There is always room for growth in any lab, but where revenue growth is concerned, it’s important to find every avenue for understanding the key analytics that hit your bottom line. Whether your lab is working inefficiently, or you have a high turnover rate, you must begin correcting these issues. Let’s uncover the three things we see that impact your lab’s ability to generate more cyclical revenue.
Lab Sample Volume
If your lab is not currently measuring sample volume per week, and how quickly, then this is the first area to really dig into. These metrics correlate with your business’s direct income. There may be a slower season you did not know about. Your lab may be consistently focusing on COVID-19 testing, but where will your revenue come from when that is no longer a priority? Since your lab collections are the “bread and butter” of your business strategy, meeting volume expectations is key to maintaining revenue.
Because if the volume you are collecting and processing declines, so does the cash flow. Whether your lab specializes in toxicology, pathology, clinical, genetics, or a combination, your revenue depends on consistent volume. If your lab is slower and needs more efficiency you should consolidate your workflows with Ovations cloud-based LIMS. This will help you generate more income in the long run.
Employee Happiness and Productivity
It’s no secret that a happier employee is a more productive employee. This should be something that comes easily but is a complaint about many employees. In this study, it was found that more satisfied employees are less likely to leave. If your employees have loyalty to your company, you will not have to waste funds by constantly retraining and rehiring. You will have competent employees who already know their job by just building a great work environment that your employees find engaging.
Another study shows that happy employees are not only more productive but taking on extra tasks to just be helpful. It also shows that they are performing better in their everyday tasks, which means less human error. It is also important to also note that a skilled employee is going to have better relations with customers which in turn also increases business revenue. When a provider receives expert service, they will effectively market your lab’s services for you. By offering opportunities for your lab staff to learn advanced skills you can effectively generate more income.
People need to remain engaged to be productive, offering these opportunities to your employees does not only benefit them, but the direct benefit will be the gains of your business. If your lab is looking to evolve and expand to create more revenue, then you should look into more advanced processing. If this is a route your lab would like to take, we have a compliance eBook to get you started.
Residual Value in Lab Specimens
Reduce, Reuse & Recycle. Those three words have been a persistent mantra that most of us have lived by. An often-overlooked process for generating revenue for many labs is what to do with the otherwise discarded or destroyed samples. If you’re paying for sample disposal, you might be missing out on a huge opportunity. One profitable option is re-purposing samples for use in follow-on studies and research through biobanks. For example, Ovation Research Network will separate, de-identify, and store samples in a biobank. Once samples arrive, they are frozen and preserved for future testing.
Sending biological samples to biorepositories not only generates revenue for your company but can also provide better patient care in the long run. Better patient care in this circumstance stems from laboratories just like yours collecting a wide spectrum of samples. For example, if your laboratory was going to collect a DNA sample, that sample is going to go a lot further for patient health. During the start of the COVID-19 pandemic, everyone felt unprepared. However, after pooling sample data and shared research, the COVID-19 vaccines started rolling out.
Without labs providing sample information and having those testing opportunities, scientists and researchers would not have the information they need to create the medicines that help us every day.
As your lab’s needs can change through unforeseen events, like the current Sars-COV-2 pandemic, your lab needs to be ready. Taking advantage of biobanking provides your lab with revenue instead of paying a biohazard waste service. Utilizing the Ovation Research Network will allow your lab to do just that. The samples your lab takes have the potential to save lives and make a difference.
Final Lab Analytics Takeaways:
- Give your lab the push it needs to evolve and open more revenue opportunities.
- Happy employees produce better quality work, and better quality work and a happy employee markets itself with your customers.
- Don’t pay to dispose of your samples, create added revenue for your lab by re-purposing samples instead.
If your lab is currently struggling to measure any of these key revenue analytics, let us help you because we have the help you need here at Ovation. If you want to expand your lab’s processes, then contact us and read our compliance eBook to get started.