Princeton, NJ (PRWEB) April 19, 2013
NovoPath, Inc., an industry leader in anatomic pathology (AP) lab management and reporting IT solutions, today announced a 15% revenue gain during the first quarter of 2013 compared to the last quarter of 2012, despite the escalating financial and administrative challenges for labs in the current healthcare environment. NovoPath attributes its double digit growth to the ability of its solution to adapt to constantly shifting reporting, billing and administrative demands and its customizable configuration to support a lab’s individualized workflow as it contends with the challenges of the new healthcare environment.
“The volatile healthcare climate in general, coupled with specific CMS cuts in reimbursements for the critical 88305 lab codes last year, has made it increasingly difficult for today’s labs to maintain a consistent level of business and income based on the same procedure volume and staffing hours,” says Rick Callahan, vice-president of sales and marketing for NovoPath. “Labs are struggling to stay afloat.” He notes, however, that an AP lab IT solution can help streamline workflow, leverage staffing hours and facilitate more rapid communications with referring physicians and that solutions such as NovoPath can give labs a major boost.
“Today, fewer new labs are opening. In existing labs, shrinking reimbursements have lowered budgets for capital equipment and human resources. Many of the labs that are able to continue on through these difficulties or even thrive are filling in the gaps with software that better manages workflow and drives productivity,” he says. “In addition, in the current environment, a good lab solution also has to be extremely flexible to collect data and create an ever changing repertoire of required reports.”
As a longtime vendor in the field with a reputation for customer service and satisfaction, NovoPath has always worked with clients to customize its software to their needs, by contrast with larger vendors that offer less adaptable solutions with standard functionality. “We believe that depth of partnership with clients has helped propel the company into a strong growth position,” says Callahan.
Callahan points out that NovoPath’s growth during this first quarter spans all market segments, from rural hospitals, large community facilities and university medical centers to in-house specialty and national reference labs.
Callahan adds, “With our longtime involvement in the AP lab field and as a key industry player, we are concerned about the effect of the re-evaluation of the 88305 code on lab professionals and patients alike. We support the efforts of the Coalition to Preserve Access to Cancer Diagnostic Services to reconsider these dramatic reimbursement cuts in light of the genuine technical costs involved to help avoid a difficult situation for labs, physicians and patients.”
NovoPath, Inc. develops and markets software solutions for the Anatomic Pathology Laboratory market segment that includes local, regional, national, and in-house laboratories as well as community and university teaching hospitals and medical centers. Since the release of its flagship product in 1999, NovoPath, Inc. has focused exclusively on Anatomic Pathology. NovoPath's mission is to provide unique and unparalleled solutions and services to all aspects of the Anatomic Pathology sector in a way that improves workflow, reduces the probability of human error, ensures results accuracy for greater patient safety, protects patient confidentiality, and above all, produces more precise and informative diagnostic outcomes. More information is available at http://www.NovoPath.com.