There is a decades-old theorem first derived at the Mayo Clinic that although based on little actual data has been popularized over the years stating:
- 70% of patients in a hospital have laboratory data.
- 70% of clinical data points (objective information) come from laboratory data.
- 70% of clinical healthcare decisions result from laboratory tests.
- These data account for less than 5-10% of healthcare costs.
This is a lot of bang for the buck. Imagine 70% of objective information assisting in 70% of healthcare decisions for as little as 5% of total healthcare expenditures.