Did you know that there are over 29,000 medical labs all across the U.S. as of 2022? Interestingly, that number seems to be increasing steadily as the year progresses. We might assume that the recent COVID-19 pandemic influenced many industries, whether it’s a high demand of oxygen concentrators, respiratory devices, and this too , but in reality, this trend happens due to a variety of factors.
Regardless, starting a medical lab is an exciting journey. It requires patience and dedication, though is very beneficial in the end. Running a medical lab also has its own tricks that can only be overcome with time.
If you are planning to start your own medical lab soon, here are a few tips to help you be successful.
1. Establish a Niche For Your Medical Lab
A medical laboratory can host a variety of sources and appointments for all lab work necessary, but those are mostly labs that are already pre-established. The downside is that they also might only be beneficial for general lab work and other types of procedures.
You can mitigate this by finding a niche.
Establishing a specific niche for your medical lab will not only help patients find you when they have specific concerns but will also reduce your overall workload. Not having to worry about so many different niches will help you gain even more expertise in your desired niche.
2. Learn the Ins and Outs of Patient Billing
As with any other type of medical facility, billing the patient or their insurance is an integral part of the process. In order to do this, you’re going to need to establish a billing team. Otherwise, you’ll be handling everything yourself.
The best way to get trained to run billing in your lab business is by talking to a lab billing expert. Alternatively, you can read a guide on outsourcing by visiting an expert in the field such as Med USA RCM.
3. Pick the Right Location
A medical lab is a business, just one that’s immersed in the medical industry. One of the most important parts of running any business is advertising yourself so that new patients and clients will come in.
While we can go on and on about advertising, one of the easier ways to advertise is by putting yourself in a strategic location. A busy street might be beneficial, or might not.
This depends on the medical labs in your area. Do a good search around and see if there are any others nearby. You’ll want to fill a niche.
Placing yourself near a hospital that only provides inpatient labwork might be beneficial, too. Patients who are outpatient can then come in, get their results, and have them sent over to the hospital’s doctor.
4. Think About Your Employees
A key to any good business is to make sure your employees feel appreciated and a part of the team. This means hiring the right people, rewarding them for a job well done, and applying consistent training.
A good team makes a great medical lab, so be sure to keep that in mind. No one wants a grouchy receptionist or nurse. You can also offer incentives such as parties or gift certificates to help boost employee morale.
5. Get Acquainted With Regulations
Finally, if you want to run a lab, you need to know the required regulations. Every medical industry component has its own regulations such as HIPAA, OSHA, and medical compliance safety procedures.
Knowing which ones affect your medical lab is crucial. It should be done before you even consider something such as a name or location!
More Advice on Starting a Business
We hope these tips helped you gain some insight as to what starting a medical lab might look like. There’s more than can be said, but this covers just some of the basics.
If you would like more business-related advice, please visit the ‘business’ section of our blog.