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By Eric Bricker MD
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Filed under: Career Development, Drugs and Pharma, Ethics, Experts Invited, Health Economics, Health Insurance, Information Technology, Insurance Matters | Tagged: blood tests, EMRs, Eric Bricker, HIT, Hospital lab prices, IT, Lab prices, lab test prices, lab tests, laboratory tests | Leave a comment »
Johns Hopkins Hospital Listed the Cost of 61 Lab Tests on Doctors’ Computer Screens … While They Were Ordering Labs. By Dr. Eric Bricker MD Results: –Just Seeing the Cost of the Lab Test DECREASED the Number of Labs Ordered Per Patient by 9%. –Doctors Also SUBSTITUTED a Lower Cost Lab Test for a Higher Cost Lab Test 10,000 Times. The Doctors Were NOT Clinically Directed to Change Their Behavior. The Doctors’ Pay Was NOT Affected by Their Lab Ordering Either Way. This Study Illustrates How Giving Doctors Cost Information in a Setting of Clinical and Financial Independence AUTOMATICALLY Decreases Healthcare Waste. Doctors Can Be Much Better Stewards of Healthcare Dollars … and the Technological Innovation Needed is Minimal. Disclosure: Dr. Bricker is the Chief Medical Officer of Virtual Care Company First Stop Health. YOUR COMMENTS ARE APPRECIATED. Thank You *** |
Filed under: Drugs and Pharma, Experts Invited, Health Economics, Health Insurance, Healthcare Finance, iMBA, Inc., Information Technology, Videos | Tagged: blood tests, cost lab tests l, eHR, eMR, Eric Bricker MD, lab tests, medical lab test costs, medical laboratory tests, physician behavior | Leave a comment »
[By Staff Reporters]
The next time your doctor recommends a blood test, you may be able to swing by your local Walgreens. You can have your finger pricked and receive results within four hours. The process of blood testing has remained the same since the 1960s. Doctors and nurses drawing vials of blood, from you, that are sent to labs leaving patients waiting for results for days or weeks.
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Enter Theranos
Theranos is a privately held health technology and medical laboratory services company based in Palo Alto, California that provides blood tests. The company’s blood testing platform uses a few drops of blood obtained via a fingerstick rather than vials of blood obtained via traditional venipuncture, using microfluidics technology.
Link: http://en.wikipedia.org/wiki/Theranos
Founder Elizabeth Holmes
At 30, Elizabeth Holmes makes her debut on the Forbes 400 as the youngest self-made woman billionaire. She dropped out her sophomore year of Stanford University to found Palo Alto, Calif.-based blood testing company Theranos in 2003 with money she saved for college. With a painless prick, her labs can quickly test a drop of blood at a fraction of the price of commercial labs which need more than one vial. Theranos has raised $400 million from venture capitalists, valuing the company at $9 billion, and Holmes’ 50% stake at $4.5 billion. She has assembled a stellar board that includes elder statesmen George Shultz and Henry Kissinger. Last year, Walgreens, the largest U.S. retail pharmacy chain, with more than 8,100 stores, announced plans to roll out Theranos Wellness Centers inside its pharmacies.
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Conclusion
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Filed under: Funding Basics, Research & Development | Tagged: blood tests, Elizabeth Holmes, Theranos | 15 Comments »
Direct to Consumer [D2C] Laboratory Services
Staff Reporters
MyMedLab began as a regional lab provider in Missouri in 1993. The company was created to allow patient-consumers to make informed care choices. In 2004, the company aimed to partner with industry leading providers and the power of the Internet to take the company and its electronic interface national.
Health Information Innovation
According to their website www.MyMedLab.com, this new business model created an innovative approach that dramatically lowered costs and gave patient-consumers direct access to the same health information once only available to doctors. Leveraging more than 20 years of laboratory experience, MyMedLab was able to create one of the first “direct to consumer” [D2C] laboratory services in the country.
Mission
From inception, the mission of MyMedLab was to provide consumer-patients with an affordable and convenient way to privately learn about their health. When combined with an annual exam, their screenings create a foundation for health care of the future, one focused on prevention and early detection.
Smart Patient-Consumers
Smart patient-consumers receive this information privately, outside their permanent medical records, and then share results when it enhances their care. Knowing what is important and what questions to ask maximizes the time and money spent with personal physicians. The MyMedLab process combines transparent pricing with the services of a board certified physician in every state. This unique combination eliminates the cost and inconvenience of a doctor’s visit just to order routine testing. It provides essential physician oversight throughout the entire process while still guaranteeing complete privacy.
Purchased Testing
Testing can be purchased 24 hours a day. Tests are listed both individually and in groups called Wellness Profiles based on age, sex and family history. For patient-consumers with testing ordered by their doctor, MyMedLab provides an easy way to purchase the same testing at a cost 50%-80% less than in their doctor’s office or local hospital lab.
Electronic Medical Records
MyMedLab customers purchase testing online, or by phone, and then visit one of nearly 2,000 local Patient Service Centers (PSC) in their neighborhood. Once samples are drawn, results are securely uploaded to their private personal health record (PHR) within 24-48 Hours. A notification email is sent when results have been released and are ready for review. Patients then simply log into their PHR account at MyMedLab to view their results. Each result includes a brief explanation and a direct link to the National Library of Medicine [NLM] for more detailed result information.
Assessment
Everything done at MyMedLab is designed to put the patient-consumer back in control. Since “knowledge is power in health care”, their vision of the future is to continually introduce new technology and services, to enhance the consumer-patient experience, and to transform the way we all learn about our health.
Conclusion
As always, your thoughts and comments on this Medical Executive-Post are appreciated. Does this D2C laboratory model empower or denigrate the physician-doctor relationship in the era of Health 2.0?
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Filed under: Drugs and Pharma, Health Economics, Information Technology, Research & Development | Tagged: blood tests, laboratory services, medical labs | 1 Comment »
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