In the light of recent changes in Medicare compatible home health services, it is not surprising that clinical laboratories are changing their operations. This is a new market opportunity. Hospitals and commercial laboratories continue to participate in the wars of prices, marketing whistles and bells and shareholder interests, open space for development of niche markets.
Although it is not new, there are one increasing number of what we call the laboratory of hybrid home health service. These are usually independent, privately owned, moderate complexity laboratories. Your niche is to the suppliers of the industry support health home with the same mode of service. That is, service in the home of the patient.
The patient population served by the lab is any non-ambulatory disabled (due to disease or injury), (due to deficiency or disability) or confined to his home for some medical reason. These patients may not travel to a local health care provider and as such the laboratory provides phlebotomy service your home for the resident patient home or group. This not only provides prudent diagnostic and preventative lab tests, provides a timely service at lower cost to the patient, Medicare, Medicaid, and the trade debtor.
Reducing costs in various ways. Firstly, private service transportation to a hospital that does not need blood of low complexity testing or monitoring. Second, House of health laboratories generally offer an internal menu consisting of moderate complexity of only minor cost tests. Reference sources understand the limited and often asked test menu only those tests which are immediately medically necessary. Thirdly, the smaller footprint of laboratory doesn't a large facility housing various service departments, which contributes to the lower overhead. Fourthly, 50 hours per week versus 24/7 operation for national laboratories and hospital contributes to saving. Fifth, home health laboratory can run with managers less, keeping lower labor costs or to src/test comparative performance measurements. And, as an independent, business is not saddled with world's largest provider of GPOs, hospital or pricing system. The independent is free independently negotiated to a lower rate.
Quality and compliance with standards are areas where can shine home health laboratory. Not engaged in unproductive meetings and metric daily reports to corporate, home health laboratory focused time on processes of fulfilment of quality standards, market development and customer service. The result is high-quality low-cost health.
Is this an area of opportunity and a risky investment? The market of home health laboratory services is growing along with the home health market. Challenges include (some): invest in reliable equipment; evidence of personal competence; the owner/investor business acumen; coding and billing of competition (internal or outsourcing); coding and billing accuracy (very important); understanding of C.L.I.A. and other regulations of the regulatory agency; Compliance with standards (very important); income accreditation by a recognized accreditation agency; and credit and cash resources available (very important).
The risk - local point locations of service that can reach the patient linked home will find that home health reference laboratory can actually locate a growing segment of the market. Let's take a look simplified potential business. Collections of House 20 per day, 5 days per week, reimbursement at $ 25/patient (e.g. actual reimbursement varies depending on the locale and region), 260-operating day is equivalent to an annual net income of $130,000. health laboratories in the home in the Midwest for example rapidly grow to three to five times this level of the revenue base. Most laboratory small business investors earn more on their work. So why invest in the purchase or development of a home health reference laboratory?
Opportunity - typical total spending operational data ranges between 67% and 88% of revenues. This is equivalent to an expenditure then takes distance from $15,600 to $42.900, based on the projection of annual net income of $130,000. They have a bad week and the point can be a recoverable negative income for that month. They have a bad month or two and? For the small businesses committed investor willing to take the calculated risk, return in two or three years can double and tripling of the lead.
Implementation of a business plan for home health lab should be first step of the inverter for small enterprises. The plan must, as a minimum, display locale and demographic data at the regional level, financial projections and marketing plan. Remember the bad day or bad month mentioned above, it contains provisions for contingencies to deal with unexpected challenges and "what if" a realistic plan. If the investor is not expert in laboratory operations, to minimize the risk of investment, consider retaining a laboratory business expert or a group of consultants with experience in development and exposure of the laboratory and the health care service provider industry.
Today, there is only a small number of local community laboratories of provision of service for a growing population of elderly patients home linked throughout the nation. Small business investor looking to open a laboratory for home health can seek local service centers in your area that are not currently market the home health services and are on sale, or one can invest in the development of a reference laboratory of health in the home of implementation underway in a new area of limited service or a "no service" regional settings. Home Reference Laboratory health - an investment opportunity for low-risk for the investor with experience of small businesses.
W Tasic is senior partner in the Centre of the AMS. A group of professionals and advisors to the provider of health care industry consultants. A.M.S. consulting Advisory Group was inaugurated in 1981 to support service providers with the necessary resources to meet the challenges of today's business and objectives for future operations and marketing. Today, A.M.S. continues to customers with a high level of experience of senior management and experience in clinical, financial, operations and marketing management. Concomitant with project leadership recruitment and interim experience in primary care, hospital and long-term care centres.
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