BOTH OF THE NATION’S LARGEST clinical laboratory companies reported increased specimen volume as a result of the Accountable Care Act (ACA), as noted in their respective fourth quarter and full-year earnings reports.
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REIMBURSEMENT FOR CLINICAL laboratory testing has declined, particularly for molecular tests. As a consequence, the nation’s two largest laboratory testing companies are feeling the negative effect of lower lab test prices.
Both Quest Diagnostics Incorporated and Laboratory Corporation of America issued their third quarter earnings reports last week. Their respective performances provide insights into several unfolding
CEO SUMMARY: In recent years, the laboratory outreach program at the Robert Wood Johnson University Hospital in New Brunswick, New Jersey, has achieved impressive rates of growth in specimen volume and net revenue. One reason for this success is that the lab outreach program monitors key data in real time and responds nimbly to the
CEO SUMMARY: Spectrum Laboratory Network recently completed its acquisition of MEDex Laboratories, Inc. of Kingsport, Tennessee. It is becoming a regional laboratory powerhouse, challenging Laboratory Corporation of America in North Carolina and establishing a sales base in Atlanta, long-dominated by Quest Diagnostics Incorporated. It is also adding managed care contracts.
HAVING COMPLETED ITS ACQUISITION of MEDex
CEO SUMMARY: To the surprise of very few, IMPATH, Inc. filed for Chapter 11 bankruptcy protection. During 2003, most of IMPATH’s key executives departed as different problems within the company became known. IMPATH’s new executive leadership is dealing with a host of difficult issues. Caught up in this situation is Tamtron, the division of IMPATH
CEO SUMMARY: Informed speculation indicates that private health insurers are likely to adopt some form of laboratory test co-payment if the proposed Medicare 20% lab test co-pay legislation becomes law. For hospital laboratory outreach programs, the resulting reduction of reimbursement and associated higher costs of billing small amounts to patients would prove to be financially
CEO SUMMARY: Quest Diagnostics Incorporated and Laboratory Corporation of America now dominate the national marketplace for testing referred by physicians’ offices. Release of their second quarter earnings reports provides the first look at their performance following the acquisitions in 2002 which removed American Medical Laboratories, Dynacare, DIANON Systems, and Unilab from the marketplace.
WITH THE RELEASE
SPECIALTY LABORATORIES RESTORING STABILITY IN SPECIMEN VOLUME
IT’S NO SURPRISE THAT COMPETITORS of Specialty Laboratories, Inc. have been willing to spread a variety of rumors about the laboratory company, given its well-publicized troubles with government regulators last year.
Notwithstanding these rumors, the reality at Specialty Labs is quite different. On April 24, the company, based in Santa
PERSISTENCE IS ABOUT TO PAY OFF for Quest Diagnostics Incorporated. After ten months of effort, it expects to finalize its acquisition of Unilab Corporation within weeks.
But the Unilab acquisition soon to close looks different than the acquisition that was originally announced by the two companies back on April 4, 2002. At that time, Quest Diagnostics
CEO SUMMARY: In recent years, both companies have enjoyed sustained and rapid growth in offering anatomic pathology (AP) services nationally. The departure of CFOs from both companies, each for different reasons, is a sign that such unbridled growth has created unique problems for each AP company. These problems are probably due to management decisions and