By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Health Works CollectiveHealth Works CollectiveHealth Works Collective
  • Health
    • Mental Health
    Health
    Healthcare organizations are operating on slimmer profit margins than ever. One report in August showed that they are even lower than the beginning of the…
    Show More
    Top News
    benefits of using protein powder to build muscles
    Protein Powder for Muscle Mass: Everything You Need to Know
    December 12, 2021
    changes brought on by blockchain in healthcare
    Technology In The Healthcare Industry
    March 28, 2022
    What Does Core Body Temperature Say About Health?
    August 17, 2022
    Latest News
    7 Most Common Healthcare Accreditation Programs: Which Should You Use?
    August 20, 2025
    Hospital Pest Control and the Fight Against Superbugs
    August 20, 2025
    Hygiene Beyond The Clinic: Attention To Overlooked Non-Clinical Spaces
    August 13, 2025
    5 Steps to a Promising Career as a Healthcare Administrator
    August 3, 2025
  • Policy and Law
    • Global Healthcare
    • Medical Ethics
    Policy and Law
    Get the latest updates about Insurance policies and Laws in the Healthcare industry for different geographical locations.
    Show More
    Top News
    Collaborating for Population Health Management Strategy
    December 30, 2012
    ACO
    What Are the Current Trends in Accountable Care Organizations (ACOs)?
    April 26, 2013
    patient engagement
    How to Engage Patients: Start with Strategic Planning
    August 18, 2013
    Latest News
    How Social Security Disability Shapes Access to Care and Everyday Health
    August 22, 2025
    How a DUI Lawyer Can Help When Your Future Health Feels Uncertain
    August 22, 2025
    How One Fall Can Lead to a Long Road of Medical Complications
    August 22, 2025
    How IT and Marketing Teams Can Collaborate to Protect Patient Trust
    July 17, 2025
  • Medical Innovations
  • News
  • Wellness
  • Tech
Search
© 2023 HealthWorks Collective. All Rights Reserved.
Reading: Top Money-Saving Tips for Medical Laboratories
Share
Notification Show More
Font ResizerAa
Health Works CollectiveHealth Works Collective
Font ResizerAa
Search
Follow US
  • About
  • Contact
  • Privacy
© 2023 HealthWorks Collective. All Rights Reserved.
Health Works Collective > Business > Finance > Top Money-Saving Tips for Medical Laboratories
BusinessFinance

Top Money-Saving Tips for Medical Laboratories

Rehan Ijaz
Rehan Ijaz
Share
6 Min Read
SHARE

Even with funding sources like loans, government grants, and donations, managing a laboratory isn’t cheap. From finding an ideal commercial property and hiring an efficient team, to covering the cost of equipment, supplies, research, and testing, the costs really add up. That’s why it is essential for lab owners/managers to adapt financial management strategies that save them money and stretch their budgets further. Continue reading for advice. 

Create and Use a Budget

Proper management of your finances is hard to do without a visual. A budget, therefore, provides you with a detailed look at what you have (available capital) compared to what you need (expenses). When you have this information readily available, you can better control finances, ensure that your laboratory is meeting its commitments, and make informed decisions as it pertains to purchasing and growth. 

More Read

Medical Marketing is Vital to Offset Plummeting Healthcare Operating Margins
From the Health Innovator’s Collaborative: Providing Better Care with Less
Diabetes management trends
Top 3 Reasons People Participate in Clinical Trials
What Is Your Online Marketing Data Trying to Tell You?

Lease Lab Equipment

One of the biggest expenses for medical labs is equipment. While this equipment is necessary to produce the best results, it can eat up a huge chunk of your budget. Other than making sure you take proper care of the equipment and keeping up with maintenance, lab owners can save money by leasing their equipment instead. 

Companies like Excedr make it easy for laboratories to have access to state-of-the-art equipment affordably. Leasing and service contract offers to allow for labs to order the equipment they need without having to sink thousands of dollars into it upfront. For a monthly fee, you can utilize the lab equipment. Not to mention, should the equipment malfunction, the service contracts ensure that the equipment is up and running without additional costs. 

