CMS Prepares to Cut Medicare Fees: Smart Steps Labs and Hospital Outreach Programs Can Take to Anticipate Lost Revenue, Protect Market Share, and Sustain Physician Satisfaction
Webinar was held Wednesday,
December 14, 2016 at 1PM EST
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Blame it on the Protecting Access to Medicare Act of 2014. One of the six sections of that law dealing with clinical laboratory matters mandates that the federal Centers for Medicare & Medicaid Services gathers lab test market price data from certain clinical labs and uses the data to establish new prices for the CLFS.
The result of that legislation is that a significant repricing of the CLFS is just 14 months away! As of Jan. 1, 2018, expectations are that CMS will institute deep cuts to the prices of the clinical lab tests which cost it the greatest amount of money. This expectation of lower prices is based on the statements CMS officials have made and reports released by CMS and the OIG; furthermore, the popular wisdom is that CMS will accept the market price data from those labs required to report, then set significantly lower prices for the 2018 CLFS based on that data. How much lower, specifically, remains to be seen, but it is with absolute certainty that these price cuts will bite deeply into the operating margins of all of the nation’s clinical laboratories.
To help laboratories and hospital outreach programs fully understand the financial impacts, as well as develop effective counter-strategies, The Dark Report has arranged a 90-minute webinar entitled “CMS Prepares to Cut Medicare Fees: Smart Steps Labs and Hospital Outreach Programs Can Take to Anticipate Lost Revenue, Protect Market Share, and Sustain Physician Satisfaction.”
Your expert faculty for this webinar will be Kathleen Murphy, Ph.D., and Jeffrey Myers, CPA. As a participant of this session on December 14, Murphy and Myers will walk you through two distinct learning modules. Module one will walk you through PAMA Market Pricing Models with real private payer lab price data analysis to indicate how CMS may score PAMA price cuts, and the resulting effects on lab pricing. The presenters will also cover strategies your laboratory should consider to improve future outcomes and mitigate margin loss.
The second module will consist of a case study from a laboratory that has already begun to model their negative financial impact, with details describing their strategies to survive a revenue loss, as well as initiatives being developed to add new revenue and margin.
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Get the inside scoop on all this, and much more:
- Price reform: What factors drove PAMA?
- Comparison—past and future—Medicare payment systems for lab tests
- PAMA phase-in reduction examples, their impact on Medicare spending for clinical lab services and estimated impact on providers
- Tangible data about lab tests predicted to take the biggest hit
- The impact to your laboratory and the different ways revenue decline ripples through the lab
- Strategies you can launch to mitigate margin loss
- Understanding the value of a lab outreach program, and factors in favor of considering it
- Case study from a laboratory doing profitable and innovative things with their lab outreach program
- The knowledge and tools you need to model your own action plan, and much more!
Plus, at the conclusion of the presentation, there will be a Q&A period. during which you’ll be able to submit your own specific questions to the presenters. This Q&A represents particularly high value for you and your laboratory staff!
Clinical labs have already begun reporting their PAMA lab test market price data to CMS. Those reports will set off a series of events that could trigger the single most financially-disruptive event to hit the clinical laboratory industry in the past three decades. With this must-attend webinar, you’ll learn what your laboratory needs to know now to survive, along with opportunities to help it thrive!
Speakers:
Kathleen Murphy, Ph.D., Senior Growth Advisor, Chi Solutions, an Accumen company, Ann Arbor, MI.
Kathleen Murphy has more than 25 years of progressively responsible experience in diagnostic services management and consulting. As Chi’s senior executive, Dr. Murphy oversees complex engagements involving strategic options development, operations optimization, consolidation, and outreach program implementation. A noted industry speaker and the author of The Profit Machine in the Hospital Basement: Turning Your Lab into an Economic Engine, she also directs the annual performance and publication of Chi’s widely regarded and referenced Comprehensive National Laboratory Outreach Survey. Before joining Chi, she directed laboratory and radiology operations at two of the top academic medical centers in Boston. Dr. Murphy obtained her PhD in microbiology and immunology from the University of North Dakota and has completed executive education coursework at Dartmouth and Harvard Business School.
Jeffrey Myers, CPA, Vice President of Consulting, Chi Solutions, an Accumen company, Ann Arbor, MI.
Mr. Myers serves as the VP of Consulting and works with clients on strategic consulting engagements that require expertise in benchmarking and analytics, operations improvement and revenue growth for hospital- based laboratories. Mr. Myers joined Chi Solutions, an Accumen company with more than 20 years of experience in financial analysis and administration in the health care industry. Mr. Myers has extensive experience including executive- and director-level finance positions with the laboratory divisions of two prominent academic health systems in the mid-Atlantic and Southeast, where his skilled fiscal leadership produced significant margin, cost, productivity, and revenue cycle process improvements. A Certified Public Accountant, Mr. Myers graduated from the University of Tennessee with a Bachelor of Science in Accounting and Business Law.