Blog Post 06172015 Independent Reviews of In House Lab For Physicians
Incorporating a lab into your practice means deciding what works best for your practice’s needs, determining financial viability, financing potentially expensive equipment, and long-term planning in order to make sure your investment continues to provide revenue in a potentially volatile health care reimbursement environment.
There are not a lot of independent reviews for a solution like an in-house lab. Many of you have colleagues that have provided horror stories of being saddled with a piece of instrumentation that had hidden up-front costs, became a financial drain after reimbursements changed, or they signed a contract with a vendor that was more interested in their own profit than partnering with a clinic to create a viable partnership.
One review, in the Medical Economics section of the Modern Medicine Network, discusses the potential pros and cons that you could run into when considering an in-house lab. An independent review by Dr. Richard A. Jackson, MD, FACP, begins by describing a conversation he had with a vendor at a medical conference. The vendor mentioned that his practice was throwing away at least $120,000 per year by sending his lab work out to another company. This began his journey into utilizing an in-house lab and other ancillary services that his practice had yet to take advantage of.
There are many points to take into consideration when determining the direction a solution like an in-house lab should go for your practice. There are many costs that vendors purposefully fail to provide to you when you are in the decision-making phase. There are the obvious questions such as: what pieces of equipment, what vendors, what personnel will I have to hire, what accreditations does our practice needs in order to keep up with regulations, as well as setting up your equipment, validating your assays, and maintaining your equipment.
Many of you will have to decide between new and used equipment which brings in another line of questions you will have to work out: how much will maintenance be on used equipment, who will maintain it, how will you get support if not directly from the vendo?
Through our clients, we know that many of you have either tried your hand in setting up your own lab or are considering doing so. We also know that many of you have a bad taste in your mouth from past experiences with vendors and their lack of foresight or investigation into determining whether or not a piece of expensive equipment is going to be viable for the foreseeable future.
These are all arenas in which we excel. Through our experience and constant watch over proceedings, rulings, and paying close attention to the direction reimbursement changes are potentially going, we have developed proprietary software that we constantly update that helps take into account all costs/expenditures that you might run into and helps determine whether or not an assay or piece of equipment is actually a viable option for you or if you should send out for testing. We want to form long-lasting relationships with our clients and, given the chance, our expertise has proven countless times that we are the right option when considering an in-house lab.
Please get in touch with us should you have any questions. Contact your local consultant or call our number, 1-888-315-1519