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.
The report estimates that around 70% of laboratories operate with less than half of their instruments interfacing with a lab information system. Since lab instrumentation is now largely automated, this intensifies the demand for information management systems to be automated as well. There’s a pressing need to speed up the turnaround of data and increase access to information resources.
“The vendors with a long-term view are developing a next-generation of LIS that will meet the needs that even many of today’s systems cannot provide,” explains Bruce Carlson, publisher of Kalorama Information. “Hospitals are rapidly automating, and clinical lab information systems will need to offer features such as an interface with electronic charting, EMRs, real-time data integration, reporting, analytics and data visualization, and insurance billing software.”
Raising the Bar on Lab Performance
Horizon Lab™ automates the entire process – specimen ordering and routing, medical necessity checking, specimen collection, results reporting and tracking – increasing productivity so technologists can focus on more important issues. This sophisticated technology platform allows a lab to operate effectively and efficiently with tools by helping to increase accuracy and consistency and minimizing clerical errors.
Bar coding, automatic results verification, reporting and data capture for statistical analysis can improve workflow, while quality management tools help ensure accuracy and precision in patient results.