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- Comparative data on lab pricing
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 | LIR April 2007 (full PDF issue) |
| TOP OF THE NEWS
Per test costs at Quest and LabCorp
CONTRACTING NEWS
LabCorp out of Aetna network
REGULATORY NEWS
Kennedy to fast track lab test bill
More MUEs to roll out
HOSPITAL LABS
Decatur Memorial Hospital adds molecular lab
INSIDE THE LAB INDUSTRY
Benchmarking the major labs
MERGERS AND ACQUISITIONS
Genova acquires AAL
Beckman Coulter to buy Biosite
MDS closes on Molecular Devices
FINANCIAL
Lab stocks up 3%
INDUSTRY BUZZ
Biggest challenges for AP practices
Full Article |
| Financial Benchmarks at 10 Major Labs: Quest and LabCorp See Gains in Revenue and Profit Per Billable Test |
| Wondering what the economics of the average billable test is at the two biggest lab players, Quest Diagnostics and LabCorp? LIR took a close look at Quest and LabCorp’s company reports—as well as those of eight other labs—to find out.
Full Article |
| Aetna’s Lab Is Quest, LabCorp Takes a Hit |
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The fight for managed care contracts continues, and Quest Diagnostics (Lyndhurst, NJ) has won the latest round. Effective July 1, LabCorp (Burlington, NC) will no longer be a contracted laboratory services provider for Aetna (Hartford, CT). The nation’s second largest commercial laboratory has been a preferred national provider to Aetna’s PPO, POS, and indemnity plans nationwide for nearly a decade. LabCorp estimates that its earnings per share this year will be reduced by $0.04 to…
Full Article |
| Kennedy to Fast Track New Bill to Regulate Lab Tests |
| Senator Ted Kennedy (D-MA) has introduced S.736, a bill to provide for the regulation and oversight of laboratory tests. The bill is co-sponsored by Senator Gordon Smith (R-OR), who chaired last year’s hearing by the Special Committee on Aging on a Government Accountability Office (GAO) report that concerned the growing phenomenon of direct-to-consumer genetic tests. Despite lobbying efforts that have called for more time to deliberate on the legislation, Kennedy intends to "fast-track" the bill, which has been referred to the Senate Committee on Health, Education, Labor, and Pensions.
Full Article |
| Decatur Memorial Hospital Laboratory Enters the Molecular World |
| Last summer, Decatur Memorial Hospital (DMH), a 340-bed community hospital in central Illinois, opened their molecular diagnostic laboratory. Recognizing that the industry is headed in this direction, they wanted to get in on the ground floor. "Basically our pathologist was driving this," says John Little, laboratory administrative director. "He felt that molecular was going to be a large entity in the laboratory in general, the up-and-coming thing. His thought was we’d rather get in now at the ground level and start getting experience, start doing some testing and preparing for the future, getting staff trained and interested."
Full Article |
| Benchmarking the Major Labs |
| As the price war for managed care contracts rages, the two major commercial labs continue to raise both their staff productivity and revenue per FTE, according to LIR’s review of benchmarking statistics. From 2005 to 2006, Quest Diagnostics (Lyndhurst, NJ) raised their annual revenue per FTE a whopping 13.9%, from $132,600 per FTE (2005) to $151,000 (2006). Similarly, LabCorp (Burlington, NC) raised their annual revenue per FTE 3.6%, from $138,600 (2005) to $143,600 (2006).
Full Article |
| Beckman Coulter to Buy Biosite for $1.55 billion |
| Biomedical testing company Beckman Coulter (Fullerton, CA) has agreed to acquire Biosite (San Diego, CA), an immunoassay company focused on point-of-care testing (also called near-patient testing). Acquiring Biosite would enable Beckman to gain a strong foothold in the near-patient testing market, both inside and outside of hospitals. Valued at $1.55 billion, with an offer price of $85 per share in cash, the transaction is expected to close within the next 40 to 60 days.
Full Article |
| Genova Diagnostics Buys Texas Reference Lab |
| Clinical laboratory Genova Diagnostics (Asheville, NC), which focuses on niche diagnostics with specialized test panels, has purchased the operating assets of AAL Reference Laboratories (AAL; Austin, TX), known for its emphasis on hormone testing. The purchase includes testing equipment, clinical test panels, and the customer base of AAL. Beginning March 26, Genova assumed all testing performed by AAL. Financial terms of the deal were not disclosed.
Full Article |
| MDS Completes $615M Purchase of Molecular Devices |
| On March 28, global life sciences company MDS (Toronto, Canada) closed on its $615 million acquisition of Molecular Devices (Sunnyvale, CA), a supplier of high-performance bioanalytical measurement systems. MDS completed the sell-off of its lab business a month earlier with the sale of MDS Diagnostic Services to Borealis Infrastructure Management for CAD$1.325 billion (US$1.142 billion). The company is now focused on analytical instruments, pharmaceutical contract research, medical isotopes for molecular imaging, and radiotherapeutics.
Full Article |
| CMS Continues Rolling Out Medically Unlikely Edits |
| As the Centers for Medicare & Medicaid Services (CMS) prepares to roll out the second round of "medically unlikely" edits (MUEs) on April 1, pathology groups are advocating the creation of a panel that would guide the complex project. The panel would aim to bring transparency to the process of developing and implementing MUEs while helping to ensure that the edits will be based on appropriate evidence.
Full Article |
| Lab Stocks Rise 3% Led by Orchid and Clarient |
| The G-2 Laboratory Stock Index rose 3% in the four weeks ended March 23, with seven stocks up in price and four down. Year to date, the G-2 Index is up 11%, while the Nasdaq is up 2% and the S&P 500 is up 1%.
Full Article |
| Biggest Challenges for AP Practices |
| Anatomic pathology feels growing pains and reimbursement squeeze . . . For anatomic pathology (AP) practices, the biggest challenges to growth this year are expanding and developing new client business and reimbursement, according to a new survey from Washington G-2 Reports.
Full Article |
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