Viapath continues to deliver on Innovation and Growth - Strong Performance announced for 2014

Viapath, previously known as GSTS Pathology, a leading UK pathology provider, has announced its 2014 Financial Accounts signalling another year of improved performance for the company.

A number of factors have contributed to Viapath’s continued success, amidst one of the most challenging periods for the NHS:

• Continued investment in its infrastructure and people with innovation and growth at the top of the agenda.
• Continued commitment via a strategic innovation programme, to be at the scientific forefront for the benefit of patients and to provide a supportive environment for career development of its clinicians and scientists.

The organisation posted an operating profit before restructuring of £5.6m which shows an increase of 34% from 2013, coupled with a cash balance of £6.6m at the end of 2014 and allows the company to continue its investment programme in 2015. The report sets out the progress Viapath has made towards its vision to become the UK’s leading provider of innovative pathology services, building on strong financial performance in 2013.

Richard Jones, Chief Executive of Viapath, said, “Our 2014 results demonstrate strong earnings growth arising from our focus on innovation, customer service and productivity.  This result has enabled us to invest more than ever for the benefit of our NHS customers and patients.  During the year we launched the Viapath brand and restructured the business to welcome over 500 former NHS Trust employees as new direct employees of Viapath.  I’m proud that the clinicians and scientists that work with Viapath are at the forefront of innovation in pathology that is enabling better outcomes for patients and efficiency for the NHS.”

 Sir Ron Kerr, Chief Executive of Guy’s and St. Thomas’ NHS Foundation Trust, commenting on the results said, “We welcome Viapath's success and continued ability to invest in pathology services for the benefit of our patients.  The increase in operating profits is a tribute to the professionalism and hard work of staff during a year of significant change, particularly for those staff who have seen their employment transfer from the Trust to Viapath.”   

Roland Sinker, Acting Chief Executive, King’s College Hospital NHS Foundation Trust said, “The results offer a clear message that Viapath is strong and financially secure, with a clear aim of becoming the leading provider of specialist pathology services to the NHS.  2014 has been another successful year for Viapath. The organisation has grown but, crucially, also laid important foundations for future development and expansion. This is good news for King’s, and the NHS.”

 Key Highlights of Viapath’s performance in 2014 includes:

Financial Performance - Viapath has built on the strong financial performance in 2013, with underlying operating profits increasing again in 2014. Before restructuring costs, operating profits have increased by 34%, from £4.2m to £5.6m. This result is very encouraging and has come as a result of increased activity from customers in addition to the continuation of strong cost control and efficiency savings. This has supported an increased investment in laboratories, people and systems with some £7m approved in 2014.  A healthy cash balance of £6.6m at the end of 2014 allows the company to continue its investment programme in 2015.

Quality - Quality remains at the core of Viapath’s growth strategy and is an area that has seen further advances over the last year.  The Governance, Risk and Quality Committee has sponsored the development of a robust quality strategy with a Quality Account for 2014 being published shortly.  Additional laboratories are being accredited under the Clinical Pathology Accreditation scheme and good progress is being made towards accreditation with the new international ISO 15189 pathology standard.  A 2016 target date has been set for achieving full accreditation – two years ahead of the deadline for doing so. 

People - On 1 January 2015, Viapath moved to a new corporate structure in which all the former NHS secondees transferred to direct employment with Viapath, whilst retaining access to the NHS pension scheme. Plans are in place to strengthen employee engagement and to build an organisation with a strong employee value proposition; one which aims to attract and develop outstanding scientific and leadership talent; ultimately creating a unique organisational culture reflecting Viapath’s position as a majority NHS-owned healthcare provider combined with strong commercial and customer service values. 

Innovation - Viapath’s mission is to support pathology modernisation as an enabler to helping clients  deliver new models of care and greater efficiency. Viapath continues to strive to win new business, to develop its systems and service model in order to gain a greater competitive advantage in meeting the needs of customers.  Its strategy focuses on investment in innovation, growth of its laboratory network and the continued drive for further efficiencies to generate the increased surplus for investment in people, equipment and systems and service development.  Current areas for investment include:

• Training and development of employees
• Genetic and  molecular laboratory innovations
• Information technology though the new Laboratory Information Management System project
• Modernising estates and logistics

About Viapath

Viapath was created in 2009 by public and private sector investors and is now the fastest growing and most successful company of its kind in the UK. It is majority owned by two leading NHS Foundation Trusts – Guy's and St Thomas' and Kings College Hospital, with its minority private sector owner Serco, bringing an additional source of investment and commercial capability.  The management team at Viapath offers a mix of NHS and commercial expertise, with clinical and scientific leaders central to both strategy and day-to-day delivery. 

 A scientific organisation with a clinical purpose, Viapath's core values lie in Innovation, Expertise and Collaboration while its service philosophy delivers:

High Quality Service: The highest standards of scientific, clinical and operational delivery
Added Value: Clinical interpretation integral to the service, rooted in the patient pathway - and
Efficiency: Getting it right first time; a well-managed process of delivery