Insights / March 10, 2019 / by beaconlbs
MagnaCare Announces Collaboration with BeaconLBS to Help Physicians Select Laboratory Tests that Can Improve Patient Care and Reduce Costs
MagnaCare, a leader in health plan management services, announced today that it has entered into an agreement with BeaconLBS.
New York, NY, March 12, 2019 – MagnaCare, a leader in health plan management services, announced today that it has entered into an agreement with BeaconLBS, a leader in point-of-care decision support technology, to bring the BeaconLBS’ Physician Decision Support® (PDS) solution to its network of physician and laboratory providers. MagnaCare will leverage the PDS technology to provide physicians with a critical tool to help improve the cost and quality of lab testing and help ensure that MagnaCare members continue to have timely, cost-effective access to the care they require. BeaconLBS is the largest laboratory benefit management company with point-of-care decision support technology in the U.S., servicing over eight million members in 50 states.
With new advances in laboratory testing, especially for genetic tests, clinicians often find it challenging to select the right tests for their patients. Recent estimates suggest that between 20 – 25% of genetic tests ordered by physicians are inappropriate for patients’ conditions, resulting in unnecessary costs and delays in care. The BeaconLBS PDS technology interfaces with electronic health records and lab ordering systems, providing physicians with convenient access to evidence-based guidelines along with price transparency, supporting their selection of the most appropriate test and laboratory facility for each patient.
“By optimizing lab ordering for genetic and molecular testing, physicians can order tests with greater confidence,” said Dr. Bartley Bryt, Chief Medical Officer for MagnaCare. “They can order the most appropriate test for the patient and from a lab that has passed a set of high quality indicators for that test. The BeaconLBS PDS platform will also help us reduce costs for our clients and members and provide better care for patients through faster and more accurate testing. The BeaconLBS PDS platform is another example of how MagnaCare is constantly innovating to lower costs and improve care.”
BeaconLBS provides physicians throughout the country with decision support tools to help them make better decisions, improve quality, and lower costs through the selection of the right test for their patients. Physicians who use the BeaconLBS PDS platform have improved test referrals to high quality labs by up to 28%, improved test selection quality by up to 61%, and lowered patient out-of-pocket costs by up to 59%
“BeaconLBS is committed to supporting physicians in the test and laboratory facility selection process with our unique point-of-care technology platform,” said Paul Conlin, President, BeaconLBS. “One of our technology platform’s many strengths is its compatibility with existing lab ordering technologies. We look forward to working with MagnaCare’s extensive network of providers and its members to improve the quality and affordability of advanced laboratory testing.”
MagnaCare plans to begin making the BeaconLBS PDS solution available to its network of providers later this year.
For more than 25 years, MagnaCare has been building health communities together with Taft-Hartley funds, TPAs, carriers, and worker’s compensation and no-fault payors in the New York, New Jersey, and Connecticut tri-state area. Its broad, wholly owned network, full health plan management services, comprehensive in-house medical management, and leading outcomes-based casualty solutions offer the ultimate flexibility and customization that help customers control health care costs, improve health, and achieve exceptional value. MagnaCare is a division of Brighton Health Plan Solutions, LLC.
BeaconLBS, a wholly owned subsidiary of LabCorp (NYSE: LH), is the largest laboratory benefit management company with point-of-care decision support technology in the U.S., servicing over eight million members in 50 states. Its modern laboratory decision support technology is conveniently available to physicians through existing office EHR and lab ordering workflows.
MEDIA CONTACT: Emily Bell, Brighton Health Plan Solutions, (212) 784-5704, EBell@GroupGordon.com
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