Many of you utilize lab data as a key factor in deciding treatment options in your practice. Every day, you request labs and analyze the data which, in turn, helps you identify the underlying disease process, make a determination of condition, and define treatment options. Many of you have also recognized that your reimbursement rates are dropping, that your bottom line is being cut and you are also starting to feel the crunch.
Many of you have tried your hand at operating an in-house lab within your clinic. While some of you have been successful, others of you have seen first-hand the struggles in operating a lab and keeping up with the changing reimbursement schedules, not to mention the initial decision process involved with equipment purchasing, validation, and operation of a lab. Some of you, like Dr. Richard Jackson, have become part of the 30,000 other members of the American College of Physicians, recognized how an ancillary service like an in-house lab could be utilized and improve, not only your bottom line, but also your patient outcomes. Dr. Jackson discusses on www.medicaleconomics.modernmedicine.com that, in spite of the hiccups his practice initially went through, he believes that providing an in-house lab as an ancillary service in your practice, is the correct way to go.
Some of the issues Dr. Jackson brings up in “Could an in-house lab be right for your practice?” are the cost and financing of the equipment, finding the correct lab equipment, validating your tests, training and working with some new staff, and meeting practice and patient needs. Some of the pros that Dr. Jackson points out include an improvement in patient care, patient convenience, time savings, and how in spite of reduced reimbursement rates, the small lab they instituted still generates over 16% of the overall income for the practice. As Dr. Jackson mentions, he was basically losing over $120,000 per year just by not having his own in-house lab.
Economics play a central role in the decision making process of whether or not to institute a lab. Many ancillary services are rife with hidden costs, things like salaries to extra employees, liability insurance, supplies, and even depreciation and interest expenses. A bad investment can even lead to lost opportunity for profits had the money spent been used in something that actually produces a profit.
At AMS, our experts will take the pain out of doing the research and making the decision to institute an in-house lab. We can look at your specific details and work with you to determine what will work and what will not and even if a lab will be a viable option at all. We look at appropriate lab equipment, we hire staff, train and validate your assays, and set up your maintenance schedules for your equipment. Our solution is all inclusive: salaries, maintenance costs, supplies, equipment costs – all are included in any projection that we consider. We constantly stay on top of any changes in reimbursement so that we can help justify any expenditures and ensure that your lab will be profitable for years to come We can help determine accreditations required and work with you to verify your compliance requirements and certificates required to operate in each and every situation.
Speak to one of our consultants or contact us directly and allow us to help determine if an ancillary service, such as an in-house lab, would provide your practice with increased revenue, better patient care and satisfaction, as well as improved efficacy and efficiency of your practice.