TY - JOUR
T1 - In vivo and ex vivo microscopy
T2 - A business plan to justify the introduction of similar emerging technologies into pathology practice
AU - Wells, Wendy A.
AU - Harhen, Michael T.
AU - Thrall, Michael J.
AU - Shevchuk, Maria M.
AU - Tearney, Guillermo J.
AU - Hariri, Lida P.
N1 - Funding Information:
Drs Shevchuk and Tearney are co-chairs of the College of American Pathologists In Vivo Microscopy and Ex Vivo Microscopy (IVM/EVM) Committee. Dr Tearney has a financial/fiduciary interest in SpectraWave, a company developing an OCT-NIRS intracoronary imaging system and catheter. His financial/fiduciary interest was reviewed and is managed by the Massachusetts General Hospital (MGH) and Partners HealthCare in accordance with their conflict of interest policies. MGH also has licensing arrangements with Terumo Corporation, Nidek, iLumen, Heidelberg Engineering, and NinePoint Medical; Dr Tearney has the rights to receive royalties from IVM intellectual property licensed to these companies. Dr Tearney receives sponsored research funding from Vivolight, Boston Scientific, Vertex, Canon, iLumen, and DL Meditech. Dr Hariri is an author on an MGH-owned patent that has been licensed to LX Medical. She has the rights to receive royalties from this licensing arrangement. Dr Hariri is a consultant for LX Medical. The other authors have no relevant financial interest in the products or companies described in this article.
Publisher Copyright:
© 2019 DIOmed Verlags GmbH. All rights reserved.
PY - 2019/3
Y1 - 2019/3
N2 - Context.-Our patients are now demanding value for their medical diagnoses and treatment in terms of optimal costs, quality, and outcomes. The financial justification for the introduction of new emerging technologies that may better meet these needs will depend on many factors, even if there is an established reimbursement code. In vivo and ex vivo microscopic technologies (IVM and EVM, respectively) will be used as examples of potentially transforming technologies. Objective.-To describe the components of a business plan that ensures all of the ramifications of introducing a new technology into pathology practice have been considered. As well as the financial justification, such a plan should include strategic vision and congruence, the advantages and drawbacks of introducing such technology, and how plans for marketing, implementation, and verification can be operationalized. Data Sources.-Unlike many pathologists, administrative directors in clinical laboratories already know the components of a financially sound business plan. In addition to the financial justifications, other considerations of such a plan include expense reductions, multiyear buildups in revenue generation, the replacement of other technologies, improved productivity and workflows, additional space, new capital, retrained personnel, and the impact on other departments. Conclusions.-Pathologists will learn a business plan format to improve their confidence in making the sound financial justifications needed to consider the introduction of an emerging technology into pathology practice, even when there is initially no obvious revenue stream because formal reimbursement codes have not been established.
AB - Context.-Our patients are now demanding value for their medical diagnoses and treatment in terms of optimal costs, quality, and outcomes. The financial justification for the introduction of new emerging technologies that may better meet these needs will depend on many factors, even if there is an established reimbursement code. In vivo and ex vivo microscopic technologies (IVM and EVM, respectively) will be used as examples of potentially transforming technologies. Objective.-To describe the components of a business plan that ensures all of the ramifications of introducing a new technology into pathology practice have been considered. As well as the financial justification, such a plan should include strategic vision and congruence, the advantages and drawbacks of introducing such technology, and how plans for marketing, implementation, and verification can be operationalized. Data Sources.-Unlike many pathologists, administrative directors in clinical laboratories already know the components of a financially sound business plan. In addition to the financial justifications, other considerations of such a plan include expense reductions, multiyear buildups in revenue generation, the replacement of other technologies, improved productivity and workflows, additional space, new capital, retrained personnel, and the impact on other departments. Conclusions.-Pathologists will learn a business plan format to improve their confidence in making the sound financial justifications needed to consider the introduction of an emerging technology into pathology practice, even when there is initially no obvious revenue stream because formal reimbursement codes have not been established.
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U2 - 10.5858/arpa.2018-0375-RA
DO - 10.5858/arpa.2018-0375-RA
M3 - Article
C2 - 30525933
AN - SCOPUS:85062277413
SN - 0003-9985
VL - 143
SP - 299
EP - 304
JO - Archives of Pathology and Laboratory Medicine
JF - Archives of Pathology and Laboratory Medicine
IS - 3
ER -