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.
The ambulatory center recognizes the patient need for genetic testing, then submits the test order to the chosen lab.
The lab processes the order.
The lab bills the insurance company and waits for reimbursement.
The ambulatory center receives the results.
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 purchases volume-discounted genetic testing services from the lab. The tests are purchased in smaller batches by the ambulatory center.
The lab processes test orders as usual.
The ambulatory center bills the insurance company and receives the reimbursement.
The lab receives consistent monthly payment. No insurance billing.
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