Could this be the end of Atherotech?

January 31, 2016

How many days/months are left for Atherotech? Could February, or Quarter 1, 2016, be the last days for Atherotech as we know it?

In the past 365 days, Atherotech has managed to single-handedly dismantle themselves to possibly a point of no return. Poor decisions by executive management, a continuously dysfunctional billing department, and numerous internal operational flops, has caused Atherotech to not only lay off half of their salesforce, but nearly 70% of the internal staff at the corporate offices due to a significant loss of business.

In a missleading attempt to do what was right, Atherotech changed it's billing policy to better suit the current lab environment which has backfired and now caused questioning into what the true motives were. It seems in speculation that the billing change was truly a well timed event attempting to increase collections and not a change to head off OIG scrutiny. Other labs in the space have not change there billing policy but but were under scrutiny for offering process and handling kickbacks. Certain insurance companies also got involved claiming exorbitant charges for a routine testing by out of network labs. Insurance companies have become very aware of the games specialty labs are playing and have now cut reimbursements and in some instances refuse to reimburse for any testing from labs such as Atherotech.

Atherotech is in quite a pickle. They don't fit into the traditional lab space for they can only exist financially if doctors order large panels of perceived questionable testing, 3 to 4 tests per panel don't pay the bills. And, they no longer fit into the specialty heart lab space because of their new billing policy of balance billing patience. Patients don't want to pay extra money for labs, especially advanced testing that is expensive and typically not reimbursed. Insurance companys claim the testing by Atherotech is investigational/Research because the VAP+ test is not FDA approved. Physicians are in the middle and it appears are beginning to waiver and give-in to the patients and insurance companies that don't want to pay for some of these questionable test.

Is Atherotech's true motive to get as much as they can as fast as they can or, are they truly concerned with improving patients health? This may be the year we find out.

 

There were real tears today as I found out I lost my biggest account. Billing too much of a pain. Old people on fixed incomes getting besieged by huge bills was too much.

This company cannot operate this way and survive. To the snarky DB who will reply "if you cant hack it, leave" I wish you were there to hear the docs and staff tell me what they told me, I wish you could see some of these bills and hear some of these voicemails left on their answering service after getting their bills.

Your day cometh, and that right soon, Mr "if you cant hack it then leave" guy. Eventually this wave of opposition to how we affect patients will wash over the hole you crawl into at night.

 

would you say the attempt to get as much as they can in the short term failed, since revenues continue to shrink?

 

Well if you can't hack it, leave. Plenty of sales people can listen to their customers whine about bills and go out and take more. Don't be a pansy, and take those old folks' money.

 

If you lose any business, please remember to update your business plan immediately and send the updated version to your manager with a copy sent to JR, CP, and JM as well. With any luck, one of them will schedule a ride along day with you.

 

A ride day- i wouldn't let any of these talking blemishes in my ride

 

Want to know one reason why patients get bills??? Because of the incomplete requisition forms that are sent in with the specimens. No insurance information. No diagnosis codes. No doctor names. No dates of birth. Things that are required to bill insurances. THOUSANDS of claims cannot be billed because the information is not received. It is requested. And requested. And requested. So the last ditch effort to get the information is to send it to the patient. Most of the time the patient doesn't know that their labs were processed by Atherotech so they get the bill and they call their doctor. The office doesn't stop to find out what happened, they call sales and pitch a fit. Sales doesnt try to find out what happened, they call home office and pitch a fit. Claims get written off so no one is unhappy. Money goes out the door. Just pile that on top of other crap.

 

It is cheaper to not do a test at all than to do it and then write it off. Hope that helps.

 

We will find out today.

 

What's today?

 

I think corporate understands they made a mistake and along with new healthcare laws Atherotech has taken a pretty big hit. However, they're moving forward. Expanding sales team with a new outlook on expectations.

 

A mistake? How about a huge, disastrous mistake! Because of the changes made by a few people, 60% of the reps are now gone, either laid off or having quit themselves. Most were excellent, they took pride in their work and truly made a difference in their territories. The job was fun, intense, and rewarding. Now, morale is at an all-time low, business continues to slow down, and the level of nonsense within the company has hit all-time highs. 5th largest lab? How insane was that statement? God help us all.

 

Is it true 75% of lab/office staff laid off? I left a while back. Just morbidly curious.

 

if what you say is true then why are they hiring?

 

do you think upper management is aware of the morale problem? what do you think they're doing about it?

 

Most senior mgt and lab mgt left. What you have left is Bob, Clint and Jim. Volumes will continue to drop as reimbursement continues to be more challenging this year.There is no value in Atherotech. No one will buy them. Behrman is playing with house money so they don't care. Just sucking dry the last few ounces of blood from the company. ( how appropriate!)

 

why are they hiring more sales reps? What do you think of JR? What about sales managers like jf?

 

JF
Is doing a solid job. A good hire, is it enough though?

 

Thanks Joe. Like you would let anybody forget. He really is the best (ask him)

 

Always hire someone who you think will do a better job than yourself. Can't go wrong with that philosophy. Is it enough? Not sure. Company needs a little more time to recover from the self-inflicting gunshot wound. they do seem to have a good product. what's contributing to their present downfall and how do you think they'll overcome?