Update on Laboratory Services & 401k/Profit Sharing
Lab Billing and Consolidation Efforts
I am happy to report that Medicare and Medicaid has finally approved our name change which allows us to bill for the Grove Hill branch’s lab tests going back to January 1st. We have been anxiously awaiting this approval. The retroactive lab gross charges sent to Medicare and Medicaid last week totaled nearly $2.8 million, which is approximately $300k in expected revenue to the GH branch.
In other lab related news, Starling is working towards consolidating its lab operations of both branches into the current GH lab at Lake Street. With the purchase of Clinical Lab Partners by Quest this past March, the move to consolidate has become a higher priority. The lab consolidation is expected to be completed by early fall and will be a financial benefit to the current lab operations for all of Starling.
401K/Profit Sharing News
At end of June, Starling made the 2015 annual profit sharing contribution for the CMG branch. This was over $2.6 million. In July of 2017, it is anticipated that a Starling profit sharing contribution will be made for the entire organization.
On August 1st, the CMG 401K funds will move to TR Rowe Price and all 401K accounts will then be consolidated under one custodian.