Fimlab Laboratoriot Oy Ltd is one of Finland’s leading clinical laboratory companies. It operates from more than 110 locations and employs 1,200 laboratory professionals. This enables it to serve more than one million people, providing more than 16 million diagnostic tests every year.
What were the challenges?
Increased competition in the industry and ever more stringent transparency requirements demanded the introduction of sophisticated cost analytics and reporting based on the actual use of laboratory resources. Fimlab also wanted to get an accurate and comprehensive view of costs and profitability throughout the organization. These challenges were exacerbated by the fact that impressive expansion of operations through mergers and organic growth meant that current internal accounting resources could no longer provide the support and transparency required.
How we helped?
We began collaboration with Fimlab with a two-day workshop to determine the baseline, target status, and key challenges. The workshop resulted in a deployment plan that established the necessary resources and timetable for execution. Implementation was then carried out in close co-operation with the responsible business controller, CFO, IT and key operational staff.
Key features of the solution:
- All locations and processes are modelled throughout the organisation: from cost equivalence to external accounting
- Calculations are performed at the most granular level possible: individual test transaction
- Full Profit and Loss view for all key dimensions, e.g. test transaction, sub-product, product, workstation, department and location were obtained
- Sampling logistics were modeled
- Reporting of results via OLAP cube and wider usage as a part of data warehouse
What are the results?
The solution provides day-to-day decision-making support for a multitude of business needs and what-if scenarios. It has also enabled benchmarking and identification of best practices, as well as harmonization of operations.
Furthermore, the model enables Fimlab to maintain an up-to-date pricing process. At the same time, it is able to flag up any outliers and discrepancies in diagnostic test costs across the organization.
Just as importantly, the cloud based delivery model with ongoing Managed Service helps to keep the model up to date and refreshed for reliable analytics and informative decision making.
“We were looking for a solution that would allow us to manage the profitability calculation of our extensive and rather complex service package. We have been really pleased with the Wevision service. Expertise and dedication to our problems are top notch. Wevision also deserves thanks for its excellent project management. The results come as promised.”
Teija Vehmas, CFO, Fimlab