Utilizing Innovative Strategies to Unlock Cost-Saving Potential in Clinical Laboratories

When:  Jun 27, 2024 from 07:00 PM to 08:00 PM (ET)
Associated with  Innovation Division

Utilizing Innovative Strategies to Unlock Cost-Saving Potential in Clinical Laboratories

Ms. Katie Castree Benyo

Thursday June 27, 2024

7:00 – 8:00 PM Eastern

An Innovation in Action Series

Description: Innovation is a versatile tool that can transform various sectors, notably healthcare, a critical field for enhancing health outcomes. In this domain, clinical laboratories play a pivotal role in diagnostics and patient care, influencing 60-70% of vital healthcare decisions, from admissions to medication plans. This presentation will explore the current challenges faced by the laboratory industry and demonstrate how innovation can be strategically applied to realize significant cost savings.

The healthcare landscape is evolving, prompting a reevaluation of laboratory operations. This presentation will delve into the decline in laboratory reimbursements, a pressing issue necessitating a focus on reducing lab expenses while preserving quality patient care. Key areas identified for cost reduction include laboratory testing, workforce, equipment and supplies, reference testing, and blood products. In alignment with the principle of 'Realization of Value' in Innovation, we will examine how these four critical aspects can greatly benefit from innovative approaches.

Learning Objectives:

· Gain an understanding of the decline in clinical laboratory reimbursements and recognize the need to prioritize cost efficiency in labs without compromising patient care.

· Obtain a concise understanding of Innovation Management and its principles, along with its relation to the ISO 56000 standards.

· Identify and explore the four primary opportunities for cost savings in clinical laboratories and learn how the integration of innovative strategies can enhance these areas.

Presenter:  Ms. Katie Castree Benyo

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