Diagnostic services play a critical role in identifying health problems and inform medical treatment decisions. According to the American Clinical Laboratory Association, there are approximately 7 billion tests performed each year, which makes laboratory testing the single highest-volume medical activity in the US. While COVID-19 continues to drive testing volume, it’s not the biggest contribution factor. The rise in the US geriatric population and the health systems currently transitioning from treatment to prevention also contribute to the rising numbers.
As the demand for testing services increases, medical diagnostic companies are feeling the pressure from increased competition, labor and supply chain shortages, and pricing pressures. The sudden influx of companies entering the market, the retirement of seasoned staff, burned out employees, and vaccination requirements for healthcare workers have all put a strain on the diminishing labor pool. Getting supplies for non-COVID-19 testing has also been a challenge as manufacturers transition capacity to COVID-19 tests. Sourcing essential supplies, like test tubes, has become a major obstacle, and many companies have had to stretch existing supplies where feasible. Budget restrictions from both private and public payers are putting downward pressure on prices, forcing senior management teams to fight hard to control costs and drive efficiency.
As such, in order to compete in today’s climate, it’s extremely important to reduce operating costs and raise productivity. While diagnostic labs do not traditionally use ERP solutions that are tailored specifically to the needs of clinical diagnostic companies, these solutions can help streamline back-office business processes to help improve patient care, boost operational efficiency, and reduce operating costs.
Our Clinical Diagnostic solution, that we built on NetSuite, helps companies easily onboard new customers, order tests, manage inventory and orders, and improve lot tracking and traceability. It also handles kitting, test resourcing, revenue recognition, advanced reporting, and more.
How our diagnostic lab software solution gives a competitive edge
In the infographic below, see how our clinical diagnostic NetSuite solution helps companies overcome industry obstacles and stay ahead of their competition.
Learn what our customized NetSuite solution can do for your business
Ready to improve your diagnostic lab business with our NetSuite software solution? Please contact one of our experts at any time!