A lab information system is a data and information management system designed specifically for medical-related laboratories. With the right lab information system, which includes advanced information technology tools, laboratories can adapt to legislative, regulatory and reimbursement changes; avoid exposure to regulatory fraud; ensure compliance; and maximize reimbursement.
Forecasted Market Growth
According to a 2011 report from research firm Kalorama Information, the laboratory information system market will grow in the 6 percent range annually over the next several years, up from $800 million in 2010. This is due to the fact that many medical laboratories still function with manual processes for collecting, analyzing, and reporting data.