CLINICAL LABS

Attention Clinical Labs:

What Will Your Lab Look Like in 3 Years?

With both current economic pressures and national labs dominating the contracts with health plans, independent and hospital-based laboratories now have a pressing need to put together a survival strategy that will not only carry them three years out, but beyond.

 

Your Challenges Are Very Real and Steep

Our core team at Halfpenny Technologies have lived in the lab industry for over 30 years.  We know what you're up against and we've put together a toolset of very affordable solutions to address them.  Tell us if we're right... we've identified a whole host of them however we felt that the following 4 were the most pressing:

1. Loss of Revenue

Laboratory reimbursement is currently in a negative trend due to the great need by health plans to reduce costs. In addition, the Medicare program must now seek new means of controlling the cost of laboratory services. This change will most probably occur through one of two means:

• Further movement of Medicare members to a managed care program (Medicare Advantage) that is administered by an insurance company

• A reduction in the Clinical Lab Fee Schedule

Participation in a Halfpenny network assures that your lab will continue to compete for insurance based business as well provide your lab with the tools necessary to comply with the requirements imposed by the health plans.

2. Access to Contracts

It's simple... if you don't get the contracts... you don't get the revenue!  Halfpenny Technologies can position you to get both!

3. Cost Avoidance

History has shown that lab costs continue to trend up... obviously that's not good!  A main driver of that being costs associated with data sharing... between the data interface costs and LOINC alone, the price tag can be pretty steep if one attempts this on their own.

 

By coupling the leverage of a number of independent and hospital-based laboratories along with Halfpenny's single-point-of-contact data interface, Halfpenny Technologies can literally save each lab a small fortune.

4. Lack of Proper Business Tools

Without the proper tools to manage your lab, it's virtually impossible to stay competitive and obtain the contracts necessary for survival!

 

Halfpenny Technologies provides its laboratory network with the tools that give the confederation of labs the look and feel of a large, commercial laboratory... a quality that is simply more attractive to health plans. 

 

Halfpenny Technologies has created a web-based Portal that allows access to management tools by both the health plan and participating laboratories. The use of these proprietary tools allows Halfpenny to facilitate communications between the health plans and the participating labs with a minimal need for resources from either group.

 

Halfpenny Technologies can administer the following functionality in the management of a laboratory network:

• Lab Credentialing: Documentation of laboratory accreditation information for all participating labs within a given network in a searchable database.

• Data Sharing: Includes the construction of necessary interfaces and the formatting of the result data to match the data standard of the host health plan.

• Leakage Management: Using the data from the health plan, distribute the leakage ‘Leads’ to participating laboratories for follow-up and documentation.

• Claims Distribution Management: Create distribution mechanisms that provide the health plan and the participating laboratories with reports that detail the distribution of claims payments. Halfpenny Technologies maintains a proprietary Capshare Distribution Engine for the allocation of a single capitation rate across an entire laboratory network.

Cost-effective tools such as these simply didn't exist... until now that is!