Selecting and implementing a laboratory information system (LIS) is a big decision, and making the wrong choice can be costly from both a financial and staff-satisfaction perspective. Determining the solution’s return on investment (ROI) is a helpful method to ensure you are making the best decision.
ROI Value
ROI compares the cost with the anticipated rate of return and is a common tool used to determine the validity of an investment. Selecting an LIS with a lower up-front cost is not always the least expensive solution over the long-term, especially for labs that need vendor expertise and custom LIS functionality. Calculating the ROI of your LIS investment can help you make the best selection and justify your choice.
Importance of LIS Selection
Any decision as significant as an information system that you will likely use every work day for years must be taken seriously. Using ROI as a tool, you can compare the cost of your LIS with the anticipated rate of return to help validate your investment. A selection solely based on price does not take all factors into consideration and may actually cost you much more in the long run.
Real Lab ROI Example
The white paper includes a real-life example of specific savings realized at an established, large physician office laboratory with multiple locations and multiple testing disciplines (clinical, pathology, and microbiology).
Orchard Software’s Strong ROI
Orchard Software is laser-focused on the laboratory and the tools labs need to contribute to best patient care. Orchard’s LIS solutions offer a strong ROI because they are built based on feedback from laboratory customers for maximum functionality and configurability. This ROI is bolstered by the fact that Orchard genuinely cares about our customers, their mission, and the products and service we provide. Orchard strives to continue to update and improve our product offerings to give laboratories superior tools to achieve their goals.