Outside Labs Need In-House Expertise
Outside labs are a convenient way to manage tests without running your own in-house lab.
But the outside lab doesn’t diagnose your patient.
A high volume of tests being sent out means more lab fees on your end and more time spent diagnosing.
you have to price so that even the simplest of lab tests are profitable.
If you don’t, then your outside lab system isn’t sustainable.
Top outside lab profitability suckers I’ve seen include:
Only charging a 1.5x to 3x markup for tests. This doesn’t take into account the time needed to collect the samples, package them, and analyze the results later.
Not considering the outside lab fees in your pricing.
My recommendation to all practice owners: markup lab tests more than 3x for expertise.
I’ve seen vets spend hours in the process of analyzing lab results, giving a diagnosis, and deciding on treatment.
Charge more for the expertise and time required.
Outside Lab is just one key performance indicator (KPI) I recommend vet practices 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.
