Creating a Lab Market Pulse Index:
- The goal is to provide a quick snapshot of whether the lab market is expanding, contracting or remaining flat.
- Short descriptive index of two key figures affecting supply spending from the quarterly market pulse survey: test volumes and new tests added.
- Survey respondents are asked to describe if test volumes were up down or flat, whether new tests were added in the quarter, and how those new tests impacted overall test volumes. Responses are then translated into scores: +100 if up/yes (expansion), 0 if flat, and -100 if down/no (contraction)
- Scores for each measures are weighted by the XX% of influence they have on medical supply spending (Test volumes: XX%, New Tests : XX%). At this time, percent of influence is determined through the participants’ responses to new tests’ impact on test volumes.
- The laboratory test-volume-weighted utilization index reveals moderate expansion in Q2 2016.
- The index is down 6.0 points from Q1 2016.
- The decline is driven by a decrease in the percentage of respondents who report growth in test volumes during Q2.
- Small and medium-sized facilities saw index declines similar to the national trends. However, larger facilities saw a slight increase.
- 48% of respondents report CBC as their top test by volume.