Why Expand Services to Your Laboratory?
Annual healthcare spend is more than 3 trillion dollars in the United States and laboratory testing accounts for just 2 to 3 percent of this spend. Approximately 70 percent of physician decisions rely on a lab test for diagnosis and treatment. Expanding laboratory service offerings can have multiple benefits for patients, physicians and laboratories.
For patients, it minimizes the time spent away from work or school. It also decreases the time it takes to receive test results, a diagnosis or treatment recommendations. Patients do not have to go to multiple testing locations to have assorted tests run.
This time efficiency leads to increased patient satisfaction. For physicians, it is a great time saver due to the fact that they no longer have to write out multiple test requisition forms with testing sent their tests to a single entity. For laboratories, providing the additional testing means results get to the patient faster. This enables diagnosis and treatment to begin quickly leading to better patient compliance with treatment recommendations and, ultimately, better health outcomes.
Managed appropriately, testing can also serve as an additional revenue stream for the lab. As reimbursements continue to be unpredictable, laboratory owners are under greater pressure to find additional revenue streams for their business. Perhaps the biggest cause of the unpredictability derives from the Protecting Access to Medicare Act of 2014. This act was responsible for the largest substantial change in laboratory reimbursements in 30 years.
Market-based pricing under the act law changed CMS’s traditional rate-setting method. Now, the questions arise for lab owners, “How low will these new market rates be?” Many private payers use Medicare as the starting point for negotiations. If going forward Medicare mirrors the highly discounted market, the results look grim.
Luckily, there is a solution to these concerns. Many laboratories have been able to expand their business by partnering with Lab4lab. Lab4lab’s team of laboratory testing specialists will guide laboratories through the entire process of adding additional testing to a laboratory’s offerings.
One of the biggest attributes of this service is that it is offered at absolutely no cost to the lab. Additionally, they make the process simple.
Your lab will also receive back end sales and customer support and be among the first to hear about any new testing that can be added to your existing offer.
In this age of ever increase pressure, laboratory owners now have the tools to expand their services and also save lives.
For more information on these services, please visit Lab4lab.com and register. Labs can also always call (855) LAB4LAB.