Laboratory Information System Return on Investment
Return on Investment (ROI) compares benefits against costs. Benefits may be less tangible than costs, making it more difficult to assign a dollar value. Orchard Harvest LIS benefits laboratories by providing advanced process automation to improve efficiency, reduce errors, and increase reimbursements. Without an LIS, laboratory testing from requisition to result is a very labor-intensive process, involving a large amount of data handling. Manual processes can be very time consuming and prone to human error, which can lead to incorrect results, safety concerns, and reimbursement delays. You can be assured of a strong return on your investment both financially and in improved patient care. Your LIS can increase efficiency and productivity and increase the value of your laboratory’s contribution.
Ways Your Harvest LIS Provides a Strong Return on Investment
- Reduces risk exposure by eliminating errors associated with manual entry
- Captures additional revenue from non-reimbursed Medicare claims
- Captures missed billing (e.g., missed tests, samples sent to the wrong lab, etc.)
- Reduces claim resubmission and days in accounts receivable
- Reduces personnel costs (FTEs) associated with: billing data entry and claim resubmission, answering phones and looking up misplaced results, filing lab paperwork, and specimen recollection due to conflicting orders
- Tracks and improves turnaround time; including auto-verification of “normal” results
- Improves quality and reduces errors using standardized processes
- Enhances test interpretation with standardized and/or specific comments
- Reduces costs associated with paper use and storage
- Increases test revenue (e.g., identify additional testing that could be done in-house, or in-house tests that could be performed more cost-effectively at a reference lab)
- Improves quality and test utilization management with electronic orders, ensuring correct tests are performed
- Reduces wasted supplies and reagents due to duplicate orders and/or incorrect tubes
- Simplifies the inspection process
- Increases overall patient, staff, and provider satisfaction
- Ensures proper quality control and quality assurance procedures are followed
- Improves patient safety
- Supports laboratory outreach activities
- Manages molecular testing protocols
Improve Laboratory Workflow with a Laboratory Information System
An LIS automates a tremendous portion of laboratory workflow and is a vital tool in today’s laboratory. Decision-support rules automate and standardize tasks to increase efficiency and productivity and free laboratory scientists for other complex duties. LIS automation saves time, effort, and money; and the ability to integrate to other automated systems decreases turnaround time and speeds diagnosis to improve patient care.
Harvest the Power of a Strategic Partnership with Orchard
The laboratory serves an essential role in patient care. To effectively perform their role, laboratories need a strategic, long-term partner, focused on the diagnostic laboratory and the structure of the data it provides. Orchard’s integrated diagnostic platform, structured data framework, and superior connectivity capabilities are what leaders in the lab industry need to showcase their value.
Orchard White Paper: Total Cost of Ownership for a Laboratory Information System
In today’s evolving healthcare market, it is important to make fully informed investments. Even when you know the up-front costs of an LIS or other IT system, you may not realize the full cost of the product throughout its lifespan. Calculating total cost of ownership (TCO) helps you understand costs that are not as transparent as the initial purchase price, providing a more complete picture that can help you make an informed decision about the LIS that best fits your budget and your laboratory.