with an independent data analytics company to help hospital systems better understand the financial implications of transitioning lab ownership. In “More than a cost center: 4 reasons to invest in hospital labs,” Becker’s shared these key takeaways from the webinar:

1. It is important to view the lab as a strategic asset.
2. Clinical laboratories hold growth opportunities for the entire health system.
3. Lab ownership also contributes to improved patient outcomes.
4. Leaders must proactively manage the laboratory to realize its benefits.

Watch the full webinar and read the full article.