Course Outline
Click on the links below to preview selected pages from this course.
- Introduction: Budget and Inventory Management
- Introduction
- Introduction to the Laboratory Budget
- Before managed-care hospitals, the laboratory was evaluated on the cost per test versus revenue per test.
- Introduction to Inventory Management
- The Budget Process: Definition and Phases
- Budget Defined
- An important function of the budget process is to inform the institution's financial decision-makers of the laboratory's predicted expenses to allow f...
- Phases of the Budget Process
- Phase I: Development of Budget Goals
- Phase I: Budget Goals
- A major consideration in developing the laboratory budget is to provide justification for all expenses when the laboratory budget is not fully in sync...
- Phase II: Budget Assumptions
- Phase II: Budget Assumptions
- Phase II: Budget Assumptions, continued
- 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 Stocking Levels and Reductions
- Step 3: Locate, Monitor, and Track Inventory; Disposal
- Step 4: Procurement of Supplies - Leverage Pricing and Place Orders
- The process for creating or revamping an inventory management plan should include all of the following, except:
- Summary
- References
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.
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 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., 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 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.
Dr. Julie Ann West is certified by the American Society for Clinical Pathology (ASCP) as a Medical Laboratory Scientist (MLS) and as a Specialist in Microbiology (SM). In addition, Dr. West has earned a PhD in Public Health - Epidemiology Specialization (emphasis: infectious disease) - and is Certified in Public Health (CPH) by the National Board of Public Health Examiners. Dr. West is experienced as a Technical Specialist, Safety Officer, Educator, and Lead in the Veterans Administration Healthcare System, and has prior experience as an Administrative Laboratory Director. Dr. West also has extensive experience as a certified Contracting Officer Representative (COR) Level II for the Veterans Administration.
Course Description: Basic concepts for 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.
