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

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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