Use four checkpoints to calculate lab costs
Setting the price for lab services doesn’t have to be guesswork. In fact, by referring to four checkpoints for calculating lab costs, as well as other services, you can insure that your practice is covering its expenses.
Those four checkpoints, outlined in The Veterinary Fee Reference: Vital Statistics for Your Veterinary Practice, and noted below for a CBC/chemistry panel with electrolytes, are:
- Any prices paid to an outside lab
- Miscellaneous supplies, such as a cotton ball, syringe, and tube
- Technician’s time to draw blood, create a sample prep, and record test results
- Doctor’s time recommending the test, and later analyzing results.
The Veterinary Fee Reference: Vital Statistics for Your Veterinary Practice walks you through scenarios like the above example to insure you understand all the costs involved in providing a service. It also provides valuable data about other practice fee areas in light of median household income, metropolitan status, and more.
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