Is Your Laboratory Demonstrating Its True Value?

Total Value of Ownership: Why it Matters and How it Can Help Position the Laboratory as a Value Center

Total Value of Ownership (TVO) Article Cover Image

Today’s clinical laboratory faces increased patient volumes, a rise in chronic illnesses and more educated patients demanding real-time information — all leading to rising costs. As a result, laboratories are often an easy target for budget cuts because decision makers are focused more on cost instead of total value. Solutions such as head-count or reagent cost reductions and consolidation often fail to have the desired impact on budgets.

To remain viable, laboratories must deliver value above and beyond their ability to contribute to positive patient outcomes at the lowest possible cost. Analyzing the laboratory from a new perspective and methodology, Total Value of Ownership (TVO), can unlock a wealth of possibilities. 

TVO and TCO

In a laboratory context, Total Cost of Ownership (TCO) is an estimate of all direct costs and indirect costs associated with acquiring and operating an instrument throughout its lifetime. TVO builds on TCO and complements lean six sigma processes to produce the best outcomes for the entire healthcare system over the lifetime of an instrument or solution. 

Read the article to learn more about how three different laboratories from around the world applied the TVO methodology and how it helped them to reach their goals. 

Related Resources

Korea Clinical Laboratory TCO Story

TCO is a key component to the TVO methodology. See how one laboratory in Korea underwent significant change by using TCO to improve operational efficiency.

Find Out More
TOTAL COST OF OWNERSHIP: IMPROVING LABORATORY OPERATIONAL EFFICIENCY WEBINAR

A baseline knowledge of TCO is useful to building a complete understanding of TVO. Hear from healthcare TCO expert Patrick Gontard on how to leverage TCO to improve your laboratory’s performance, and explore the impact of these improvements.

WATCH THE WEBINAR

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