Billing Practices

[Anonymous]

How do your reps explain the billing practices to doctors? Do they admit that they just waive co-pays and deductibles, or claim some other method of payment? It seems like within the Gene Dx group they are being very risky and how much has sales grown with this tactic vs risk? The stock is cheap right now, but my fear is shut down my insurance companies that don't like patients diverting costs with BRL's help.

 

[Anonymous]

How is this any different from paying doctors for usage. Basically its guaranteed coverage for a $5500 test. What is the patients liability for cheating their insurance company? Are hospital labs willing to risk contracting with a company like this?

 

[Anonymous]

I work in the GeneDx division so can only speak for our group. Basically b/c we are out of network with insurance companies we can collect any amount that we want. The cost of our testing versus the competition (mainly Familion) is so low that we can write off balances and still remain profitable. Its a huge sales advantage and consistently works.

I'm not aware of risk to patients, but am sure it is minimal.

 

[Anonymous]

I work in the GeneDx division so can only speak for our group. Basically b/c we are out of network with insurance companies we can collect any amount that we want. The cost of our testing versus the competition (mainly Familion) is so low that we can write off balances and still remain profitable. Its a huge sales advantage and consistently works.

I'm not aware of risk to patients, but am sure it is minimal.

Lets call the local state attorney general to see what they think. Have you seen the letters from the major insurers on the patients deductible being met when they are only charged $100. Where's the FTC and the lawyers? Patient could lose insurance and doc the ability to participate with insurer. Quest and Lab Corp should be getting excited about this since they have the most to lose.

 

[Anonymous]

National labs are gonna be in a world of hurt now that health care reform is leading to hospitals buying up physician practices. Maybe you can get some prison contracts.