CLC Laboratory Financial Management & Reimbursement 3

Question 1

In laboratory financial management, 'cost per reportable' is calculated as:

Accepted Answer

Total costs divided by the number of valid, reportable test results produced

Answer

Cost per reportable divides all costs by only the valid reportable results, capturing inefficiencies from failed runs, repeats, and QC failures that cost per test ordered would miss.

Question 2

In laboratory economics, 'contribution margin' for a test is defined as:

Accepted Answer

Revenue minus variable costs, showing the amount available to cover fixed costs

Answer

Contribution margin equals revenue minus variable costs, indicating how much each unit of service contributes toward covering fixed costs and ultimately generating profit.

Question 3

Which productivity metric is most commonly used to benchmark laboratory workforce efficiency?

Accepted Answer

Tests per full-time equivalent (FTE) employee

Answer

Tests per FTE is the primary laboratory productivity benchmark, measuring how many tests each full-time equivalent staff member produces and enabling staffing comparisons against industry peers.

Question 4

When performing a break-even analysis for a new laboratory test, the consultant is determining:

Accepted Answer

The test volume at which total revenue equals total costs

Answer

Break-even analysis identifies the volume where revenue exactly covers all costs; volumes above break-even generate profit, while volumes below result in losses.

Question 5

Analyzing 'send-out' (reference laboratory) test costs is most useful for a laboratory consultant to:

Accepted Answer

Identify high-volume or high-cost tests that may be economically justified to bring in-house

Answer

Send-out analysis by test, volume, and aggregate spend reveals candidates for in-sourcing where volume would support capital investment and reduce turnaround time while improving margins.

(CLC) Certified Laboratory Consultant Practice Test

(CLC) Certified Laboratory Consultant Practice Test

CLC Laboratory Financial Management & Reimbursement 3