How Do You Calculate Cost Per Reportable Test?
The cost per reportable test is a very important number to small medical labs. Often, a sales representative will quote a certain “cost per test,” but these estimates often do not take into account overhead expenses such as maintaining the lab and paying employees. There are three types of costs to take into account: fixed costs, labor costs, and variable costs. Adding these three up will help you to determine your true cost per test. Fixed costs and labor costs have specific formulae, but you will need to assess and determine variable costs yourself. Make a list of everything that you need to perform a single test. Include all of your supplies, including things such as cotton swabs or paper towels for cleanup; even though these items are very cheap, their costs can add up over time. (See Reference 1) Dig through your invoices to find the unit price, or price per single item, of each thing that you use. For example, if you use one syringe per test and syringes cost $30 for a pack of 15
