Business Intelligence and Benchmarking

What is LIMS Software? How Do I Get the Most From My Data?

managementToday’s laboratories and medical testing facilities are steeped in data, and advancing technology promises even larger pools of data. “Big data” is becoming the big buzzword, but as exciting as the prospect of robust data is, the key question becomes how to best organize and analyze large data sets to get meaningful information.

Meaningful analysis and use of data can help give an organization a critical edge over competitors:

  • Interoperable data rather than integrated systems
  • Data vetting (valid and trustworthy data)
  • Increased quality control (results vs. standards)
  • Measure, identify, and project quality, performance, and business metrics
  • Accurate comparisons to competition
  • Personalized medicine / theranostics, informatics, and cloud-based solutions
  • Data driven staffing and compensation

LabMetrics Takes 360° Approach to Technology and Business Management

The LabMetrics team has spent decades cultivating an unmatched depth of expertise in both laboratory technology, and sound business and financial management. We work with medical and life science laboratories, large and small, to develop growth-oriented business strategies fused with the latest technology and cutting-edge information management techniques. We help create lean labs while improving the value of QA, metrics, informatics, and lab outreach programs.

You can trust our principals and associates to take the time to get an in-depth picture of your organizational needs and assist you in unlocking the power of your information:

  • Benchmarking Metrics
  • Business and Clinical Intelligence
  • Business Metrics
  • Comparison Metrics
  • Compensation Analysis (Exec, Phy, & Staff)
  • Informatics
  • Performance Metrics
  • Project Metrics
  • Quality Metrics
  • Standards of Measurement
  • Trending, Linear Regression, & Stochastic Drift Analysis

The Data Driven Lab: Benchmarking Provides the Information You Need to Cut Costs & Maximize Productivity

In today’s competitive laboratory market, it’s critical to have a fully developed and fully accurate understanding of your staffing, facilities, and testing benchmarks. Accurate benchmarking will increase your understanding of your laboratory’s core strengths and areas that can be targeted for improvement, while giving you a picture of how your organization compares to the competition.

LabMetrics’ benchmarking services will give you meaningful insight into your performance efficiency in these (and more) areas:

  • Testing Volume by Type per Pathologist / Pay Structures and Contracts
  • Facility Footprints, Equipment, & Technology Performance Metrics
  • Test Menus (Material & Labor Costs per Test / Revenue)

Beyond knowing that your organization is operating within acceptable performance ranges, knowing your core business strengths will help build your business case when requesting additional resources for growth, staffing, and facility improvements.

Data Driven Services: Informatics

“Big data,” and informatics promise to unlock new potential in the way medical services and testing are delivered to patients—more and more healthcare providers are turning to data in clinical decision making. Lower cost genetic testing, access to cloud-based data, and software tools will enable new personalized medicine strategies that take into account patient genetic profiles and other information. The outcome: highly individualized treatment plans based on a data-enabled understanding of how particular drugs and therapies will work for individuals.

Our expertise in benchmarking, metrics, and laboratory information management puts us at the forefront of this developing trend, and we can assist your organization in achieving readiness for new uses of informatics in the clinical space.

Let us help you develop the tools and strategies to organize, analyze, and leverage your data to give you a solid platform for improving the performance of your laboratory, and make strategic decisions about business growth. Contact a LabMetrics Associate for a consultation on how we can assist your organization.