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- Oct 3, 2016
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Gone. Distress sale of largest anatomic pathology lab in the country.
Avista to acquire Miraca Life Sciences - PE Hub
Avista to acquire Miraca Life Sciences - PE Hub
Actually that is just the price they paid for Caris. They acquired few other labs later, and if you count operating costs for many years, they got sold for 10 cents a dollar. A company with 90 pathologists, and $280M in yearly revenue should sell for YRX2.6 or more unless there is something major league wrong with management.Right again.
They sold it for 1/4 of what they paid for it.
Hope more business gets released into the market than the pathologists. Their revenue per pathologist is 3M, which is more than double of any high volume private practice.76 percent loss for 6 years. Sometimes I wonder if the foreign buyers know about client billing and the race to the bottom that is the lab industry in this country. Think about all the foreign buyers of labs that have lost money in the last few decades. It is a TERRIBLE investment.
Sounds like more pathologists are going to be getting released into this great job market.
I was wondering if the perks were something new. There are certainly many illegal or questionable practices out there.LIS, setup a lab for you, donation!
I still don't understand why this TC/PC practice has not been banned yet. This is real Sh** not a small scale operation.
Supposedly they only pay the actual pathologists around $10-11/bottle. I know everyone there does high volume so they make good money, but I take home way more than $10/bottle, and I read far less cases in my private group.Hope more business gets released into the market than the pathologists. Their revenue per pathologist is 3M, which is more than double of any high volume private practice.
Where are all the pathology program directors who are responsible for this race to the bottom in the face of this evidence? Where is the CAP? Idiots are conducting a "job fair". What a despicable bunch of leaders this field has. Leading us right off a cliff!!I went to the cafepharma labs sales forum and pulled this.
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.
What number of cases is considered high volume and what amount of money is considered good money ?Supposedly they only pay the actual pathologists around $10-11/bottle. I know everyone there does high volume so they make good money, but I take home way more than $10/bottle, and I read far less cases in my private group.
Where are all the pathology program directors who are responsible for this race to the bottom in the face of this evidence? Where is the CAP? Idiots are conducting a "job fair". What a despicable bunch of leaders this field has. Leading us right off a cliff!!
Yepper, that's what sales reps think or should I say know about pathology.
Frankly, pathologists have done 90% of this to themselves. Why should they not take advantage.
If there are a lot of people to work for 5 bucks a bottle then that's were the market will go.
When comes to CAP pathologist are still the members and control it. You elect them.
Program director etc need direction from leaders in pp.
I hear many people complain about CAP. Mostly, few participate in any collective activities. So what do you expect?
Many don't even belong to their state society or evolve themselves with CAP. You think a 300$ membership is going help?
So why blame CAP?
I blame pathologist at large for not be in meeting with pick forks and torches.
Those labs will have two arms. One will be the lab, and the other pathology practice. Owning a piece of lab(brick and mortar..aka..TC) will depend on how big the operation is, how revenues are divided among two entities, how many shareholders etc. Some labs will make you partner in the pathology practice(which will be worthless when the lab is sold), but keep the ownership of the lab in founders hands.In terms of buying labs, I have a question for all of you practicing pathologists out there about how this works when it comes to partnership track jobs. If a private physician-owned group owns it's own wet lab (grossing, histo, IHC, billing dept etc.) how does making partner work? if you are offered partnership, you are essentially buying part of the lab in essence, right? What sort of money are we talking about in a scenario like that, that would be expected to be ponied up? Or maybe I am understanding this wrong? And does the above discussion mean that buying into a partnership is a fool's errand, or what?
The CAP has huge cash flow from credentialing and inspecting labs. This cash is independent of the wishes of its individual pathologist membership. There is no comparable model across all the other medical and surgical specialties. So their F*** off to community pathologists is sustainable.
Those labs will have two arms. One will be the lab, and the other pathology practice. Owning a piece of lab(brick and mortar..aka..TC) will depend on how big the operation is, how revenues are divided among two entities, how many shareholders etc. Some labs will make you partner in the pathology practice(which will be worthless when the lab is sold), but keep the ownership of the lab in founders hands.
These things have to be earned in due course. As a new recruit all you need to make sure is they treat you well, compensate well, and a have a proven record in offering partnership.Thanks, should this all this be made clear at the time of joining a group? It seems like it should be if you are trying to determine where the best fit is for a long career.
These things have to be earned in due course. As a new recruit all you need to make sure is they treat you well, compensate well, and a have a proven record in offering partnership.
From what I gather they all do a minimum of around 150 bottles/day, while heavy hitters do well above 200/day. Person I know there does 175/day. The actual pay varies on whether they are fully employed there or working as an independent contractor, plus experience/years of service.What number of cases is considered high volume and what amount of money is considered good money ?
From what I gather they all do a minimum of around 150 bottles/day, while heavy hitters do well above 200/day. Person I know there does 175/day. The actual pay varies on whether they are fully employed there or working as an independent contractor, plus experience/years of service.
Yes, one bottle = one specimen. It works out to good money, and they're not killing themselves - most are in around 8 and out by 5. I think it would hurt me knowing how much revenue I was generating and how little I was getting in comparison.Is a bottle equal to one specimen? I figure they are all biopsies. So about 150-200 slides (not counting levels)? That's not as bad as I thought. Especially since most are prob quick biopsies and there is incentives if you do more. Please let me know if Ivan interpreting this incorrectly.
Yes, one bottle = one specimen. It works out to good money, and they're not killing themselves - most are in around 8 and out by 5. I think it would hurt me knowing how much revenue I was generating and how little I was getting in comparison.
I agree. The psychological component knowing you are making some one way more money than you are getting is difficult (albeit this occurs even in hospital employee models, but probably not as bad compared to corporate labs)