Cost Savings

Continued economic pressure requires labs to not only focus on improved clinical outcomes but also on lowering cost. Cost savings come in many forms from supply costs, to automation, to standardization of methodology and equipment to consolidation of testing sites as well as the right-sizing of the labor force. NMG can help develop, analyze and implement the best strategy that meets the needs of your particular laboratory.

Reimbursement pressure has forced laboratories to focus on cost cutting and operations efficiency to lower cost per test.

Staffing productivity is a key assessment needed for continued expense control and efficiency. NMG will work with you to effectively manage labor costs, in a single department or throughout the lab. Our productivity consultants have extensive experience nationwide and know the characteristics and demands of each region and market.

An NMG Productivity Management consultation will include a staffing assessment followed by benchmarking methodologies relating to work volume and operations – resulting in improved patient and staff satisfaction while helping you meet your financial goals of improved processes and productivity hours per unit of service.

NMG can analyze a laboratory organization’s data, compare metrics to similar organizations and provide an overview of standing against peer institutions. In analyzing cost saving opportunities, NMG assesses:

  • Overall cost per test
  • Cost per test by expense
  • Staffing productivity by department and laboratory complexity

NMG also analyzes lab organization’s productivity utilizing several measures including:

  • NMG-Developed Proprietary Benchmark of Tests per Paid Hour
  • Commonly utilized laboratory standard, Action OI metric, Hours per Unit of Service.

With this review, NMG can determine your lab standing and make recommendations for how to improve productivity, reduce costs and improve overall laboratory service to patients and the community that you serve.