Benchmarking

Developing successful strategic options

As the saying goes, you can’t manage what you don’t know. Benchmarking is key to understanding your operations, cost, and productivity as compared to other peers of like complexity. Only through an understanding of performance in multiple areas, can resources and improvements be geared to improve metrics.

The Nichols Management Group offers a proprietary benchmarking service: LabScore™. LabScore™ will provide laboratory organizations with productivity and cost comparisons to institutions that are similar in size and acuity, using both published industry standards and internally developed productivity metrics based on lab complexity. Unlike other benchmarking tools, LabScore™ drills down into individual laboratory departments, including reference laboratory spend, to identify hidden opportunities for improvement. Whether your organization is a community hospital or a large integrated academic medical center with multiple locations, LabScore™ will provide productivity metrics based upon your organization’s test mix and service menu. Esoteric testing comparison is available in cytogenetics, HLA and flow cytometry.

This benchmarking tool is needed in the healthcare market today. LabScore™ will identify opportunities for both savings and productivity, which will support your mission of providing high-quality and cost-effective patient care. Utilizing reports that include a series of Key Performance Indicators, LabScore™ will provide your management team with an indispensable tool to build the most efficient infrastructure. LabScore™ provides current performance ranking, along with a narrative that offers insight and recommendations for improvement.

How to get started?

Moving forward is easy. NMG will assign a benchmarking consultant for your account to walk you through the data collection, using the NMG data collection spreadsheet. Once the form is validated and complete, we will analyze it against our proprietary database and provide you with a comprehensive report summarizing your facility’s performance. All data will be kept confidential.