Labs Need to Focus on Providing Data-Driven Value for the System, Lab Institute Experts Say

Laboratory leaders are well aware of the unprecedented number of evolutionary forces exerting pressure on the industry and are heavily focused on regulatory and reimbursement uncertainties. But, according to multiple presenters at G2 Intelligence’s recent Lab Institute conference (Washington, DC; Oct. 14-16), laboratories also need to utilize their resources to demonstrate their value to the health system. While accurate test results are obviously needed to inform care decisions, laboratories hold valuable data that can be utilized for the benefit of the entire health care system. Sharing this data for the larger good ensures the laboratory is a valued partner and plays a role in designing the evolving configuration of health care delivery. The most immediate value laboratories can add is in the inpatient setting, given the rapid adoption of bundled payments for those services; however, forward-thinking laboratories will adapt these strategies for outpatient services as payment reform will permeate that setting as well, with increasing participation in accountable care organizations and risk-sharing models. Two case studies presented at Lab Institute demonstrate laboratories’ ability to help manage test utilization and improve patient care. Strategies to Improve Test Utilization In a bundled payment environment, managing test utilization reduces unnecessary testing and preserves […]