Test Cost Analysis
Test cost analysis is essential to creating operational efficiencies and understanding financial performance. Trusent Solutions’ analysis can be used to identify proper batch sizes to minimize waste, analyze the fiscal impact of a new proposed equipment purchase, and analyze the cost efficiency of existing instrumentation. Cost analysis also can provide management with a rational mechanism for selecting the most cost-effective testing method among several new laboratory procedures. Laboratory budgeting becomes more effective with a cost analysis system in place. Managers armed with this information will be able to project the effects of adding increased testing on staffing and other requirements. Test costs can also be compared to Medicare, Medicaid, and other payors, based on your payor mix for an accurate return on investment analysis.
Trusent Solutions is a healthcare consulting firm and not a CPA firm, and does not provide attest services, audits, or other engagements in accordance with the AICPA's Statements on Auditing Standards.