Are you looking for ways to turn your business into a more profitable medical practice? Thanks to all the overhead and market challenges the average practice faces, maintaining a healthy profit is often more difficult than it looks. What’s worse, implementing the wrong ideas at the wrong time can actually increase expenses and reduce margins.
When it comes to a profitable medical practice, however, one tactic stands out: Starting your own in-office medical lab. If you’ve thought this is unattainable for your practice due to regulatory standards or other issues, it’s time to take a second look. Companies of all sizes, from small startups to large established brands, are having increased success.
An In-Office Lab is the Engine of a Profitable Medical Practice
The situation for most practices is simple: They invest time and expertise to draw blood, but still need to outsource samples to a specialized lab company to get test results. Bringing lab work back in-house may seem like a challenge, but the results speak for themselves – the opportunity for anywhere from $50,000 to $80,000 in pure profit for each test run.
Establishing an in-house lab may be easier than you think. Although regulations are complex, it has never been easier to meet requirements for a whole suite of low-risk tests. These include such commonplace procedures as ovulation, blood glucose, rapid strep tests, and urinalyses of various kinds – all considered “waived labs” with streamlined rules.
We also help setup equipment and testing processes for moderately complex lab services.
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