Basic Concepts for Making Informed Financial Decisions for the Clinical Laboratory Part 2- Instrument Selection, Cost Justification, and Implementation (Online CE Course)

(based on 8 customer ratings)

Author: A. Wayne Bruce, Ph.D. MT ASCP
Reviewer: Larry Brace, Ph.D., MT(ASCP)SH

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This course provides insight into a number of areas to address when considering and then purchasing analytical instruments for the clinical laboratory. Several processes are addressed including needs assessment, instrument selection, financial analysis, methods of acquisition, and implementation.

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Continuing Education Credits

P.A.C.E.® Contact Hours (acceptable for AMT, ASCP, and state recertification): 1 hour(s)
Approved through 10/31/2022
Florida Board of Clinical Laboratory Personnel Credit Hours - Supervision/Administration, Quality Control/Quality Assurance, and Safety: 1 hour(s)
Approved through 9/30/2022

Objectives

  • Develop a plan for capital equipment acquisition and perform a basic needs assessment.
  • Set minimum standards of performance for potential equipment to be purchased.
  • Perform a work station analysis.
  • Perform an organized market search for a new instrument.
  • Describe an appropriate financial analysis process for the capital equipment being considered for purchase.
  • Perform an operations cost comparison study.
  • Determine the cost per test of the instrument by using the straight line depreciation method.
  • Calculate the break-even point and interpret the results for an instrument purchase being considered.
  • Calculate and interpret operating leverage, payback, net present value and internal rate of return in a financial analysis.
  • Describe a basic plan for new capital equipment implementation.

Customer Ratings

(based on 8 customer ratings)

Course Outline

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Additional Information

Level of instruction: Basic

Intended Audience: Medical laboratory scientists, medical technologists, and technicians. This course is also appropriate for medical laboratory science students and pathology residents.
Course Description: This course provides insight into a number of areas to address when considering and then purchasing analytical instruments for the clinical laboratory.  Several processes are addressed including needs assessment, instrument selection, financial analysis, methods of acquisition, and implementation.
Author Information: Dr. A. Wayne Bruce has B.S. and M.S. degrees in Medical Technology and a Doctorate degree in Higher Education Administration and Statistics from the University of Minnesota. He has served as Director of a CLS Program for 25 years and as laboratory Director and Technical Consultant for over 35 years. He most recently was Associate Dean at the Northern Ontario School of Medicine. Dr. Bruce is President of Bruce North Country Consulting Services LLC and consults to clinical laboratories on laboratory finance, start-up, management, and accreditation. He currently directs a clinical laboratory. He has numerous publications including a book on quality assurance for the clinical Laboratory and a financial management manual for the Thompson Publishing Group.
Reviewer Information: Larry Brace, Ph.D., MT(ASCP)SH has over 40 years of experience as a medical laboratory scientist. He holds a B.S. degree in Medical Laboratory Sciences and an M.S. degree in Clinical Pathology from Michigan State University and a Ph.D. degree in Pharmacology from the University of Illinois at Chicago. He has been an Associate Director of the Medical Technology Program at Michigan State University, Professor of Medical Laboratory Sciences and Professor of Pathology at the University of Illinois at Chicago (UIC). He was also the Director of Core Laboratories at UIC until his retirement. Dr. Brace has published more than 40 articles in major refereed scientific journals and has nearly 100 presentations (abstracts and podium presentations) at major national and international scientific meetings.

How to Subscribe
MLS & MLT Comprehensive CE Package
Includes 136 CE courses, most popular
$95Add to cart
Pick Your Courses
Up to 8 CE hours
$50Add to cart
Individual course$20Add to cart
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Figure 7
NPV Equation


NPV Example Calculation fig 8


BEP