Inflation Milestone Puts Spotlight on Cost-Cutting

As the global economy began recovering from losses caused by the pandemic, inflation surged and by June 2022 it was at its highest level in 40 years, affecting everything from the price of groceries to the housing market.

As a result of these economic pressures and uncertainty, lab operators took proactive steps to ensure their continued success including cutting costs, condensing delivery routes, adding fuel charges, expanding marketing efforts and focusing on higher-profit restorations.

The belt tightening continues and, in fact, almost 40% of labs raised fees this year to help combat rising costs and inflation rates. Despite these challenges, two-thirds of the respondents to LMT’s 2023 Fee Survey rate the current economic health of their labs as “excellent” or “good.”