How many days/months are left for Atherotech? Could February, or Quarter 1, 2016, be the last days for Atherotech as we know it?
In the past 365 days, Atherotech has managed to single-handedly dismantle themselves to possibly a point of no return. Poor decisions by executive management, a continuously dysfunctional billing department, and numerous internal operational flops, has caused Atherotech to not only lay off half of their salesforce, but nearly 70% of the internal staff at the corporate offices due to a significant loss of business.
In a missleading attempt to do what was right, Atherotech changed it's billing policy to better suit the current lab environment which has backfired and now caused questioning into what the true motives were. It seems in speculation that the billing change was truly a well timed event attempting to increase collections and not a change to head off OIG scrutiny. Other labs in the space have not change there billing policy but but were under scrutiny for offering process and handling kickbacks. Certain insurance companies also got involved claiming exorbitant charges for a routine testing by out of network labs. Insurance companies have become very aware of the games specialty labs are playing and have now cut reimbursements and in some instances refuse to reimburse for any testing from labs such as Atherotech.
Atherotech is in quite a pickle. They don't fit into the traditional lab space for they can only exist financially if doctors order large panels of perceived questionable testing, 3 to 4 tests per panel don't pay the bills. And, they no longer fit into the specialty heart lab space because of their new billing policy of balance billing patience. Patients don't want to pay extra money for labs, especially advanced testing that is expensive and typically not reimbursed. Insurance companys claim the testing by Atherotech is investigational/Research because the VAP+ test is not FDA approved. Physicians are in the middle and it appears are beginning to waiver and give-in to the patients and insurance companies that don't want to pay for some of these questionable test.
Is Atherotech's true motive to get as much as they can as fast as they can or, are they truly concerned with improving patients health? This may be the year we find out.
In the past 365 days, Atherotech has managed to single-handedly dismantle themselves to possibly a point of no return. Poor decisions by executive management, a continuously dysfunctional billing department, and numerous internal operational flops, has caused Atherotech to not only lay off half of their salesforce, but nearly 70% of the internal staff at the corporate offices due to a significant loss of business.
In a missleading attempt to do what was right, Atherotech changed it's billing policy to better suit the current lab environment which has backfired and now caused questioning into what the true motives were. It seems in speculation that the billing change was truly a well timed event attempting to increase collections and not a change to head off OIG scrutiny. Other labs in the space have not change there billing policy but but were under scrutiny for offering process and handling kickbacks. Certain insurance companies also got involved claiming exorbitant charges for a routine testing by out of network labs. Insurance companies have become very aware of the games specialty labs are playing and have now cut reimbursements and in some instances refuse to reimburse for any testing from labs such as Atherotech.
Atherotech is in quite a pickle. They don't fit into the traditional lab space for they can only exist financially if doctors order large panels of perceived questionable testing, 3 to 4 tests per panel don't pay the bills. And, they no longer fit into the specialty heart lab space because of their new billing policy of balance billing patience. Patients don't want to pay extra money for labs, especially advanced testing that is expensive and typically not reimbursed. Insurance companys claim the testing by Atherotech is investigational/Research because the VAP+ test is not FDA approved. Physicians are in the middle and it appears are beginning to waiver and give-in to the patients and insurance companies that don't want to pay for some of these questionable test.
Is Atherotech's true motive to get as much as they can as fast as they can or, are they truly concerned with improving patients health? This may be the year we find out.