Buy in Bulk

While lab supplies aren’t as expensive as equipment, the frequency of purchasing supplies is greater. To try and cut back on these laboratory costs, it is highly recommended that you order in bulk. Bulk purchases essentially mean that you get more of the supplies you need for a lower cost. So, instead of having to order supplies frequently you can place a large order and start building a stockpile that over time will save your lab more money. 

Shop Around for Vendors

When shopping for equipment or supplies for your laboratory, it is highly recommended that you weigh your options carefully. While you don’t want to sacrifice quality, there are vendors that offer what you need at an affordable rate. Ask other lab owners or complete an online search to determine which vendors are advertising the best deals. Often, if you’re willing to order in bulk or enter a contract, vendors are willing to offer you even more savings. 

Streamline Processes

Believe it or not, wasted time also equates to wasted money. Periodically review lab workflow and processes to discern which are most effective and which ones might need work. A careful review of the workflow can also disclose which procedures are costing more than others. Once you have this information, you can use it to eliminate unnecessary tasks/procedures and streamline other processes for improved productivity. This, in turn, allows your team to work more efficiently and get things done without financial waste. 

Hire the Right Team

Another big expense for lab owners is staffing. Obviously, you’re going to have to offer competitive rates and fringe benefits to attract the top candidates in the industry. Be that as it may, having the wrong group of professionals working in your lab wastes a lot of money. Applicants that are inexperienced, for example, make more mistakes and slow productivity. Not to mention, if turnover rates are high, the cost of hiring someone new and getting them acquainted with your lab, policies, procedures, and other employees is time-consuming and costly. 

Lab owners/managers are, therefore, advised to invest time, money, and resources into their hiring process to ensure that they identify the best applicants, weed out those that are unqualified, and reduce turnovers. 

Conserve Energy

Another high cost for laboratories is energy. Labs tend to use more energy than other types of businesses which, in turn, increases the energy bill. To get those costs to a manageable level, there are several things you might consider. Some suggestions are as simple as turning off electrical devices when not in use, putting equipment and devices on sleep mode, and investing in energy-efficient equipment. Other recommendations include shutting the sash, keeping up with the maintenance on equipment, and managing equipment like freezers with care. 

Operating a medical laboratory comes with an array of high costs and expenditures. As obtaining capital to run a lab is very different from organizations that sell products or services to generate profits, it becomes necessary for lab owners to learn how to make the best of the funding they receive. By starting with a simple financial management practice like creating a budget, lab owners/managers are able to make more informed decisions as it pertains to workflow, employment, supplies, and equipment that will essentially help to stretch their budgets further.

Share This Article
Facebook Copy Link Print
Share

Stay Connected

1.5kFollowersLike
4.5kFollowersFollow
2.8kFollowersPin
136kSubscribersSubscribe

Latest News

engineer fitting prosthetic arm
How Social Security Disability Shapes Access to Care and Everyday Health
Health care
August 20, 2025
a woman explaining the document
How a DUI Lawyer Can Help When Your Future Health Feels Uncertain
Public Health
August 20, 2025
physiotherapist at work
How One Fall Can Lead to a Long Road of Medical Complications
Health care
August 20, 2025
Common Healthcare Accreditation Programs
7 Most Common Healthcare Accreditation Programs: Which Should You Use?
Health News
August 20, 2025

You Might also Like

Interview with Paul Tunnah Founder of Pharmaphorum

April 20, 2014

The PCMH and Home Care Data: An Interview with Melissa McCormack

December 19, 2013

A Healthcare Data Pro’s Innovation Wish List

May 1, 2014

Top 10 Reminders to Healthcare (and All) Startups

May 16, 2013
Subscribe
Subscribe to our newsletter to get our newest articles instantly!
Follow US
© 2008-2025 HealthWorks Collective. All Rights Reserved.
  • About
  • Contact
  • Privacy
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?