Your Roadmap to Sustaining Growth in Today’s Lab Market

  • Sep 13, 2018

I recently had the pleasure of being interviewed by Richard Faherty, managing director of The Dark Intelligence Group. I was on a panel with fellow industry veteran David Nichols. The main topic of discussion was why it is vital for laboratory leaders to understand and maximize the value of the lab, even if you’re not in a buying or selling mode? I hope you’ll find that David and I offer some...

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Buying or Building a Laboratory Information System?

  • Sep 5, 2018

Achieving and maintaining operational efficiency and effectiveness is an important criterion to ensure success for today’s diagnostic companies. Laboratory Information Systems (LIS) are the backbone of the day-to-day workings of a lab. Lab leaders will undoubtedly need to make decisions about developing a custom system to address their specific needs (Build) or buying a commercially...

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The PAMA and MACRA Relationship: The Tale of Two Policies

  • Aug 29, 2018

We have witnessed the impact of two Medicare (CMS) legislative mandates: Protecting Access to Medicare Act (PAMA) on the laboratory and healthcare systems and will witness the impact of Medicare Access and CHIP Reauthorization Act (MACRA), on January 1, 2019.  Both PAMA and MACRA are designed, for the most part, to manage costs through the use of health IT and reporting.  Independently...

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The Cost of Preserving the Status Quo

  • Aug 28, 2018

Many of today’s laboratories and diagnostic providers are running on relatively slim profit margins. This is due in part to revenue compression caused by, among other factors, lower fee schedules dictated by the Protecting Access to Medicare Act (PAMA), which came into effect in early 2018. This loss of revenue can lead a laboratory leadership team to want to defer investments as a way to protect...

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What do the CMS Medicare Physician Fee Schedule Changes Mean for Pathology Labs?

  • Aug 22, 2018

Right now, clinical laboratories and pathology practices are faced with the continuance of PAMA cuts and budgeting based on the proposed changes to the Medicare Fee Physician Fee Schedule. Both scenarios reinforce the need to be more aware of the financial implications of these updates as well as the general underlying cost of running laboratories.While the mission of providing quality health...

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Creating Value-Based Diagnostic Test Pricing

  • Aug 20, 2018

Value-based healthcare is now a focus of our national health policy. In this context, value is defined as the patient health outcomes achieved per dollar spent. The goal, of course, is better health, better care, and lower costs.Laboratories and other diagnostic service providers, while facing economic pressures due to revenue compression and regulatory requirements of the current system, are...

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Automated Insurance Discovery: Overcome Your Obstacles

  • Aug 13, 2018

One of the largest obstacles to laboratories getting paid for their services is a lack of accurate patient insurance and demographic data. Laboratories often receive ordering hospital and physician data prior to it being complete and correct. Complicating the situation even further for labs is the frequent lack of access to the patient before services are rendered. These obstacles directly impact...

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Effective Revenue Cycle and Compliance Management for Maximizing Revenue & Valuation

  • Aug 8, 2018

Revenue cycle management (RCM) and its supporting business intelligence (BI) are critical to an organization’s success, from a compliance as well as a revenue and valuation maximization perspective. Efficiency and effectiveness of a lab’s RCM processes are among the fastest routes to financial improvement and successful navigation of regulatory challenges. Five essential capabilities contribute...

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