Introduction

Financial resources are essential to medicine based laboratories in the operation of services and one of the main concerns to lab managers. (Mouseli & Barouni, 2017) But they are limited, and today in most countries, the medicine-based labs face serious problems. Because of this, there is a need for use of money supplies and managers must be able to provide lab test services at a reasonable cost and also be able to maintain their labs quality standards. Awareness of the cost of lab test services and allocating available resources among lab managers are necessary. (Javid & Hadian, 2015; Mouseli et al., 2017; Su & Chen, 2016) Cost examination assumes a significant job in strategy making and causes research center directors to create suitable methodologies for genuine costing. (Mouseli et al., 2017)

Cost control has risen as one of the significant difficulties confronting lab activities. (Jayaraj & Sherlin, 2015) The exemptions of top-notch results with diminished pivot time and expanded outstanding tasks at hand with diminished workforce is on the expansion and are significant elements in running clinical labs effectively. (Cheah & Looi, 2018; Sivaramakrishnan & Ramani, 2015) Primarily, the cost factors depend on the type of tests undertaken in the clinical lab, including haematological tests, biochemical tests, pathological tests or microbiological tests. (Jangid & Alexander, 2015) Another central point is how much the lab tests may be manual or computerized, with the volume of test samples. The other significant components incorporate the degree of income of the nation, since that influences compensations and lab zone costs specifically; however it can mildly affect cost of lab assets utilized in testing lab tests. (Cheah et al., 2018)

The outstanding task at hand based costing, by thinking about the causal connection among expenses and remaining burden, and giving administrative data as money related models, is more valuable than traditional accounting methods. Likewise, it unmistakably reflects labor, hardware and exercises of the area, giving the genuine and exact costs which prompts expanded productivity, viability and in the long run accomplishment of the key destinations of the research facility. With this technique, immediate and circuitous expenses for giving research center administrations can be resolved. Besides, lab chiefs ought to recognize the expensive territories and gauge their expenses against picked up benefit. (Mouseli et al., 2017)

Several literatures studied the early detection and prompt diagnosis can lead to better prognosis and help in the implementation of successful clinical treatment procedures. (Gheena & Ezhilarasan, 2019; Hannah & Ramani, 2018; Jayaraj & Sherlin, 2015; Sherlin & Ramani, 2015)

In this way, prognostic biomarkers can fill in as an apparatus for finding, among boundaries that can without much of a stretch distinguish patients at higher (Sridharan, Ramani, & Patankar, 2017; Swathy, Gheena, & Varsha, 2015; Viveka & Shyamsundar, 2016) risk and adverse result during clinical introduction and furthermore anticipate the risk and identify any progressions. (Gupta & Ramani, 2016; Jayaraj, Ramani, Sherlin, Premkumar, & Anuja, 2015; Shree & Ramani, 2019; Sridharan, Ramani, Patankar, & Vijayaraghavan, 2019; Thangaraj & Shyamsundar, 2016)

This study, costing exercise is being reviewed focusing on the workflow of clinical laboratories. The financial independence of the clinical lab tests focuses on individual departments based on lab services such as hematology, pathology, microbiology and biochemistry which are found to be most labour-intensive divisions in the lab and assumed to be financially burdensome.

Materials and Methods

Search strategy for identification of studies

The pursuit technique was as per the Cochrane rules for precise surveys. Articles were looked and chosen utilizing PUBMED, MEDLINE and Google scholar. All possible studies of financial strategic impact on clinical lab managers, were included.

The article search included just those distributed in the English writing. An Internet search was likewise finished with the keywords “financial, strategic, impact, clinical laboratory, managers.” Literatures also evaluating the ‘financial strategic impact on clinical laboratory managers’ in cross-references were also included.

Selection criteria

The title of the articles and abstracts was explored. Articles that considered ‘financial strategic impact on clinical laboratory managers’ were chosen for further appraisal.

Data extraction and analysis

Once the articles to be reviewed are finalized, data extracted from each article were tabulated and was later cross checked. (Table 1) Flow chart for study selection. (Figure 1)

Outcomes

The financial strategic impacts on clinical lab managers were analyzed for relevance.

Results and Discussion

Methods of review

The selection and exclusion criteria of the reviewed studies are shown in Figure 1. The search strategy identified six studies that evaluated financial strategic impact on clinical lab managers. The descriptions of the individual studies are shown in (Table 1).

Included studies

Among the six included studies, the financial strategic impact on clinical lab managers was studied in detail. (Table 1)

Outcomes

There was substantial relevance in the articles studied that had evaluated the impact of financial strategies on clinical lab managers.

In this study, the cost of lab test services and workload data based on technical staff workload had been reviewed.

According to literature, the remaining task at hand based costing involves various advantages including the capacity to evaluate the genuine expenses of outstanding task at hand and recognizing the connection between the expenses and remaining task at hand. Studies additionally indicated proof that remaining burden based costing is an appropriate framework for costing in clinical lab tasks. (Javid et al., 2015) The study by Su et al showed no relationship existed between volumes of lab tests and service costs. (Su et al., 2016) Whereas, in the study by Muriheadet al it was found that service costs depend on service function associated with case distribution. The shows proof that outstanding task at hand based costing comprises the circumstances and logical results connection among remaining burden and cost questions henceforth gives data on the real unit cost of offering clinical types of assistance in the labs.

The measure of expenses of each test in the research center of intrigue is by all accounts relative to the quantity of case visits and performed tests; thus the measure of cost has a sane figure and shows the measure of customer's interest for each test. The reason, anticipated results, and explanations behind breakdown of research center administrations additionally are basic for quality improvement.

Laboratory management personnel are into the assignment of principal updating of their test administrations and concentrating on client needs in which the research facility endeavors to help in making quality medicinal services administration thereby creating a sense of confidence in the community which can lead to better use of the laboratory services and thereby indirectly increasing the revenue.

By reviewing the literature we suggest that any laboratory should have a financial model by analyzing their net present value with a forecast for a minimum of 5 year plan with financial projections along with risk outlines which can determine the rate at which they will be able to sustain the laboratory.

It is very interesting and also intriguing to note that very limited studies are available on this particular aspect of laboratory management though the success of any laboratory depends on the financial strategies. For the future, nonetheless, it is sensible to anticipate that labs will vie for constrained capital assets dependent on quantifiable monetary improvement. As the research facility part keeps on growing with automation there will be expanded rivalry.

It is accordingly important to remain updated and applicable to get by in the market. Research facilities need to find some harmony among benefit and obligation to cut over the difficulties and need to receive ways to deal with start, accomplish, and support productive development for the future.

Conclusions

Within the limitations of this study, the value analysis of services and its costs along with technical staff workload provides insights on the relationship between variables and the uncertainty of financial strategic effects on the need to eliminate or include allocated technical teams to handle services efficiently inside the clinical laboratory. Further, costing studies can provide insights into laboratory operation.

Conflict of interest

The authors declare that they have no conflict of interest for this study.

Funding support

The authors declare that they have no funding support for this study.