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|Quest Diagnostics Provides Update on Impact of Final 2018 Medicare Payment Rates for Clinical Laboratory Tests|
"We are deeply disappointed that CMS did not take into account much of the feedback received from across the healthcare ecosystem," said Steve Rusckowski, Chairman, President and CEO of Quest Diagnostics. "While we acknowledge adjustments to a few of the most egregious elements of the proposed fee schedule, the final fee schedule remains deeply flawed because it is plagued by a distorted market data collection process that excluded key components of the lab market. As an example, less than 1 percent of all laboratories submitted data, and over 99 percent of hospital and physician office laboratories were prohibited from reporting their rates. Also, based on the data submitted to CMS, Quest alone represented nearly 40 percent of all the market data CMS collected despite accounting for less than 15 percent of
The company expects the impact of the final fee schedule rates under PAMA to be approximately 4% in 2018, and approximately 10% in both 2019 and 2020.
Mr. Rusckowski continued, "These cuts will hurt the industry and our company. We have begun to plan for the worst case, and, as we have said previously, despite the flawed implementation of PAMA, we remain confident in our ability to meet the long-term financial commitments outlined at our 2016 Investor Day."
Conference Call Information
A replay of the call may be accessed online at www.QuestDiagnostics.com/investor or by phone at 800-839-2313 for domestic callers or 203-369-3137 for international callers. Telephone replays will be available from approximately 10:30 a.m. Eastern Time on November 21, 2017 until midnight Eastern Time on December 5, 2017. Anyone listening to the call is encouraged to read the company's periodic reports, on file with the
About Quest Diagnostics
50th Anniversary: In 2017,
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Dennis Moynihan, 973-520-2192, email@example.com