The adage “Don’t put all your eggs in one basket” is often used to emphasize the importance of creating multiple streams of income. This methodology helps diversify your sources of revenue, by reducing the risk of relying on a single income stream. By having multiple sources of income in your medical practice, you can better manage financial instability and increase your overall financial security. However, is it right for your practice?
Analysis and Planning
Before adding any new service lines to your practice, perform some of the following:
• Financial analysis and planning
• An extensive risk analysis
• A vendor and equipment analysis
• Payor and Volume analysis to ensure profitability
• Space and workflow analysis
Navigating the compliance and regulatory requirements for operating a medical laboratory can be challenging, but it’s essential for ensuring patient safety and reliable results. Maintaining compliance and hiring certified staff appropriate for the complexity of the tests performed are crucial steps that will greatly benefit you during regulatory inspections. Additionally, understanding the accreditation process will help ensure that your lab is meeting required standards for both regulatory agencies as well as payors.
While there are numerous pros and cons to performing onsite medical testing, being aware of all the regulatory requirements and associated costs can help you avoid costly investment mistakes and ensure the continued financial success of your medical practice.1,2 Additionally, understanding the necessary infrastructure, training for staff, inspection process, and ongoing maintenance needs will further support the smooth integration of these services into your practice, ultimately enhancing patient care and operational efficiency.3
How BlueStone Services Can Help
If you’re considering adding medical laboratory testing to your practice but are unsure if it’s the right fit, our team can help you evaluate this investment and guide you through the entire process. With extensive knowledge and experience, we can assist you in successfully completing regulatory inspections and establishing robust policies and procedures for your laboratory.
Contact us today to see if we’re the right fit for your healthcare organization and take the first step towards integrating profitable laboratory testing into your practice. Additionally, we offer ongoing support to ensure your lab operates efficiently and remains compliant with all regulations. Let us help you enhance your practice’s capabilities and revenue potential.
1Zhang, Y. V. (2015, June). Should We Bring This Test In House? Clinical Laboratory News. Retrieved from https://www.myadlm.org/cln/articles/2015/june/should-we-bring-this-test-in-house
2BlueStone Services LLC. “Is Your Practice’s Bottom Line Shrinking? Safeguarding Your Revenue – Tips on Best Practices.” BlueStone Services, 2024. https://www.bluestonesvc.com/blog/is-your-practices-bottom-line-shrinking-safeguarding-your-revenue-tips-on-best-practices/.
3BlueStone Services LLC. “Watch Now: CAP Lab Inspection Q&A.” BlueStone Services LLC,
