Avalon Healthcare Solutions Highlights Trends & Actionable Information from the Laboratory Ecosystem in Its Annual Lab Trend Report
TAMPA, Fla., Oct. 20, 2022 /PRNewswire/ -- Avalon Health Services, LLC, DBA Avalon Healthcare Solutions, the world's first Lab Insights company, today released its annual Lab Trend Report. Avalon's complimentary report provides insights into the lab ecosystem, including the growing demand for lab testing, regulatory and legislative changes, the digitization of lab results, and the ongoing impact of COVID-19 testing.
The report, the only one of its kind in the industry, is created for healthcare executives and details emerging trends and recent market dynamics that are advancing lab testing's critical role in achieving value-based in the United States.
The Avalon report highlights include:
- Market Forces Affecting Laboratory Diagnostics and Health Plans: Numerous market changes are threatening to increase the overall medical spend and impact operational costs to manage laboratory benefits. The demand for genetic testing and routine testing is expected to continue to rise as society returns to pre-pandemic behavior. The report addresses the challenge of the increasing consumer demand for genetic tests and the exploding development of new tests, including advanced diagnostic lab tests (ADLTs). Solutions discussed in the report are Genetic Test Management and the proposal by federal policymakers to automate the prior-authorization process.
- Legislative and Regulatory Requirements Address Healthcare Affordability: The cost of healthcare remains a big concern for Americans, and federal regulations like the No Surprises Act and the Transparency in Coverage Rule were enacted to improve access to pricing data and increase transparency around unexpected costs. These mandates on health systems and payers are resulting in increased cooperation within the healthcare industry to shape public policy and increase transparency. The report includes insight into lab testing price discrepancies between places of service and the variations in health plan policies, which eventually may result in new regulations.
- Leveraging Digitized Lab Values to Improve Health Outcomes: Avalon's ability to analyze data at scale and combine it with other data sets, with its Lab Insights Program, provides more accuracy in making clinical diagnoses. Laboratory data is a leading indicator of an individual's health, with 70% of medical treatment decisions based on lab test results. The report explains how Avalon captures, digitizes, and normalizes 100% of outpatient laboratory data in near real-time. Avalon's Lab Data Analytics Engine is delivering actional information to health plans, provider groups, and other healthcare stakeholders.
- COVID-19 Changed the Laboratory Market Landscape: The pandemic response increased the healthcare industry and the general public's awareness of laboratory testing, including its impact on informing care and variations in quality and price between test providers. Laboratory testing has been called a "cornerstone" of the nation's COVID-19 response due to direct-to-consumer testing, accelerated research and test manufacturing, and federal mandates on payers covering test costs. The report discusses the impact on payers, the ramifications of unchecked testing utilization, and the varying cost of PCR and antigen tests.
"The Lab Trend Report is an outstanding resource for healthcare executives to delve into the impact that lab testing has on achieving value-based care in this country," said Bill Kerr, M.D., Avalon Healthcare Solutions Chief Executive Officer. "Avalon's expertise in laboratory testing and technology that captures, digitizes, and analyzes lab results provides insights that support earlier disease detection, ensures appropriate treatment protocols, and drives down overall costs. Avalon's team will continue to share our insights through vehicles like the annual Lab Trend Report, while we work with health plans to improve how care is delivered to individuals and populations."
To request the report, visit https://www.avalonhcs.com/2022-lab-trend-report/.
About Avalon Healthcare Solutions
Avalon Healthcare Solutions is the world's first and only Lab Insights company, bringing together our proven Lab Benefit Management solutions, lab science expertise, digitized lab values, and proprietary analytics to help healthcare insurers proactively inform appropriate care, reduce costs, and improve clinical outcomes. Working with health plans across the country, the company covers more than 33 million lives and delivers 7-12% outpatient lab benefit savings. Avalon is pioneering a new era of value-driven care with its Lab Insights Program that captures, digitizes, and analyzes lab results in real-time to provide actionable insights for earlier disease detection, ensuring appropriate treatment protocols, and driving down overall costs.
For more information about Avalon, visit www.avalonhcs.com.
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SOURCE Avalon
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