4:50 - 5:10 pmSaturday, September 17
LK 120
Diagnostics at the crossroads: empowering physicians and patients with verified technology
LK 120
Diagnostics at the crossroads: empowering physicians and patients with verified technology
Genalyte
The current laboratory testing system is broken and costly. It sends patients to off-site collection sites, and then transports their samples in fleets of economy cars and cargo jets to large central laboratories... Read more

Description

The current laboratory testing system is broken and costly. It sends patients to off-site collection sites, and then transports their samples in fleets of economy cars and cargo jets to large central laboratories for testing which takes days or weeks to generate results. This delays medical decisions and adds significant additional costs to physicians, patients and the health care industry as a whole. The industry is long overdue for change.

The past six months have brought intense scrutiny of the diagnostics world from industry leaders, investors and media alike. This has led many to question the ability of the diagnostics industry to make the necessary changes and transform the way in which we operate. It is imperative in this time of great upheaval, that we look at successful, innovative models in diagnostics as proof positive our system is ready for great change.

For too long diagnostics have played a tangential role in the patient experience by being absent from that critical time when a physician and patient are in consultation. Centralized laboratory testing virtually ensures that a physician will not be able to interpret test results contemporaneously with an exam. Instead, when he/she finally receives test results the doctor is forced to interpret them in the context of an exam that happened days or weeks ago. And the results still have to be communicated to the patient by phone or in a follow up appointment. All of these delays are not only costly, but negatively impact quality of care and patient satisfaction.

Genalyte’s approach brings diagnostics into the physician office, allowing for point-of-care testing that delivers results in under 15 minutes. Genalyte can embed itself in the health care system and digitize blood samples from a finger-stick. Then it harnesses the massive efficiency of cloud technology for data analysis, quality control, and communication.

Near-patient testing presents a $75 billion opportunity for our industry. A single specialty such as rheumatology alone presents a $1 billion opportunity, highlighting the myriad specialties within health care where this approach can be implemented.

Genalyte’s business model and proprietary technology will improve the patient experience as well as bring significant savings to the healthcare system as a whole.

  • Machines are placed directly in clinics eliminating the need to send patients off-site or to transport samples saving millions of dollars on transportation alone.
  • Results are generated and communicated to the physician within 15 minutes allowing test results to be interpreted with the patient present for examination allowing earlier intervention and improved outcomes.
  • Patients will leave an appointment with their test results eliminating the need for costly follow up appointments or unreimbursed phone calls.
  • Genalyte owns the testing platform, operates the lab and oversees billing so there is no cost to the clinic.

Proprietary technology must be thoroughly vetted for the sake of the patient as well as the physician. Health care is not an industry that you can disrupt by breaking things and going back to remedy them later on. There are no do-overs. You must lead with fundamentally sound, proven technology.

As evidenced by the growing scrutiny on verifiable results, the watchwords for companies transforming diagnostics must be “scientific rigor.” The science backing this change must be the highest priority; anything short of that will disrupt the disruptors and hinder needed improvements to healthcare that can mean a better quality of life for patients around the world.

The vision of our approach is simple: in an age when information can be transmitted at the speed of light, it makes no sense to maintain a diagnostics system that involves patients traveling to far-flung labs and then waiting days or weeks for results. Rapid test results that provide physicians and patients with the confidence to make data-driven treatment decisions during a patient’s initial visit should – and will – become the new standard of care.

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