Course Outline
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- Introduction: Budget and Inventory Management
- Introduction
- Introduction to the Laboratory Budget
- True or False: Before managed care, not-for-profit hospital laboratories were evaluated on the cost per test versus revenue per test.
- Introduction to Inventory Management
- The Budget Process: Definition and Phases
- Budget Defined
- True or False: An important function of the budget process is to inform the institution's financial decision-makers of the laboratory's predicted expe...
- Phases of the Budget Process
- Phase I: Development of Budget Goals
- Phase I: Budget Goals
- True or False: A major consideration in developing the laboratory budget is to provide justification for all expenses when the laboratory budget is no...
- Phase II: Budget Assumptions
- Phase II: Budget Assumptions
- Phase II: Budget Assumptions, continued
- True or False: One possible assumption in budget preparation is that the previous year's expenses will remain similar in the next fiscal year.
- Phase III: Forecast
- Charting the Budget
- Budget Summary
- Inventory Management
- Introduction to Inventory Management
- The Process for Creating an Inventory Management Plan
- Step 1: Create a Starting Point
- Step 2: Assess Stock Levels and Reductions
- Step 3: Locate, Monitor, and Track Inventory
- Step 4: Procurement of Supplies - Leverage Pricing and Place Orders
- Which of the following should not be included in the process of creating or revamping an inventory management plan?
- Summary
- References
Additional Information
Level of Instruction: Basic
Intended Audience: Medical laboratory scientists, medical
laboratory technicians, laboratory supervisors, and laboratory managers. This
course is also appropriate for MLS and MLT students and pathology residents.
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 Clinical Laboratory Science program for 25 years and as Laboratory Director and Technical Consultant for over 35 years. He most recently was an Associate Dean at the Northern Ontario School of Medicine. Dr. Bruce was President of Bruce North Country Consulting Services, LLC, and consulted with clinical laboratories on laboratory finance, start-up, management, and accreditation. He has numerous publications, including a book on quality assurance for the clinical laboratory and a financial management manual for the Thompson Publishing Group.
The author has no
conflict of interest to disclose.
Reviewer Information:
Larry Brace, Ph.D., MLS(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 Laboratory Science program at Michigan State University, Professor of Medical Laboratory Science, 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 scientific journals and has nearly 100 presentations (abstracts and podium presentations) at national and international scientific meetings.
Judi Bennett, BSM, MLS(AMT), MLT(ASCP), is an Education Developer with MediaLab by Vastian, bringing over 30 years of experience as a medical laboratory scientist. Before joining MediaLab in 2010, she held key leadership roles, including Clinical Laboratory Manager, Microbiology Supervisor, and Senior Systems Analyst at Gwinnett Health System in Lawrenceville, Georgia. Her extensive knowledge of laboratory operations, combined with a strong commitment to healthcare quality and education, fuels her passion for developing engaging and effective learning tools for the next generation of laboratorians.
Course Description: Basic concepts for the development and utilization of the laboratory budget and inventory management are presented. The budget steps required to create a budget, monitor, and when to adjust are described. An example of an inventory management process is described including the ordering process, supply management, when to order, and how to maximize pricing from suppliers is presented.
