Theranos Recognizes Milestone in New Era of Preventive Health
July 03 2015 - 7:21AM
Business Wire
Theranos, Inc. (Theranos) today applauded Arizona’s
groundbreaking new Direct Access law, an important step toward a
new era of preventive health care in our country.
Starting today, Arizonans are able to obtain and directly pay
for any laboratory test from a participating licensed lab without
first being required to obtain a health care provider’s order or
work through insurance eligibility. Physicians are protected from
liability associated with individually directed testing, better
enabling them to work with their patients on preventive testing and
care. Insurance providers and payers assume no additional costs as
tests are all paid for out of pocket.
Theranos believes this law could serve as a model for our
nation, and that expanded testing options will allow more people to
take charge of their health — to work with their physicians
preventively before chronic disease starts - not after - moving
away from treating illness only after it has taken hold.
Theranos’ revolutionary lab services make tests more efficient,
convenient, and affordable than ever before. Theranos lab tests are
available in forty-two Theranos Wellness Centers in the Phoenix
area, and Theranos is now expanding throughout the state. Anyone
can walk into these Wellness Centers at convenient hours and get
accurate, rapid lab testing with transparent prices that are always
at least 50-80% below Medicare reimbursement rates.
“This law is an important milestone in building a health care
system that empowers people to take control of their own health and
work with their physicians to prevent disease and detect it early,
when there is still time to change outcomes,” said Elizabeth
Holmes, founder and CEO of Theranos.
The legislation that enabled this change makes Arizona the first
state to institute this comprehensive framework for laboratory
testing, expressly recognizing individual’s rights to their own
health information. Theranos worked closely with leaders in Arizona
to pass this completely bipartisan legislation. “My administration
is focused on making Arizona the easiest and most attractive place
in the nation for 21st-century companies like Theranos to operate
and grow,” said Governor Doug Ducey. “By reducing burdensome
regulations and red tape, this law not only shows innovative
companies we’re open and ready for business, it also gives
Arizonans access to more efficient, cost-effective services while
promoting preventive health care and price transparency. That’s
good for business, good for patients and providers, and good for
taxpayers – an all-around win for Arizona.” Theranos also worked
with Representative Heather Carter, Senator Nancy Barto, and many
leaders in the physician community.
Elizabeth Holmes added: “Our mission at Theranos is focused on
changing the health care paradigm to one in which early detection
and prevention become reality. To do this, we must empower
individuals to own their health, including increasing their access
to important health information, establishing price transparency,
and raising standards.” Theranos believes this law will drive price
transparency and lower cost testing in response to consumer demand,
and that this is the bedrock of a movement toward individual
engagement and preventive health care. Individual engagement will
drive prices down, and lower cost testing will remove a critical
impediment in effective care today which is that many can’t afford
the tests physicians order and are not compliant with them.
“Thousands of Arizonans are struggling to afford the high cost
of traditional lab tests. Others are forced to go to an emergency
room for lab testing since locations and hours for labs are so
inconvenient. This law gives Arizonans the freedom to get these
tests done in a transparent, cost-effective way to engage with
their own health and begin working with their doctors
preventatively,” said Ms. Holmes.
Doctors in Arizona have reinforced Theranos’ positive impact on
healthcare in Arizona. Dr. Matthew Baral, who testified on behalf
of the new direct access testing legislation in front of the
Arizona State Senate said, “I have already experienced Theranos as
a great new partner for physicians in Arizona. I recently had
several patients who were reluctant to get lab tests I ordered
because of financial constraints. This factor effects patient
compliance across all medical disciplines that utilize lab testing
as part of their diagnostic process and treatment management. In
order to provide the best care, physicians need real-time data in
order to engage and make informed diagnostic decisions, without
having to worry about whether the patient will go in for the test.
The transparency that Theranos offers by listing their prices
increases the likelihood of patient compliance, and every dollar
counts with health care costs and deductibles going up," he
continued, “Theranos offers testing at a fraction of the typical
price, and holds the same certifications as conventional labs.
Plus, the ease of collecting blood from a finger-stick makes it a
no-brainer to utilize Theranos' technology for my pediatric
patients."
Other doctors in the state reinforced Thernos’ commitment to
innovation, accessibility, quality, and affordability, "Theranos
brings a much needed innovative technology to the healthcare
industry. An upfront, transparent pricing, with a fraction of the
cost of traditional laboratory tests offers value to the patients,
and payers alike, and significant cost savings to the industry as a
whole. Patients appreciate finger stick over venipuncture, the ease
of access with locations throughout the Valley, and flexibility of
available times at their Wellness Centers," said Dr. Jagdish Patel,
a gastroenterologist in Sun City.
Lab test data drive more than 70% of health decisions. Yet, the
majority of lab test orders don’t get filled in the U.S., likely
due to the inconvenience and unpredictable costs of getting tests
done. Theranos charges the same prices – clearly posted on its
website and in its Wellness Centers – for everyone, regardless of
insurance status. Theranos Wellness Centers are open nights and
weekends, giving doctors and individuals the information they need
at the time it matters.
About Theranos:
Theranos, Inc. is a consumer health technology company founded
in 2003 by Elizabeth Holmes. Theranos’ mission is to make
actionable health information accessible to people at the time it
matters, enabling early detection and prevention of disease, and
empowering people with information to live the lives they want to
live. Theranos offers a comprehensive menu of lab tests in
convenient locations in its Walgreens Wellness Centers in Arizona
and California, with plans to expand throughout the country.
Visit us at theranos.com. Follow us at @theranos.
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Theranos, Inc.Lauren Vroom, 650-470-6153pr@theranos.com