4 Ways Labs are Protecting Profitability

Many of the laboratory owner-respondents to our 2018 Fee Survey who report healthier businesses point to an emphasis on controlling costs and making sound financial decisions. Here are a few of their strategies: 

A vigilant ROI process. When Michael Farago, CEO, Concord Dental Laboratory, Westford, MA, joined his father’s laboratory 10 years ago, he knew it was time to go digital. Farago—also a management consultant—first focused on putting administrative systems in place to ensure the business was on a firm foundation. Only then did he design a plan for going digital, based on a systematic ROI calculation, a practice he still uses today before making any big-ticket purchases. “I have a minimum expected return for purchases we’re considering, based on our growth goals for the laboratory; anything that doesn’t perform to...