Bayer's Nosenzo talks business.Diagnostic trends on the horizon: As the clinical value of diagnostics advances, leading labs are transforming their operations. No longer simply a cost center, labs are becoming an integral part of patient care and they are subject to increasing pressure to control spending and drive revenue. While we can count on clinical advances to continue at their recent brisk pace, turning a lab into a revenue driver with well-proven ROI (Return On Investment) The monetary benefits derived from having spent money on developing or revising a system. In the IT world, there are more ways to compute ROI than Carter has liver pills (and for those of you who never heard of that expression, it means a lot). requires innovative thinking and leadership on the part of the lab leaders, who are eager for guidance on treating their operations as a business. We now offer solutions on every aspect of lab operations--from workflow; to reporting results, technician education, business planning, and financial planning Financial planning Evaluating the investing and financing options available to a firm. Planning includes attempting to make optimal decisions, projecting the consequences of these decisions for the firm in the form of a financial plan, and then comparing future performance against ; and even to patient services. Labs that succeed at becoming profit-centers in their institutions will elevate the role of diagnostics in the eyes healthcare stakeholders, making this a very exciting time for our industry. Medical laboratory changes: Potential for failure exists if one assumes automation will solve the productivity issues without taking a critical look at all processes that affect the lab. Sophisticated lab managers are scrutinizing every process and applying best practices in order to get maximum value and return on their space, equipment, and labor resources. A host of tools, many borrowed from manufacturing, are available to lab management, much of it designed to maximize new technologies. Some, such as Lean and Six Sigma Not to be confused with Sigma 6. Six Sigma is a set of practices originally developed by Motorola to systematically improve processes by eliminating defects.[1] A defect is defined as nonconformity of a product or service to its specifications. , have shown dramatic success in improving processes and business results in many enterprises. Now, process-improvement tools are evolving and expanding beyond these fundamentals to include constraint management, TMP TMP (thymidine monophosphate): see thymine. , optimization routines and other management techniques. A fundamental lab-business tool is BayerFactor, which combines our expertise with that of BearingPoint, one of the world's largest business-consulting integration firms. This is a first in offering a strategic framework of tools and services specifically designed to help medical labs maximize business and operational performance, productivity, and revenue. This synergy of expertise aims to generate savings and develop a business plan to increase a lab's business opportunities. Hospital administration is keenly interested in laboratory process improvements because so many of the management techniques that boost lab productivity can be rolled into other "process-oriented" centers within the hospital, such as ER and outpatient services outpatient services Hospital-based services Managed care Medical and other services provided, to a nonadmitted Pt, by a hospital or other qualified facility–eg, mental health clinic, rural health clinic, mobile X-ray unit, free-standing dialysis unit Examples . Critical employee skills for med lab evolution: For lab professionals already required to be conversant CONVERSANT. One who is in the habit of being in a particular place, is said to be conversant there. Barnes, 162. in many languages--from medicine to healthcare systems to patient services--state-of-the-art management techniques and process improvements are being added. As productivity is boosted, the lab manager achieves two important skill-related goals: First, improved productivity frees skilled labor to focus on specialized services, and patient and physician outreach. Second, he now has time to focus on essential financial issues, including revenue generation. We recently launched a series of business-education seminars for lab professionals; and as management becomes an evermore ev·er·more adv. 1. Forever; always. 2. In a future time. evermore Adverb all time to come Adv. 1. essential skill for them, we will continue providing education and training on critical business-management topics. Employment opportunities for young people: The lack of people currently entering into medical technology programs is alarming. During the nursing shortage, changing compensation to attract new employees and implementing a concerted marketing program to spread the news of what opportunities were available increased the number of people entering the field. That model could be replicated in medical technology. Many of our employees are former MTs. In fact, many senior members of our North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. commercial team started their careers in the lab. There are many career paths at Bayer for individuals with a MT or MLT (MultiLink Trunking) See port aggregation. background ranging from sales, service, and marketing to training and education. A great place to start is in R&D or clinical trials. John Nosenzo Professional Senior Vice President, North America Diagnostics Division; Recently celebrated 20 years with Bayer; has held a variety of positions within both the Diagnostics and Pharmaceuticals Divisions of Bayer Education BS, Pharmacy St. John's University Jamaica, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of MBA MBA abbr. Master of Business Administration Noun 1. MBA - a master's degree in business Master in Business, Master in Business Administration , Marketing/Management Adelphi University Garden City, New York Garden City, New York is a village in central Nassau County, New York in the USA, which was founded by multi-millionaire Alexander Turney Stewart in 1869. The village is located 18.5 miles to the east of mid-town Manhattan, on Long Island. Personal Lives in Sparta, NJ, with Debra, his wife of 23 years; has two teenage daughters; and enjoys snow skiing [ILLUSTRATION OMITTED] By Carol Bassett, Associate Editor |
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