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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 hospitals and specialty laboratories enabling a consistent flow of business for laboratories while providing billable diagnostic testing to hospitals for patients.

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

 

CREATING MEDICAL BUSINESS SOLUTIONS WHERE EVERYONE WINS

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

Hospital recognizes patient need for genetic testing, submits test order to chosen lab

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Step 2

Lab processes order

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Step 3

Lab bills insurance company and waits for reimbursement

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STEP 4

Hospital receives results

Key Disadvantages

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

Labs must wait for reimbursement- often 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 lab, tests purchased in smaller batches by hospital

STEP 2

Lab processes test orders as usual

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STEP 3

Hospital bills insurance company, receives reimbursement

 Photo by Ljupco/iStock / Getty Images

STEP 4

Lab receives consistent monthly payment. No insurance billing.

Key Advantages

Labs receive consistent, volume orders and funds- MAKE PROFIT

Labs save time and money on billing

Hospitals have completely new source of revenue- MAKE PROFIT

Hospitals take on billing procedure, can leverage considerable contracted payer relationships

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

Hospitals

Hospitals 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, hospitals or patients. Panacea's model provides a process and service in which laboratories, hospitals and patients benefit in ways that are not currently possible in the standard business model.

Standard Process

Step 1

Hospital recognizes patient need for genetic testing, submits test order to chosen lab

Step 2

Lab processes order

Step 3

Lab bills insurance company and waits for reimbursement

STEP 4

Hospital receives 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 lab, tests purchased in smaller batches by hospital

STEP 2

Lab receives and processes test orders as usual

STEP 3

Hospital bills insurance company, receives reimbursement

STEP 4

Hospital has completely new source of revenue

Key Advantages

  • Hospitals have a completely new source of revenue- MAKE PROFIT

  • Hospitals take on billing procedure, can leverage considerable contracted payer relationships

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

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

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

 

       

 

Contact Us

If you are a lab, hospital or clinic seeking Panacea, look no further. Someone will contact with you within 24 hours.

 

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