Medical Laboratories are simply machines. The role of the medical technologist now is data analysis and knowing how to troubleshoot these machines. This is the new era of Lab Medicine where technology and automation is at the forefront of every result reported.
Gav-Med Group
Gav-Med Solutions is a consulting firm in Jamaica that assist health professionals, such as Doctors, with product sourcing strategy as well as the starting and managing of Medical Laboratories. We are a group of medical laboratory professionals dedicated to making Jamaica a better place to start and manage medical laboratories at the most affordable costs. Gav-Med Solutions assist health professionals with product selection, sourcing and purchasing management.
Sunday 8 September 2024
Labs are Machines
Medical Laboratories are simply machines. The role of the medical technologist now is data analysis and knowing how to troubleshoot these machines. This is the new era of Lab Medicine where technology and automation is at the forefront of every result reported.
Monday 24 June 2024
Health Savings Account
A health savings account is a tax-advantaged account for an individual with high deductible health plans that want to save for medical expenses that those plans do not cover. Contributions are made into the account by the individual or their employer and are limited to a maximum amount each year. This is the ultimate investment account since the contributions to your health savings account are invested tax-free over time and can only be used for qualified medical expenses. The money in your health savings account can be used to invest in stocks, mutual funds, ETFs, bonds and other securities which can yield significant returns on the financial markets. Growth on your investments are tax free which makes having a health savings account ideal for doing investments. These accounts are ideal for self-employed individuals or those who are a part of the informal sector in any economy. If the funds are not used then it can be used for investments which would build more capital for more significant medical needs or just as an investment fund for retirement. This is one of the best tax-advantaged savings and investment tool that is available. Contributions are not subjected to tax, the money can be invested and grow tax free and withdrawals are not taxed once they are used for qualified medical expenses.
The medical laboratory will be at the forefront of solving many of these problems related to alternative healthcare financing. Lets partner together as we make quality and efficient healthcare delivery available to everyone.
Saturday 25 May 2024
Medical Supplier Financing
This is product sourcing strategy from a financial perspective. Factor financing has more positives than negatives to offer the healthcare space. The business of saving lives should not be deterred because of lack of proper financing. Buyers and sellers should be able to carry out smooth transactions that benefit patients so they can have access to medical diagnostic and therapeutic services.
A factor is an intermediary agent that provides cash or financing to healthcare businesses by purchasing their account receivables. In short, a factor is a funding source; the factor agrees to pay the company the value of an invoice- less a discount for commission and fees. Factoring can help healthcare businesses improve their short-term cash needs by selling their receivables in return for an injection of cash from the factoring company. The practice is also known as factoring, factor financing and accounts receivable financing.
Product sourcing strategic financial management includes:
1. Payables finance
2. Dynamic discounting
3. Payables extension
4. Receivables discounting
5. Factoring
6. Forfaiting
7. Borrowing base finance
8. Purchase-order finance
9. Inventory finance
10. Distributor finance
The five main parts of a factoring transaction include:
1. the "fee" paid to the factor
2. the "interest expense" paid to the factor for the advance of the money
3. the "bad debt expense" associated with portion of the receivables that the seller will remain unpaid and uncollectable
4. the "holdback receivable" amount to cover merchandise returns and any other loss or gain the seller must attribute to the sale of the receivables. Sometimes the factor's charges paid by the seller (the factor's client) covers a discount fee, additional credit risk the factor must assume, and other services provided.
5. the "profit" which is the difference between the price the factor paid for the invoice and the money received from the debtor, less the amount loss due to non-payment.
Wednesday 6 September 2023
Mentorship in Laboratory Medicine
Most successful entrepreneurs had mentors that gave them free business advice. These entrepreneurs did not allow the advice to go to waste but they used the advice to pivot their business strategy for the long-term. Much has been said about the importance of business coaching and consulting and why every entrepreneur should find a mentor to help them through starting and organizing a business. Business advice can be just as important as funding in the early stages of starting any business. Finding role models and mentors can be hard especially in this era of social media where everyone has established themselves as experts. Mentors can be voices of reason, fonts of knowledge and sounding boards all wrapped up in one package. Great advice can determine the survival of any entrepreneur who is new to starting and running a business. All these principles are applicable to starting and running a Medical Laboratory.
Saturday 3 June 2023
Thursday 11 May 2023
Friday 10 February 2023
DYXNZ BOXYZ: Project XYZ
Product Sourcing Strategy is directly linked to supply chain engineering, factor financing, operations research and data science. This project seeks to improve inventory management using data in order to ensure that product sourcing strategies are efficiently implemented in healthcare systems. This project will use an operating system built on the linux kernel as well as the source code of G-MOSS. A team will be built to customize open source software to create DYXNZ BOXYZ as a management information system for product sourcing strategy. There will be features for stock movements, location hierarchy, and reporting on this system. This is a project that will help to teach individuals how to use open source software as a learning tool in the information age. Code reviews will be done by volunteer programmers using the open source maturity model before deployment into healthcare systems. The primary goal of this project is be a servant to low income communities that may lack the medical supplies they need because of inefficient supply chains.
To help make this project a success we will be asking for donations and assistance from persons who want to contribute to this cause. Project XYZ is free and we want to make a difference in the world and change medical laboratories for the future. This will be the last blog post before the deployment of DYXNZ BOXYZ version 0.0.1.