From strategic planning to performance monitoring, it is important to adhere to the foundational concepts of financial planning in order for your lab to be successful. This course will delve into three foundational concepts for sound business planning and will present the learner with real life scenarios where poor planning leads to disaster. Learners will think critically about what leads to financial crises in laboratory settings and will be exposed to best practices that will help them avoid crises in their own laboratories.  

Faculty/Authors
LMU Committee

CME/CMLE Credit: 1.0
Estimated Completion Time: 1 hour
Format: Online Educational Activity and Post Exam

Physician Competencies: Medical knowledge

Eligibility for CME/CMLE Credit: Max three attempts. You will have a maximum of three attempts to meet the following criteria:

• Module ≥80% = CME/CMLE credit
• Module <80% = No CME/CMLE credit, after a maximum of three attempts

Accreditation Statement: The American Society for Clinical Pathology (ASCP) is accredited by the Accreditation Council for Continuing Medical Education to provide continuing medical education (CME) for physicians. This activity has been planned and implemented in accordance with the Essential Areas and Policies of the Accreditation Council for Continuing Medical Education (ACCME).

Credit Designation Statement: The American Society for Clinical Pathology (ASCP) designates this journal-based CME activity for a maximum of 1 AMA PRA Category 1 Credit(s)™. Physicians should claim only the credit commensurate with the extent of their participation in the activity.

Instructions

To claim CME/CMLE credit for the exercise, do the following:

1. Review the Technical Considerations.
2. Click Go to Course to view an overview of the modules in this course.
3. Click Access to begin the course.
4. Review the Pre-Reading Assignment.
5. Review the Educational Activity.
6. Complete and submit the Post Exam. You will have a maximum of three attempts to obtain the required score. You will be notified if you have met the credit requirements after each attempt.
7. Submit the course Evaluation.
8. Enter the maximum number of credits offered and click Claim CME to register credit.

The faculty have no relevant financial relationships with commercial interests to disclose

Technical Considerations

Release Date: 1/1/2013  
Review Date:
Expiration Date: 9/19/2026  

• Explain the three foundational steps to sound financial planning and management.
• Discuss the importance of budget preparation in the context of operational planning.
• Apply financial planning and management principles to real life scenarios.
• Analyze financial data from a lab setting to identify financial planning pitfalls.