Genomics has an established benefit in precision cancer care for patients and providers alike – but its positive financial impact on your health system has untapped potential in prevention. As a tool for early detection, genomics can be a significant source of downstream revenue.
Recently, CancerIQ CEO and Co-Founder, Feyi Olopade Ayodele, joined fellow genomics and precision medicine leaders from Genome Medical, Helix, and Illumina to discuss “The Business Case for Investing in Genomics” in an engaging conversation organized by The Health Management Academy.
For health systems considering the value of genomics in a post-pandemic economy, here are 5 key takeaways:
- Identify fit within your existing revenue model: Genetic testing prompts referrals to other speciality services, generating greater fee-for-service revenue. It also supports early cancer detection, which leads to better patient outcomes and lower cost treatment in fee-for-value models. Further, as Ayodele pointed out, even if your health system is “in between, trying to make that transition … programs empowered by CancerIQ have also led to improved cancer screening compliance, which is an important quality score for health systems straddling both [models].”
- Demonstrate value through software-powered analytics: “We tell our customers … number one, start in a place where they can actually use genomics in a way that has this clear tangible and intangible value,” Ayodele noted. She explained that software-powered analytics capabilities, like CancerIQ’s, can help health systems attribute downstream service and revenue, cost containment, and quality metrics to genomics programs, and in turn, justify their growth.
- Expand genomics offerings beyond traditional oncology service lines: Perhaps the most salient part of the discussion was Ayodele’s reminder that genomics are the future of primary care. She noted, “If you're truly trying to maximize both the clinical and the financial value of genomics in routine care, you need to empower the people on the front lines who are seeing the broadest set of patients who could benefit.” CancerIQ integrates with leading EHR systems so primary care providers have the tools they need to access genetic information at the point of care. Ayodele also noted that primary care providers are the key to making genetic testing more equitable, as they are often patients’ most trusted source of knowledge in communities of color.
- Decentralize screening: With CancerIQ in hundreds of hospitals across the country, Ayodele has learned important lessons about the long-term feasibility of genomics programs: Patients must be seen before they’re affected by cancer. Decentralized screening creates more business opportunities for population-wide cancer prevention and early detection — and has been shown to increase revenue by $160-$200 per patient.
- Create closed-loop patient management: Successful genomics programs include closed-loop care management. Patients may have multiple needs depending on their level of risk, such as MRIs, prophylactic surgeries, or more, and there can be leakage without “a software backbone” to manage care pathways over time. CancerIQ creates a circle of care around patients to help them navigate long-term prevention plans, “so they feel they can have a home” within your health system.
Ayodele closed on a forward-thinking and practical note for healthcare management: The more the industry can embrace primary genetics care, “the more lives we can save, and the more value we can create through genomics.”
Watch an excerpt of the webinar below:
The full video can be found on The Academy's Vimeo Page here.
Need help building the business case for genomics within your health system?
Find the right approach with an exclusive first look read our newest eBook, Transforming Your Genetics Program From a Cost Center to a Profit Center. In it, learn more about setting up or scaling your preventative care program.
