How
Local Laboratories Can Make Money from Molecular Diagnostics
With
each new advance in molecular diagnostics, local laboratories
and pathology group practices find it easier to set up and offer
molecular assays to their own clientele. That's because newer
generations of instruments automate steps and make it feasible
to support this testing with a relatively small volume of specimens.
Challenges still remain, however. Payer coverage and reimbursement
for many molecular assays remain inconsistent and unpredictable.
In some cases, laboratories need technical skills which are either
difficult to recruit or expensive to hire. Yet, where a molecular
assay has clear clinical value, physicians want access to this
test, particularly from a laboratory in their own community. It
is this value added dimension to a molecular testing program which
has helped a number of progressive pathology groups expand market
share and revenue.
One such pathology group is ProPath
of Dallas, Texas. With 30 pathologists, a cornerstone of its business
strategy is to have subspecialist pathologists to serve its clients.
Since the inception of molecular pathology, ProPath has reviewed
new technologies and assays. It is willing to invest in three
dimensions to bring up and offer specific molecular tests. It
will acquire the instruments and equipment, it will hire or develop
the technical expertise needed to run these tests and consult
with physicians, and it will put money into a sales and marketing
program to educate physicans and help them use these tests to
the advantage of their patients. ProPath’s Executive Director,
Krista Cruse, will present a case study at the upcoming ExecutiveWar
College on Laboratory and Pathology Management and discuss
ProPath’s success secrets in building a profitable molecular
testing program.
To help both clinical laboratories and pathology group practices
identify the best molecular testing opportunities for the marketplace
they serve, Mary Steele Williams, COO &Director of Scientific
Programs at the Association for
Molecular Pathology, Bethesda, Maryland, will speak at the
Executive War College specifically on the topic of which molecular
assays are heading to market and likely to be both clinically
useful to physicians and financially lucrative to the laboratories
which offer such tests. In her role at the Association of Molecular
Pathology, Williams gets a privileged look at emerging molecular
assays, so her advice and insight can be invaluable for any laboratory
wanting an insider's view of today's market for molecular testing.
Of course, The Dark Report has often written about the emerging
business model in anatomic pathology that is now competing with
local pathology groups for specimens. That is the specialty esoteric
testing company. One of the most recent entrants into this category
is RedPath
Integrated Pathology of Pittsburgh, Pennsylvania. In the first
24 months of its business launch, it has grown to $5 million per
year in revenues. RedPath's innovation is patented technology
that allows it to support both the diagnosis of cancer and the
planning of treatment across multiple organ systems. The technology
allows RedPath to work from a range of specimens, including traditional
chemically-fixed slides, fluid aspirates, and cytology smears.
Sydney F. Finkelstein, M.D., the pathologist who developed this
technology and became RedPath’s founder, will be at the
Executive War College to discuss how RedPath is giving community-hospital
pathology groups additional molecular tools that they can use
to add value to their client physicians.
As these examples demonstrate, molecular diagnostics and molecular
pathology each can offer plenty of upside and opportunity for
local laboratories and pathology groups. But there is also risk,
because of unpredictable reimbursement and other factors. What
is common to the laboratory case studies described above is that
these pathology labs did careful market research. Lab directors
and pathologists interested in developing a profitable, thriving
molecular testing program should reserve a place at the upcoming
Executive War College on May 10-11, 2007 in Miami. It's an opportunity
to meet Cruse, Williams, and Finkelstein and get first-hand access
to their insights, advice, and recommendations.
PS: To get the latest news and effective strategies dealing
with new trends, join us in Miami on May 10-11, 2007 for the 12th
Annual Executive War College. You can access the full details
using the links below. Take action today to reserve your place.
Early-Bird
Discount Registration now available online
Visit http://www.executivewarcollege.com
Download
Full Program Agenda
You can:
1. Register
ONLINE right now; or,
2. Call 800-560-6363. Our friendly staff can register you quickly
and easily, as well as answer any questions you may have.
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