Issue: Volume IV No. 4 - March 10, 1997

Laboratories Enter The Era Of Big Government

You will read in this issue of THE DARK REPORT how federal prosecutors have now taken all three of the national laboratories to the woodshed. SmithKline Beecham Clinical Laboratories was the latest to make the trip, paying $325 million to settle a wide variety of allegations and violations of Medicare regulations. However, there is something …

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SmithKline Announces $325 Million Settlement

CEO SUMMARY: Prosecutors continue to investigate. Criminal charges could be forthcoming against the company and individuals. Allegations against SmithKline expand the scope of laboratory practices that government regulators consider to be violations of existing statutes. Despite the fact that Smithkline Beecham’s settlement was expected, details of the case generated surprise among lab industry executives. At …

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Government Regulators Transforming Lab Industry

CEO SUMMARY: Medicare/Medicaid regulators get serious about laboratory billing and reimbursement practices. Industry observers say it represents a major shift and will have immense financial and operational impact on every clinical laboratory in the United States. FOLLOWING YEARS of “benign neglect” toward Medicare billing practices, regulators will now scrutinize laboratory reimbursement activities with full vigor. …

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Cigna Buys HealthSource, Inc., Increases Managed Care Clout

CEO SUMMARY: Consolidation continues among managed care companies. Cigna’s acquisition is an effort to boost its managed care business. Healthsource’s market coverage complements areas where Cigna can use the additional market strength to negotiate more favorable contracts with providers. HEALTHCARE CONSOLIDATION continues with Cigna Corp.’s agreement to purchase Healthsource, Inc. for $1.4 billion. The acquisition …

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Las Vegas Lab Gathering Debates Industry Trends

CEO SUMMARY: Always a good forum for discussion of laboratory industry trends, this year’s meeting in Las Vegas addressed government regulation, laboratory automation and everything in between. Here is a brief rundown on some of the more interesting insights and observations. ONLY A LIMITED NUMBER of laboratory programs exist which address the management interests of …

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LabCorp Seeks $500 Million Through Public Stock Offering

CEO SUMMARY: After a financially difficult year in 1996, LabCorp enters 1997 with plans to raise $500 million. Despite the laboratory industry’s poor prospects, LabCorp will probably succeed in raising capital. After this infusion of capital, will LabCorp’s new management team have winning strategies that restore LabCorp to profitability? IMAGINE ASKING WALL STREET for $500 …

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“March 10, 1997 Intelligence: Late Breaking Lab News”

The field of automated cytology is advancing quickly. Technology is rapidly pushing into the marketplace. Here’s a sampling of recent developments among cytology-based companies… Cytyc Corporation and Laboratory Corporation of America announced on March 6 that a national contract had been signed between the two companies. LabCorp will make Cytyc’s ThinPrep® Pap smear available to …

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