Is Miraca being sold?

Is it true or just a rumor?

 

Yes

 

Yes to being sold or yes to rumor!!
Its not even been a year. Time to start lookin again.

 

finacially sound and still hiring employees. Not being sold. We are changing the way clients look at their lab, we have changed the entire spectrum of the lab industry. No reason to buy you bc we just take your clients thru our business model.
But hey I think we have a job in maintenance st our corporate office if you are looking. When you get there stop by my office, I'm in 88305

 

"Yes" is the joke, no one really knows. Honestly the best employees don't stay longer than a few years. Those that stay are typically those who can't leave because they have a house and kid(s) they can't afford.

 

I know many employees that have been there for more than 8 years or longer. Miraca acquisitioned Caris in November 2011 and changed the name in Feb 2012. I love that we have casual everyday, clean environment and really nice people to work with. Some people need to learn to be thankful for what they have oh and the pay is decent too. I know people who have left and then came back because they learned what was really out there the grass just looks greener from a distance till you get there and it is brown.

 

"really nice people"

Right, ignoring the bullies and their victims.

 

Not sure about getting sold but on west coast urology big account a lot of turbulence. Something major brewing

 

You just got sold to Avista Capital Partners. Caris and DH sold this pathology lab to Miraca in November 2011 for $725 million. Now Miraca is unloading this corn-filled turd to Avista for $175.6 million. That's a 12.6% average annual loss in value with a total loss of - 76% over 6 years. What a terrible investment by Miraca. The japanese buyers clearly did not know about the IOAS loophole or client billing arrangements for a commoditized product. The only thing that matters in the US anatomic pathology market is monetary kickbacks to the ordering physician. Race to the bottom.

 

The math is right...but it didn't have to go this way...The Japanese allowed the incompetence of T.Zaves, J. Jacobs, D. Priestly, R. Lash to hang out and drive the value down. Many companies that are commodity based make money. Poor executive leadership and execution by this team. If Avista is going to get a positive return they will bring in talent who understands business and get rid of the highly paid dead weight that drove the value to the ground. We'll see if the hard workers in the rest of the organization have jobs in six months..

 

I am a pathologist. I have no dealing with this lab. I don't try to compete with their market and they are not big in my area. I have seen they bought up a lot of labs and started physician office labs in some areas.

I was always wondering how much of their work was outside of federal IOAS compliance.

Most of these kickbacks were made legal by CMS.

Why would they put their operation at risk when most of it is legal?

What else do they offer free or below market rates? Lab construction plans, procedure manuals free etc. Help with equipment purchase? Turn key lab stuff for free or so dirt cheap?

 

The timing of this and sale of company. I wonder there is a connection.

 

I truly am excited as an employee that we got purchased. Get rid of the good old boy net work that promotes their friends who couldn't sell. I hope we get somewhat more competitive with revenue models and get rid of some dead weight. I am personally excited to have people who understand health care and how to drive profits even higher thru out of the box thinking. The best thing Avista could do is to talk to the sales force to get the true pulse of the market, upper management and RVP's don't have the pulse of the industry. We have had solid profits but bringing in revenue experts will take us to the next level.

 

We have more than a revenue problem. We have a cost problem. Highly paid SVP's who are not business savvy, most positions overpaid compared to the market, no accountability for performance, too many pathologists for our cases, too many VP's and Directors for the size our our company and too many people with no real world business experience. If Avista is to get a return on their investment, they will do what the Japanese did not, right size the organization, make the people changes and reward for performance only

 

First thing Avista needs to do is stop fraudulent practices in billing, revenue sharing, kickbacks, unnecessary testing. It will result in loss of revenue but company will be better off in long term. You are spot on on all the SVP's.

 

that post is right on the money. We 1000% do have a cost problem. Time to trim the weak business minds of upper management and embrace ways to increase revenue that will help us grow. I'm very excited for the transition as it's been the wild west for to long. Miraca was a great company bc of sales and paths not disconnected management. Im sorry people will lose their jobs but imagine what we will do with people who understand profitability and embrace change and think outside the box.
Predictions ?

 

predictions on who avista will let go first? Perhaps someone who never produced but has a leadership role. I think we all know

 

All WNL. I tried to be as generic as possible because I am just entering the field and don't want to make enemies with prominent people.

 

That means all VPs in sales, and RVPs can go too. Threats and BS, zero leadership, only manage by intimidation and fear. Need genuine leadership that adds value to my sales.