As regional and independent laboratories across the country try to keep up with constant changes in value-based care while providing better outcomes to patients, many are finding it difficult to not lose clients to commercial giants like Quest Diagnostics or LabCorp.
That’s why labs must be considering how they can provide added value to clients beyond just offering quick turnaround times and good customer service, says Pivotal Health Co-Founder Michael Stevens, whose company partners with laboratories and other health care providers to repurpose clinical data into a “PivotScore” that can provide guidance to improving a patient’s health.
“With all the changes in the health care reimbursement landscape as it relates to Accountable Care Organizations and value-based payment systems, everyone has to be innovating in order to stay ahead of the game,” says Stevens, who co-founded Pivotal with his partner, Dr. Siva Mohan, in May of 2016.
“When I look at the laboratory space, clinical labs will always be relevant, but in order to keep reimbursements where you want them and not continue to see a decline in clinical lab reimbursement, you have to be able to participate in that value-based market.”
Stevens says that while a patient’s score is validated by a digital algorithm that relies on clinical lab values and electronic health record data, the key to its effectiveness is how simple it is for both patients and providers to understand and use as a catalyst for creating better outcomes.
Primarily, a PivotScore focuses on patients at risk for or suffering from diabetes, stroke or heart disease and aims to help them better understand their lab results and how those can be improved. But in addition to helping patients better manage chronic diseases, Stevens also says Pivotal can help labs gain an edge financially at a time when reimbursements are declining.
“You need to be doing something different, bringing value to your clients outside of just running labs,” Stevens says. “If you as a laboratory can bring something like this to your client base as a way to keep them sticky and bring extra value to that client, your customer, they’re going to want to keep doing business with you.”
Stevens, whose 20-year career in health care prior to founding Pivotal includes stints in revenue cycle management, cancer care and EHR tech, says his company is still exploring the possibilities of joint venture partnerships with labs throughout the country.
“It’s a market we’re involved in and want to be further involved.”
To learn more about Pivotal or to contact Stevens directly, feel free to reach out to him at email@example.com.