Profitable Lab = Better Results

Worried pet owners appreciate the fast turnaround of lab results provided by your practice’s in-house lab.

But if you’re expending more money into lab equipment upkeep, training, and safety protocols than you are making, you aren’t running a profitable lab.

The quick turnaround of test results isn’t sustainable if your lab’s net profit percentage is too low.

Top inside lab profitability suckers I’ve seen include:

  • Not calculating inside lab equipment, maintenance costs, and calibration time.

  • Not charging for the expertise required for techs to draw blood and for the doctor to interpret the results (e.g., how much are you charging to analyze your CBC or heartworm tests?)

My recommendation to all practice owners: Charge for lab tests based on time and analysis, not just lab costs.

You probably run CBC tests for most patients.

Don’t undercharge just because they are routine.

Include the time and expertise required to perform and analyze the test results in the cost.

Inside Lab is just one key performance indicator (KPI) I recommend for vet practices to analyze.

I list 4 more in the guide: Metrics to Track Your Practice’s Profitability.

Download the guide and start tracking your practice's profitability.

 
Shirley Lockhart