LabCorp 2015 Annual Report Download - page 9

Index
launch of VistaSeq provides an assessment of inherited genetic mutations within a panel of 27 genes known to be associated with hereditary cancer
syndromes.
LCD continues its collaboration with university, hospital and academic institutions such as Duke University, Johns Hopkins University, Boston
University, Columbia University, Mt. Sinai Hospital and Yale University to license and commercialize new diagnostic tests.
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LCD’s technology-enabled solutions include innovative decision support programs for chronic diseases, population health analytics tools, the LabCorp
Beacon platform and Beacon LBS. These industry-leading, technology-enabled solutions are helping to improve health and improve lives by changing the
way care is provided.
During 2015, LCD delivered more than 5 million enhanced CDS reports for chronic health conditions, including kidney disease, cardiovascular disease,
metabolic bone disease and diabetes. LCD’s proprietary CDS reports integrate patient-specific diagnostic information and evidence-based healthcare content
to help healthcare providers and patients better manage health. In addition, these decision support programs promote physician adherence to evidence-based
treatment guidelines.
LCD also has new population health analytics programs in development to provide healthcare business intelligence tools to hospitals, physician
practices, and accountable care organizations (ACOs). These tools are intended to assist customers in their compliance and reporting requirements with
respect to efficient management of their productivity, quality and patient outcome metrics. LCD's robust rules engine maintains a large number of clinical
quality measures that are highly customizable and support compliance with meaningful use and quality reporting requirements such as ACO standards, Joint
Commission standards and the CMS Physician Quality Reporting System (PQRS). Real time clinical alerts highlight gaps in care for patients and patient
populations.
The Company's centralized and proprietary LabCorp Beacon platform is a series of assets and functionalities that enhance the customer experience and
provide an end-to-end lab solution. These assets and functionalities include:
• Physician, patient and payer portals;
• Express electronic ordering for essentially all of LCD's brands and services;
• Integrated results viewing and enhanced reports;
• Lab analytics that provide one-click trending of patient, test and population data;
• CDS tools at the point of ordering and results;
• AccuDraw and LabCorp Touch systems that provide graphical, step-by-step guidance to help improve accuracy, workflow and turnaround time
in the collection and processing of specimens at the point of care;
• Online appointment scheduling;
• LabCorp Beacon: Mobile, which provides solutions for market leading mobile devices; and
• Services-oriented architecture with rules-based engines, content aggregation and seamless integration with practice workflow.
LCD's BeaconLBS business provides a technology-enabled solution that provides point-of-care decision support through interfaces with test ordering
systems to assist physicians in lab and test selection. BeaconLBS helps physicians to order the appropriate test for the patient at the appropriate time.
Physicians, patients, healthcare delivery systems and payers are expected to benefit from this innovation, which will improve the quality of lab services,
support evidence-based guidelines for patient care, and more effectively manage trends without disrupting physician work flow. The BeaconLBS rules engine
interfaces with payer policies for ordering, utilization, adjudication and payment.
In 2013, BeaconLBS signed an agreement with UnitedHealthcare® to implement the laboratory benefit management program in Florida utilizing
BeaconLBS. UnitedHealthcare launched the laboratory benefit management program with BeaconLBS in Florida on October 1, 2014. In April 2015,
BeaconLBS achieved its targeted implementation for UnitedHealthcare in Florida and LCD began recognizing revenue for providing this service.
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Billing for laboratory services is a complicated process involving many payers such as MCOs, Medicare, Medicaid, physicians and physician groups,
hospitals, patients and employer groups, all of which have different billing requirements. In addition, billing arrangements with third-party administrators
may further complicate the billing process. Tests ordered by a physician may be billed to different payers depending on the medical benefits of a particular
patient. Most testing services are billed to a party other
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