Labs are taking a closer look at their operational budgets in the wake of increasing regulatory pressures and changes to their reimbursement. A free webinar AACC is hosting April 25 with Cardinal Health will explain how labs can reduce their operating expenses by managing freight costs.
Shipping costs can be one of the largest expenses for a lab, accounting for as much as 25% to 30% of supply cost. “When you consider everything that is shipped in and out of a lab, including reagents from manufacturers, supplies and kits for clients, and specimens returning to the lab, you get a sense of the enormous impact that freight cost can have on a bottom line,” the webinar speaker, Brad Jones, national sales manager of OptiFreight Logistics, Lab and Pharmacy, told CLN Stat.
Managing everyday demands like tracking a lost package and resolving billing inquiries adds hours and labor costs to an operational budget, Jones said. This is why it’s critical to have a strategy that includes how that work will be done and who will be doing it. “Ideally, utilizing a person or a team with experience and expertise will reduce operational cost and can reveal opportunities to further leverage efficiencies,” he said.
To drive down costs, labs need to consider the critical nature of specimen shipments and the high cost of shipping information. According to Jones, many in the industry are tapping into data and analytics that provide insight into shipping trends. This allows labs to make informed decisions on how to reduce expenses without compromising specimen integrity or commitments on turnaround times.
“Additionally, working with a freight management provider is one way to take advantage of the leverage that aggregated volume provides,” Jones advised. Many labs are able to negotiate discounts on their own, but a freight management provider typically has greater size and scale and can provide even deeper savings while offering a wide range of additional support tools and benefits.
Register now for the free webinar Reducing Laboratory Costs with Freight Management, and learn how to reduce your freight spending while successfully managing your logistics operations and shipping costs.