What are the Future Winning Strategies and Growth Opportunities for Clinical Laboratories?

Dissatisfaction for overall healthcare costs and the efficiency of care delivery in transitional settings like hospitals is opening the door for larger consumer companies to enter the healthcare market. Consumers are increasingly interested in gaining more control over their healthcare and information, and companies like Amazon and CVS can offer just that.

What does this mean for laboratories?

Essentially, there is an increasing role for diagnostics because of a greater focus on preventative care, as well as an increased role for data, particularly on the pharmaceutical side. This knowledge is crucial for future lab success, and it is adamant that labs align with new trends and changes in the marketplace by offering operational capabilities and enhanced data sets.

Here is a look at some of the major moves related to healthcare from large consumer companies:

In addition to these new entrants to the market, there has also been a huge impact on clinical labs sparking from the changes in reimbursement across the market. Deeper and deeper cuts combined with more coverage limitations are creating the additional need for laboratories to not just be more operationally efficient from a technical perspective, but also from an administrative and revenue cycle perspective.

Take a look at some of the trends that are impacting reimbursement:

In order to sustain success in this changing laboratory industry, labs must be positioned to address healthcare reform. This includes having a connected and integrated system and constantly leveraging outreach relationships, along with participating in strategies to build organizational development.

Winning strategies for labs include:

For a full breakdown on strategies and trends for clinical labs, listen to the webinar recording with Frost and Sullivan here.