US Clinical Lab Business Challenges Described by Kalorama Information
22 May 2012 • by Natalie Aster
Reimbursement woes have slowed down the market for clinical lab services in the United States. The market was worth approximately $52.1 billion in 2011, increasing just 1.6% from $51.3 billion in 2010. Several indictors are favorable to the growth of the testing market, but reductions in reimbursement have negatively impacted what labs can earn.
This finding was made in Kalorama’s most recent report «Clinical Lab Services Market (Growth Opportunities, Competitive Analysis and Competitor Profiles)».
Clinical Lab Services Market (Growth Opportunities, Competitive Analysis and Competitor Profiles)
Published: April, 2012
Price: US$ 3.500,00
The clinical lab services market includes hospital and physician labs billing for tests performed on patients in their care, and lab chains that perform services that hospitals and physicians are outsourcing, most notably LabCorp and Quest Diagnostics. The report indicated that despite several positive trends driving growth in lab services – the aging and longer-living population and an increase in volumes – the recent overhaul of the fee schedule has resulted in reductions for almost all tests.
“The overall word in the industry is that this has been a difficult time for billers,” said Bruce Carlson, Publisher of Kalorama Information. “The new schedules reduce most fees, which will continue to reduce revenue growth.” Kalorama noted that the CPT code for FISH testing declined from $252 in 2007 to $202 in 2011.
A few positive trends were also noted in the report. Increasing volume was seen last year, which provided what little revenue growth was achieved, according to Kalorama. A trend toward preventive and risk factor testing has been noted in several disciplines, particularly in the areas of oncology, endocrinology, and gynecology. Physicians in these areas are taking full advantage of testing for early detection and disease prevention. Hospital length of stay’s in the United States have been reduced to approximately 4.7 days on average, compared to 5.4 days in 1995 and 4.9 days in 2000. This reduces the physician-patient contact and places a larger role on laboratories to gather, interpret, and deliver information to physicians for the purpose of monitoring a patient’s condition and overall health.
More information can be found in the report “Clinical Lab Services Market (Growth Opportunities, Competitive Analysis and Competitor Profiles)” by Kalorama Information.
To order the report or ask for sample pages contact [email protected]