Nov 21, 2014 | Compliance, Legal, and Malpractice, Laboratory News, Laboratory Operations, Laboratory Pathology
When a clinical laboratory or pathology company uses sales schemes or business practices that violate federal law, employees unhappy about this situation often file whistleblower lawsuits
Whistleblower activity across the medical laboratory industry seems to be increasing. This can be both a positive and a negative trend for pathologists and clinical laboratory managers.
On the positive side, a whistleblower lawsuit that is joined by the U.S. Department of Justice (DOJ) and state attorney generals is one way to curb the illegal marketing and business practices of those medical lab companies willing to gain a competitive market advantage by pushing their interpretation of federal and state laws beyond legal limits. (more…)
Nov 19, 2014 | Coding, Billing, and Collections, Compliance, Legal, and Malpractice, Laboratory Management and Operations, Laboratory News, Laboratory Operations, Laboratory Pathology
Pathologists and clinical laboratory managers will want to stay abreast of what emerging data is revealing about the broader impact of slowed growth in Medicare spending
Contrary to the predictions of some analysts, a recent study suggests that slowing Medicare price growth by lowering hospital reimbursements will slow hospital utilization and spending for all age groups. For pathologists and clinical laboratory managers, the study represents credible evidence that cuts in Medicare prices cause a measurable and linked decrease in hospital utilization for both the elderly and the non-elderly.
The Affordable Care Act of 2010 (ACA) permanently suppressed the rate of growth in Medicare reimbursements to hospitals and most other medical providers, according to a recent study by the Center for Studying Health System Change (HSC). In this study, the HSC sought to measure spillover effects of changes in Medicare inpatient hospital prices on patients under age 65. (more…)
Nov 17, 2014 | Instruments & Equipment, Laboratory Hiring & Human Resources, Laboratory Instruments & Laboratory Equipment, Laboratory Management and Operations, Laboratory News, Laboratory Operations, Laboratory Pathology
Innovative medical laboratories are developing ways to deliver more value to physicians ordering and using lab tests
TEMPLE, TEXAS—Changes now happening to healthcare and the practice of medical laboratory medicine were upfront and personal here during last Friday’s meeting of the Texas Section of the American Association of Clinical Chemistry (AACC).
An impressive crowd of more than 120 pathologists, Ph.D.s, and clinical laboratory professionals were present to learn from an all-star panel of lab industry innovators. Space does not allow a full report of all 10 speakers who addressed this conference, but a nugget or two from three of the morning speakers will illustrate some of the latest thinking on how medical laboratories and pathology groups can make the transition from a transactional business model (fee-for-service payment) to a value-added clinical model (bundled or shared per-patient-per-month fee).
After an opening presentation by your Dark Daily editor, Robert L. Michel, who identified the primary dynamics propelling healthcare’s transformation, the next speaker launched into the key issue associated with how clinical labs and pathology groups can deliver value. (more…)
Nov 14, 2014 | Digital Pathology, Instruments & Equipment, Laboratory Instruments & Laboratory Equipment, Laboratory Management and Operations, Laboratory News, Laboratory Operations, Laboratory Pathology
Developers seeking FDA Approval for microchip-based nanotechnology type-1 diabetes test, which has been performed on people with accurate results
New nanotechnology has made it possible for a team at Stanford University School of Medicine to develop a medical laboratory test for type-1 diabetes that can be performed in a physician’s office and does not require a specimen collected by venipuncture.
This microchip requires just minutes to diagnose type-1 diabetes in near-patient settings, according to a Stanford University news release. (more…)
Nov 12, 2014 | Digital Pathology, Laboratory Instruments & Laboratory Equipment, Laboratory Management and Operations, Laboratory News, Laboratory Operations, Laboratory Pathology, Management & Operations
Prenatal genome sequencing raises ethical issues for gene sequencing labs and clinical labs, since a baby’s genetic information may present lifelong consequences for that individual
Pathologists and clinical laboratory managers will be interested to learn that another milestone in genetic testing was reached earlier this year. A geneticist at the University of California at Davis, has sequenced the whole human genome of his unborn baby, the first time this feat has been accomplished.
Notably, it was geneticist and graduate student Razib Khan of the UC Davis School of Veterinary Medicine who sequenced his unborn son’s genome during the third trimester of pregnancy using a sample of the fetus’ placenta. This is the first healthy person born in the United States with his entire genetic makeup deciphered prior to birth, noted a recent story published by the MIT Technology Review. (more…)
Nov 5, 2014 | Laboratory Management and Operations, Laboratory News, Laboratory Operations, Laboratory Pathology, Laboratory Sales and Marketing, Management & Operations
With clinical laboratory acquisition candidates dwindling in number, Laboratory Corporation of America Holdings (LabCorp) (NYSE: LH) looked outside the medical laboratory industry and agreed to acquire Covance, Inc. (NYSE: CVD), a major player in clinical trials testing, for approximately $6.1 billion in cash and stock.
By taking this action, LabCorp will have bragging rights as the world’s largest laboratory testing company. Upon completion of this transaction, financial analysts point out that the two companies have combined annual revenue of $8.4 billion as of the period ending September 30, 2014. By comparison, annual revenue at Quest Diagnostics Incorporated (NYSE: DGX) was $7.1 billion for year ending 2013.
Covance Involved in Clinical Trials
Covance is a contract research company in Princeton, New Jersey, with annual revenues of $2.5 billion and 12,500 employees in more than 60 countries. In February of this year, Covance sold its Covance Genomics lab in Seattle, Washington, to LabCorp, per the company’s press release. Terms of this transaction were not announced. (more…)
