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The Nichols Management Group, Ltd. (NMG), the leading laboratory management and consulting firm in clinical laboratory and anatomic pathology operations, strategic planning and revenue optimization, announces a new proprietary benchmarking service: LabScore™.
LabScore™ will provide laboratory organizations with productivity and cost comparisons to institutions that are similar in size and acuity, using both published industry standards and internally developed productivity metrics based on lab complexity. Unlike other benchmarking tools, LabScore™ drills down into individual laboratory departments, including reference laboratory spend, to identify hidden opportunities for improvement. Whether your organization is a community hospital or a large integrated academic medical center with multiple locations, LabScore™ will provide productivity metrics based upon your organization’s test mix and service menu. Esoteric testing comparison is available in cytogenetics, HLA and flow cytometry.
This benchmarking tool is needed in the healthcare market today. LabScore™ will identify opportunities for both savings and productivity, which will support your mission of providing high-quality and cost-effective patient care. Utilizing reports that include a series of Key Performance Indicators, LabScore™ will provide your management team with an indispensable tool to build the most efficient infrastructure. LabScore™ provides current performance ranking, along with a narrative that offers insight and recommendations for improvement.
“LabScore™ will provide laboratories with critical measurements that will enable them to compete more effectively, reduce costs and improve efficiency,” says David Nichols, President and Founder of the Nichols Management Group, Ltd.