Orchard’s white paper, Total Cost of Ownership for a Laboratory Information System, discusses TCO throughout the lifetime of the LIS. In addition, other commonly used financial tools such as payback analysis, net present value, and economic feasibility are introduced. As part of the TCO determination, you need an understanding of the basic types of both tangible and intangible costs and to be familiar with economic feasibility and cost/benefit analysis.
Slowly, but surely, efforts being made by the American Board of Internal Medicine (ABIM) Foundation’s, Choosing Wisely campaign are taking hold, making measurable progress in improving laboratory/medical procedure utilization through education about evidence-based recommendations. The program’s intent is to promote conversations between patients and physicians about the best care plans that eliminate unnecessary tests and procedures.