August 2024 Edition
Lighthouse Lab Services
Helping with Lab Management, Recruiting, Consulting, and Lab Director Services for the clinical laboratory industry.
Full Focus: The Current State of Laboratory Mergers & Acquisitions - Deal Process and Key Legal Issues
As we enter the back half of 2024, a look at recent mergers and acquisitions within the laboratory industry shows transaction activity remains steady. But which spaces are generating the most interest, and what does the market look like in 2025 and beyond?
Join us at 12 pm EDT, Wednesday, Aug. 28, 2024, as we welcome guests from McDonald Hopkins LLC and Laboratory Nexus to offer insights into current lab M&A activity, educate potential buyers and sellers on the framework of the deal process, and highlight key legal considerations for which a buyer or seller should be prepared in the event of a transaction.??
Our panel will cover:?
LATEST NEWS
1. 2024 Wage & Morale Survey of Medical Lab Professionals
Have you had a chance to digest the results of our 2024 wage and morale survey yet? Check it out for a look at how more than 1,000 lab professionals currently feel about wage levels, staffing, and overall morale within their workplaces.
According to this year’s results, 40% of respondents indicated their lab is moderately understaffed, while another 19% described their lab as significantly understaffed. While this total (59%) represents an improvement from the 67% of respondents who reported feeling significantly or moderately understaffed in 2023, the figure is still alarmingly high and requires the industry’s continued attention.
?
2. Mpox Global Health Emergency Declared by WHO
Last week, the World Health Organization declared a global health emergency related to ongoing outbreaks of mpox, also known as monkeypox, in Africa. Cases are up 160% and deaths are up 19% compared with the same period last year, according to the Africa CDC. So far, there have been more than 14,000 cases of the virus and 524 deaths, with 96% of cases and deaths reported in Congo.
If you're seeking a solution for mpox testing, Lighthouse has an in-house assay and experts on hand to assist with validations. Feel free to reach out to us by replying to this email for more info.
You can also check out the link below for more on the business considerations for adding mpox testing, which we explored in depth during the previous global health emergency during the fall of 2022.
?
3. Lighthouse Celebrates the Olympics!
In the spirit of celebrating the recently closed Olympics, Lighthouse hosted our first office Olympics! We divided our participants into four teams, each representing their own fictional lab-themed countries and selecting competitors for our four events. ??♀? ??♂?
We had a great time designing lab coats, building paperclip Olympians, stacking Q-Tip towers, and testing our overall lab knowledge. Thank you to everyone who took part and especially to our planning committees for pulling this fun event together!
4. How to Attract and Retain Strong Professionals for Your Medical Laboratory (Short Video)
Although the medical laboratory industry continues to struggle with retention, that doesn't mean you have to accept your lab will be perpetually understaffed and struggle to retain top talent. In this video, Joe Kessler, Director of Recruiting and Staffing for Lighthouse Lab Services, goes in depth on some ways to ensure you keep the great employees you have while also remaining competitive when it's time to seek new additions.
CANDIDATE SPOTLIGHT
The Lighthouse "Candidate Corner" is a recurring monthly spotlight featuring some of the great lab professionals our recruiters work with each day. Check out a quick preview of one individual below, then click over to our blog to see all five candidates for August.
If you'd like to learn more about anyone listed in this section, or inquire about their ability to relocate, email us directly?here!
Program Director of the Central Laboratory
RCM NEWS AND TIPS
1. New Novitas Process Set to Impact Pathology and Lab Claims
Starting Sept. 19, 2024, Novitas?will implement a process impacting newly effective molecular pathology and Proprietary Lab Analysis (PLA) codes. If records supporting the billed codes are not submitted with the initial claim, the service will be rejected.
2. Navigating 'Excludes 1' & 'Excludes 2' Denials
Our RCM team has received several recent inquiries regarding claim denials and remark codes related to “Excludes 1” and “Excludes 2” notations. Although these notations have been part of the AAPC coding manuals?for quite some time, the recent shift lies in payers like Select Health and Humana incorporating these classifications into their claims processing software, leading to more frequent denials based on diagnosis exclusivity.
Excludes 1 and Excludes 2 are two types of exclusion classifications that flag potential conflicts in coding. These notations are critical to understanding why certain codes on a claim may be considered incompatible by payers, resulting in denials.
Deep Dive: How to Effectively Approach Medicare TPE Audits
?Have you been notified of an upcoming Medicare audit? Do you have a compliance plan in place for how to effectively respond if auditors do come knocking to review your claims and reimbursements?
Medicare’s Targeted Probe and Educate (TPE) program is designed to identify and reduce improper payments, enhance compliance, and educate providers on proper billing practices. While TPE audits are intended to be educational rather than punitive, receiving an audit notice can be daunting for any medical practice.
This white paper aims to provide an overview of the?TPE audit process?and to offer practical recommendations for toxicology, molecular, and genetic labs to avoid such audits. Additionally, we provide guidance on steps to take if an audit notice is received.
"Labs play a crucial role in ensuring that the services they provide are medically necessary, even in cases in which the ordering provider is not affiliated with the lab. As a result, clinical labs often need to take an innovative approach to provide sufficient evidence of medical necessity." --Dyana Williams, Director, Lighthouse RCM Solutions
1. The Lab Director's Summit
2. Tennessee Pain Society Annual Meeting
Lab revenue cycle manager - Consultant - USMC Veteran - General Class HAM Operator
3 个月This is so full of good info