You’ve likely heard about the Medicare payment cuts lab providers are experiencing as part of the Protecting Access to Medicare Act of 2014 (PAMA). These cuts are much deeper than initially projected – lowering payments by $670 million, instead of the expected $390 million.
While these cuts are significant, many experts believe this sector is poised for continued growth and expansion. During HIDA’s 2017 Laboratory and Diagnostics Market Conference, Robert Michel, publisher of The Dark Report, predicted that point-of-care testing will triple over the next eight years. Consumer demand is a key driver of this growth, as patients do not want to wait, or make multiple trips, for their lab results.
This sector’s growth potential can be linked to other providers’ desires to lower costs. At the conference, speakers cited numerous examples of cost-saving opportunities, including the use of lab tests to reduce complications, testing for medication adherence, and screening for opioid use.
HIDA’s 2018 Lab & Diagnostic Channel Strategy Conference at the end of January will build upon insights shared from the past year and for the year to come. Speakers will offer their industry perspectives and outlooks for the new reimbursement climate. To learn more or to register, visit www.HIDA.org/LabChannelConference.