The Mayo Clinic Laboratories Outreach Development Team has returned from the 2019 Executive War College (EWC) in exciting New Orleans, LA. The EWC is one of the best places to uncover and learn about industry trends, network, and strategize around the future of the laboratory. We are thrilled to share our list of top key takeaways from this year’s conference.
PAMA is now familiar to most of us, and its prevalence is making an impact within our clinical laboratories. New reporting requirements are now in place, and include most hospital outreach programs. It’s important to study up on the regulations and take appropriate action.
Defending lab relevance to the C-suite
To many organizations, laboratory has been viewed as a cost center, but administrative leaders are taking notice of its ability to increase revenue and impact the overall cost of patient care. It’s imperative that lab leaders become adept in the language of business to defend the value of the lab as a profit center and a lever to help manage overall healthcare costs.
Artificial Intelligence, the future of cost reduction
The integration of robotics and automation has revolutionized procedures, transforming tedious manual processes into highly efficient processes. Artificial Intelligence is still in premature phases domestically, but its use is growing rapidly in the global market.
Declining reimbursement means getting creative. Commoditization is risky, differentiation brings success. Disruption in healthcare requires embracing innovation, especially through the use of artificial intelligence and big data.
Power of Data
Data utilization is one of the biggest and growing trends in laboratory. Seventy percent of clinical decisions are being made from the hospital laboratory. This means it’s vital for lab leadership to have a seat at the executive table. As reimbursements decline and shift from fee-for-service to value-based, labs need to make sure data plays a significant role in developing strategies for the future.
Disruption is the impetus that drives our urgency to innovate. Cost reduction efforts have been the catalyst for much innovation in the lab industry, but we need to explore new ways to work more effectively. At the center of these messages heard at EWC is that the lab is still relevant and can be leveraged to create growth in your health system. Interested in learning more about how you can manage and create positive disruption in your lab market? Contact an expert on the Outreach Development Team.