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Operational and Financial Efficiency

Operational and Financial Efficiency

Point-of-Care Testing for Operational and Financial Improvement - Henry Schein Medical

How Point-of-Care Testing Improves Operational and Financial Efficiency

Patient health is an obvious goal for any physician, but so is running an efficient and streamlined practice. Identifying ways to reduce unnecessary patient follow-up visits or calls—and to eliminate the need for additional testing—could directly impact your practice's bottom line.

Medical practices are reducing their reliance on traditional testing and focusing on POCT platforms because they require an average 5 to 60 minutes to produce accurate results.1 Because of this accelerated delivery time, physicians spend less time per patient—as much as 46 minutes less—which allows practices to book more appointments or tend to other operational activities.1 This time savings can allow physicians to feel more productive while still treating their patients appropriately.

It's not just the speed of POCT that helps increase and streamline a physician's output—accuracy matters, too. In one patient visit, a physician can correctly diagnose and treat a patient while greatly reducing the potential for a follow-up call or visit. In the case of routine hemoglobin A1c, hemoglobin, and lipids tests, physicians report a decrease in secondary appointments by 61% and an 89% reduction in additional calls.2

As POCT proves to be an innovative diagnostic tool by boosting promptness and accuracy, physicians are also witnessing a positive effect on their practice's profitability. With increased productivity, POCT may significantly lower the amount of tests needed per patient; one study reported a 21% decrease in tests ordered per patient following the implementation of POCT.3 By combining the quick turnaround time and faster treatment decisions, medical practices can observe a total savings of 8% to 20% in laboratory costs and as much as $260 per patient.1

In the case of HbA1c testing, a customary glucose monitoring test, POCT can demonstrate significant improvement to financial efficiency. A cost savings from direct increased proficiency can result in as much as $24.64 per patient.4 With the added cost savings, estimated testing revenue exceeded expenses by $6.62 per patient.4

As POCT standardization continues to develop and implementation rises, physicians can look to leverage real-time results, realize tangible cost savings, and benefit from the impact on their practice's overall bottom line.

Optimize Your Practice's Operational and Financial Efficiency

Henry Schein's point-of-care team is ready to build your lab, implement POCT, and consult you on the right products you'll need to elevate your business.

For more information on POCT or to conduct an inventory of your lab, please schedule a consultation with our point-of-care team.

Sources:

1. Abbott
2. Lab Tests Online
3. NCBI
4. MLO Online