May 22, 2013 | Coding, Billing, and Collections, Laboratory Hiring & Human Resources, Laboratory Management and Operations, Laboratory News, Laboratory Operations, Laboratory Pathology, Managed Care Contracts & Payer Reimbursement, Management & Operations
Smaller community laboratories serve many of the nation’s nursing homes and long-term care facilities, and ongoing medical lab fee cuts are having major negative consequences
DATELINE: LAS VEGAS, NEVADA—Last week, the National Independent Laboratory Association (NILA), in conjunction with the Association of American Bioanalysts (AAB), conducted its annual conference here. It was a useful snapshot on the state of health for independent community lab companies, particularly given the different reimbursement environment for clinical laboratory testing.
NILA’s members are primarily community clinical laboratories. They generate revenue anywhere from $1 million per year to around $100 million per year. It is believed that there are between 150 and 200 of these types of lab companies across the United States. Further, within the towns and cities they serve, these are often the only medical laboratory organizations that fill important testing niches that were abandoned years ago by the national public lab companies. (more…)
Oct 31, 2012 | Instruments & Equipment, Laboratory Instruments & Laboratory Equipment, Laboratory News, Laboratory Operations, Laboratory Pathology
New blood chemistry monitoring device could replace some traditional laboratory testing
There’s a new technology that makes it possible to continuously monitor an individual’s blood chemistry and wirelessly transmit the data. This technology uses a transdermal patch and is a different approach to clinical diagnostics with the potential to supplant some traditional medical laboratory testing.
This transdermal patch was developed by Sano Intelligence, one of San Francisco-based Rock Health’s start ups for 2012. These developments were reported in a story published by Co.EXIST. (more…)
Jun 29, 2012 | Coding, Billing, and Collections, Compliance, Legal, and Malpractice, Digital Pathology, Instruments & Equipment, Laboratory Hiring & Human Resources, Laboratory Management and Operations, Laboratory News, Laboratory Operations, Laboratory Pathology, Laboratory Sales and Marketing, Management & Operations
Price transparency expected to encourage competition among healthcare providers, including medical laboratories
Before consumers visit a clinical laboratory, they can now check the “fair” price of medical laboratory tests. New websites have sprung up that make it easy for consumers to find what experts consider to be fair market prices for each type of lab test, as well as for other medical procedures and healthcare services.
Pathologists should think of the well-known “Kelly Blue Book” that has been the price authority for prices of new and used automobiles for decades. These new medical price websites are easy to use and make it quick for a consumer to find “fair” prices for common clinical laboratory test and medical procedure.
These new web-based companies are organized to serve the needs of consumers who are enrolled in high-deductible health plans (HDHP). For an individual, an annual deductible can be as high as $2,500—and as much as $5,000 for a family. Thus, clinical laboratory managers should not be surprised that consumers are actively price-shopping before they visit their laboratory to have a specimen collected.
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Jun 5, 2012 | Laboratory Hiring & Human Resources, Laboratory News, Laboratory Pathology, Laboratory Sales and Marketing
More consolidation in the clinical laboratory and pathology testing industry
It was announced yesterday that MEDTOX Scientific, Inc. (NASDAQ:MTOX), of New Brighton, Minnesota, will be acquired by Laboratory Corporation of America (NYSE:LH) of Burlington, North Carolina. The purchase price is approximately $241 million and represents a 37% premium over Medtox’s closing price of $19.70 on Friday, June 1.
Significantly, LabCorp’s purchase of MEDTOX removes one more independent laboratory company from the market. This continues the trend of medical laboratory consolidation that has marked the lab testing industry for the past 25 years. (more…)
Apr 12, 2012 | Laboratory Operations, Laboratory Pathology, Management & Operations
Many challenges ahead for Rusckowski because of healthcare’s unfolding transformation
Yesterday, after the stock markets closed, Quest Diagnostics Incorporated (NYSE: DGX) issued a press release naming Stephen H. Rusckowski as its new President and CEO. He will assume his duties on May 1, 2012. Quest Diagnostics is the nation’s largest clinical laboratory company.
Along with the appointment of its new President and CEO, Quest Diagnostics also announced that Daniel C. Stanzione, Ph.D., would become the Non-Executive Chairman of the Board for the Madison, New Jersey-based company. Stanzione has served as a Director on the Quest Board since 2004.
To ensure an orderly transition, Surya N. Mohapatra, Ph.D., the current Chairman, President, and CEO, will continue his duties through April 30, 2012. It was on October 25, 2011, when Quest Diagnostics disclosed a succession plan and stated that Mohapatra, now 61 years old, would serve for an additional six months as the company conducted its search for another CEO.
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