Introducing e-Valuate™ - Lab cost management, easy as ABC
LTS Health introduces e-Valuate™ to efficiently and accurately calculate a lab’s test costs. This holds many benefits to labs that are increasingly facing a wave of cost saving requirements.
Activity based costing (ABC) is an accounting method often used in manufacturing to understand the cost of a product – or in the case of a lab, the cost per test. While it certainly sounds like the right way to go for a lab that wants to know how to generate savings, implementing this accounting method can become a process so complex that the cost of implementation can outweigh its benefits. With e-Valuate™, we provide all the benefits of ABC but without making it the responsibility of the lab to implement it.
In essence, e-Valuate™ is an analytics tool, helping you understand costs in your lab. The product helps you to perform an accurate Activity Based Costing (ABC) analysis on your lab and allows you to:
Achieve cost savings;
Manage change effectively
The LTS team of lab subject matter experts visit the lab to map out processes, collect relevant data and then allocate the costs to the activities in the lab. The results are beautifully displayed, with tools that make analysis easy and incredibly detailed. You can evaluate costs across the lab and even drill deeper, to discipline, instrument and test level. In addition, e-Valuate™ can also test the impact of change scenarios, such as automation or consolidation, aiding the change management process with predictive analytics.
e-Valuate™ has also been used in peer reviewed scientific studies, published in the Clinical Chemistry and Laboratory Medicine journal – with significant findings. The product played a pivotal role in achieving significant cost savings and improving productivity.
To find out what e-Valuate™ can do for your lab, view the product here.