40 genetic (inherited) diseases can be detected at birth with 1 blood sample by a technology called tandem mass specto-metry at the cost of $80. 7/30/2004  Wall St Journal  CARES Foundation, Millburn, NJ, USA is lobbying for all USA hospitals to test at birth.
Gene or Newborn Tests -
As of 5/19/2005 there are 17 public donor cord blood banks in USA. 
They differ from for-profit banks that charge to store cord blood for possible later use by donor family.
44 enzyme conditions in a class known as lysosomal-storage disorders have a potential cure by cord blood transplants if given immediately to newborns who have tested positive to the enzyme test at birth. 
Be sure to test for any familial disease.  Do not wait until the child shows signs of the disease. 
See New England Journal of Medicine.  See Hunter's Hope charity. 5/19/5 Wall St Journal
Krabbe disease may be remedied if umbilical cord blood is transplanted at birth.
If treatment is started after symptoms (difficulty in swallowing, seizures, motor-skill impairment) appear, then the prognosis is stabilization or death. 5/19/5 Wall St Journal