We’re not predicting the future of healthcare,

we’re creating it.

MEDICAL BUSINESS SOLUTIONS WHERE EVERYONE WINS

Panacea is a medical service distributor that operates similarly to a group purchasing organization. Our goal is to build mutually beneficial relationships between ambulatory centers and specialty laboratories enabling a consistent flow of business for laboratories while providing billable diagnostic testing to ambulatory centers for patients.

Panacea creates success by using economies of scale to lower costs and drive efficiency for all parties involved.

Laboratories

A genetic laboratory juggles many tasks to stay afloat. They must have the technical and scientific proficiency to process genetic samples, a sales engine that generates business and an internal organizational structure that manages insurance billing and collections. Panacea relieves its network laboratories from the sales and billing burdens so that they can focus on accurate and precise processing of genetic samples.

Standard Process

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Step 1

The ambulatory center recognizes the patient need for genetic testing, then submits the test order to the chosen lab.

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Step 2

The lab processes the order.

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Step 3

The lab bills the insurance company and waits for reimbursement.

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STEP 4

The ambulatory center receives the results.

Key Disadvantages

  • Labs must incur cost of billing and invest time and money on collections.

  • Labs must wait for reimbursement which often takes 45+ days.

  • Patient often pays "out-of-network" lab copay and deductible.

 

Panacea's Process

STEP 1

Panacea purchases volume-discounted genetic testing services from the lab. The tests are purchased in smaller batches by the ambulatory center.

STEP 2

The lab processes test orders as usual.

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STEP 3

The ambulatory center bills the insurance company and receives the reimbursement.

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STEP 4

The lab receives consistent monthly payment. No insurance billing.

Key Advantages

  • Ambulatory centers have a completely new source of revenue — MAKE PROFIT

  • Ambulatory centers take on billing procedure, and can leverage considerable contracted payer relationships — MAKE PROFIT

  • Labs receive consistent, volume orders and funds — MAKE PROFIT

  • Labs save time and money on billing, drives cost of tests down — SAVE MONEY

  • Patients receive "in-network" or preferred vendor billing benefits — SAVE MONEY

ambulatory centers

Ambulatory centers standardly outsource genetic testing to specialized laboratories whose focus is on screening human DNA. The laboratories not only process the samples, but also handle the billing and collections portions for each test. Although this is standard procedure, it's neither efficient nor effective for the laboratories, ambulatory centers, or patients. Panacea's model provides a process and service in which laboratories, ambulatory centers, and patients benefit in ways that are not currently possible in the standard business model.

Standard Process

Step 1

The ambulatory center recognizes the patient need for genetic testing, then submits the test order to the chosen lab.

Step 2

The lab processes the order.

Step 3

The lab bills the insurance company and waits for reimbursement.

STEP 4

The ambulatory center receives the results.

Key Disadvantages

  • Labs must incur cost of billing, expense increases cost of test

  • Labs don't have consistent flow of business

  • Labs selling tests at premium pricing, not volume discounted

  • Patients pay lab copay and deductible for “out-of-network” labs

  • Hospitals completely removed from revenue opportunity

 

Panacea's Process

STEP 1

Panacea purchases volume-discounted genetic testing services from the lab. The tests are purchased in smaller batches by the ambulatory center. 

STEP 2

The lab processes test orders as usual.

STEP 3

The ambulatory center bills the insurance company and receives the reimbursement.

STEP 4

The ambulatory center has completely new source of revenue.

Key Advantages

  • Ambulatory centers have a completely new source of revenue — MAKE PROFIT

  • Ambulatory centers take on billing procedure, and can leverage considerable contracted payer relationships — MAKE PROFIT

  • Labs receive consistent, volume orders and funds — MAKE PROFIT

  • Labs save time and money on billing, drives cost of tests down — SAVE MONEY

  • Patients receive "in-network" or preferred vendor billing benefits — SAVE MONEY

AI Platform

For more information about Panacea’s AI Platform, please contact us directly.

 

Contact Us

If you are a lab, hospital or clinic seeking Panacea, please submit your information in the form below and someone will contact with you within 24 hours.  You may also contact our Director of Sales, Christine Limb, directly at 

christine.limb@seekpanacea.com.

 

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