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Quest Diagnostics takes issue with new 2018 Medicare reimbursement schedule, 4% cut expected

Nov. 21, 2017 7:31 AM ETQuest Diagnostics Incorporated (DGX) StockBy: Douglas W. House, SA News Editor
  • Expecting a 4% haircut in Medicare payments in 2018 and 10% in 2019 and 2020, Quest Diagnostics (NYSE:DGX) is less than pleased about the entire process.
  • CEO Steve Rusckowski says, "We are deeply disappointed that CMS did not take into account much of the feedback received from across the healthcare ecosystem. 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 Medicare claims under CLFS."
  • The company will host a conference call this morning at 8:30 am ET to discuss the potential impact of the new payment rates.
  • Related ticker: (LH)

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