THERE IS A NEW FAVORITE WORD WALL STREET ANALYST USE when they want to describe an industry that is going to experience tough times that will make it difficult for companies to grow and remain profitable. That word is “headwinds” and it can aptly be applied to the multiple tough challenges that are about to confront the nation’s clinical laboratories and anatomic pathology groups.
The good news is that the upcoming 24th annual Executive War College on Lab and Pathology Management has scheduled sessions and expert speakers specifically to help you develop ways to overcome the different headwinds about to buffet your laboratory. When you and your team join us in New Orleans on April 30-May 1, here are the most important negative market forces that will be addressed, along with useful strategies and solutions:
• Declines in lab reimbursement and budgets: effective strategies to generate new revenue streams; marketing and sales programs to win new clients and expand market share.
• Ongoing pressure to cut lab costs: ways to use process improvement and quality management tools to slash expenses, boost productivity, and sustain quality.
• Demand by payers and physicians for more data: useful middleware products that help labs pull together valuable data in forms that physicians in ACOs and health insurers find valuable—and for which they will pay your lab!
• New federal law prohibiting paying sales commissions: expert attorneys to guide you through the new Eliminating Kickbacks in Recovery Act of 2018 (EKRA) section of the Support Act and how it conflicts with the long-established safe harbors for paying commissions in the federal Anti-Kickback Statute.
This is just a partial list. The big news for this Executive War College is that we’ve added 25 more sessions, which means you’ll have 80 powerful learning sessions, featuring more than 115 experts, speakers, and strategists.
Today, the message for you is simple. Your laboratory is part of an industry that faces multiple headwinds during the next year or two. Some headwinds may be of hurricane force. By joining us in New Orleans this spring, you’ll acquire the knowledge you need to keep your lab at the forefront of clinical care and financial solvency.