Issue: Volume XII No. 6 - April 18, 2005

More Crime, More Consolidation, and a New Threat

IT’S A SHAME THAT OUR LEAD STORY IN THIS ISSUE IS CRIMINAL INDICTMENTS of six former IMPATH executives. It is a black mark on the lab industry and is just one more factor that makes it tougher for honest laboratorians to successfully lobby Congress on adequate funding for laboratory testing services. Our follow-up story to …

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Ex-IMPATH Executives Face Criminal Charges

CEO SUMMARY: With the announcement by Federal prosecutors of criminal and civil actions against a total of seven ex-IMPATH executives, IMPATH becomes the laboratory industry’s worst criminal scandal. Federal prosecutors contend these executives, during their employment at IMPATH, engineered an accounting fraud that resulted in manufacturing as much as $64 million in non-existent revenue. SIX …

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LabCorp Buys Esoterix For $150 Million in Cash

CEO SUMMARY: Laboratory Corporation of America continues to display an appetite to grow by acquisition. However, its purchase of Esoterix, Inc. creates unique management problems for LabCorp, because Esoterix is itself a product of a lab acquisition strategy. Over the past ten years, Esoterix acquired national specialty labs in coagulation, endocrinology, flow cytometry, and allergy …

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Victim of First HIPAA-Convicted Crime Tells Story & Offers Advice to Labs

“I figured the hospital would be subject to a multi-million dollar HIPAA lawsuit if my hospital records were proven breached—which is exactly what happened.” —Eric Drew, cancer patient and patient identity theft victim CEO SUMMARY: Eric Drew’s story may be one of the most amazing to have happened in the modern age of laboratory medicine. …

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Avoid Patient ID Theft With Proactive Steps

CEO SUMMARY: Identity theft is one of America’s fastest- growing crimes. Not only that, it is simple to commit and can be done by anyone. Few laboratories and pathology group practices are prepared to deal with the crime of patient identity theft. Labs should proactively move to implement protections against patient identity theft and raise …

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“April 18, 2005 Intelligence: Late Breaking Lab News”

This may be one of the laboratory industry’s biggest “oops” ever! As part of a laboratory proficiency testing pro- gram, 4,000 laboratories in 18 countries were sent live samples of the H2N2 flu virus. In 1957, H2N2 is believed to have caused between one and four million deaths. Last week, the Centers for Disease Prevention …

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