In this episode of the Elaborate Topics Podcast, Lona discuss how lab leaders can Level up their careers get seen, recognized and promoted. She discussed
1. Importance of Demonstrating Impact:
· Lab leaders often feel unrecognized for their work.
· Demonstrating impact can help advance careers and open doors to new opportunities
2. ROI methodology provides a framework for quantifying and showcasing lab leaders value through their contributions in projects that align with organizational objectives, therefore demonstrating their impact on their teams and healthcare as a whole.
· Lona Small's background in Healthcare MBA sparked interest in healthcare quality and process improvement
· Realized the relevance of ROI methodology in demonstrating lab value beyond procurement and contracts
3. Steps to Demonstrate ROI:
Step 1: Identify a project aligned with organizational objectives or career goals
Step 2: Understand project objectives and specific outcomes to be achieved
Step 3: Identify relevant metrics and key performance indicators (KPIs)
Step 4: Collect data related to metrics before and after the project
Step 5: Analyze data to assess changes and improvements resulting from the project
Step 6: Convert impact to financial terms to showcase tangible value
Step 7: Consider non-financial benefits (e.g., customer satisfaction, efficiency)
Step 8: Present findings through a concise and compelling report or presentation
Step 9: Discuss broader implications and alignment with organizational goals
Step 10: Seek feedback, address questions, and be open to learning and improvement
5. Quantifying Net Program Benefits:
Net program benefits include cost savings, revenue generation, improved outcomes, and avoided expenses.
• Examples include reduced reagent expenses, increased test throughput revenue, decreased equipment maintenance costs, and avoidance of penalties.
Conclusion:
Demonstrating impact through ROI methodology is crucial for lab leaders' career advancement.
Start by prioritizing work aligned with objectives and use the 10-step process to showcase the value of projects.
If you need help demonstrating the ROI of your work and want to level up your career, reach out to me at lonasmall@lonasmall.com. We're starting a new group of leaders who want to stand out and elevate their careers.
Call to Action
You can reach Lona Small directly at lonasmall@lonasmall.com
You can also catch Lona on LinkedIn under Lona Gordon Small and follow hashtag #YouAreAnEqualPartOfTheWhole.
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