PALO ALTO, Calif. & CLEVELAND--(BUSINESS WIRE)--Theranos Inc. and Cleveland Clinic today announced a long-term strategic alliance designed to enhance clinical quality, improve turnaround times, reduce the cost of care, and increase patient satisfaction through Theranos’ less invasive, lower cost testing, and a commitment to pursuing the full potential of Theranos technology at Cleveland Clinic and across the broader healthcare system.
Cleveland Clinic’s best-in-class pathology team in the Robert J. Tomsich Pathology and Laboratory Medicine Institute will collaborate with Theranos to provide advanced clinical diagnostic services and, over time, implement Theranos’ groundbreaking, CLIA-certified laboratory services within Cleveland Clinic’s patient populations.
Theranos offers a full spectrum of laboratory tests, from the most common panels to highly specialized tests, on blood samples as small as a few drops. This eliminates the need for larger needles and numerous vials of blood required for many diagnostic lab tests. Theranos’ minimally invasive sample collection will serve patients such as those receiving oncologic, pediatric and other inpatient treatment requiring frequent blood draws. Theranos tests are also priced at 50 percent of Medicare reimbursement rates or less to reduce the overall cost of care.
“Healthcare innovation is essential to making care more accessible, affordable and timely for patients. This relationship could open up new opportunities for both patients and physicians to be part of high-quality, low-cost healthcare,” said Toby Cosgrove, M.D., President and CEO of Cleveland Clinic. “We’re excited to begin exploring new initiatives that can offer improved care for our patient’s healthcare dollar.”
In addition, the long-term strategic collaboration between Theranos and Cleveland Clinic includes opportunities to pursue research studies, clinical trials, the development of new tests, and the provision of reference laboratory services through Cleveland Clinic Laboratories. The collaboration may also extend to other Cleveland Clinic hospitals and family health centers.
“Since we launched our first Wellness Center in late 2013, Theranos has been working to make actionable information accessible to individuals and their physicians at the time it matters most,” said Elizabeth Holmes, Theranos’ founder and CEO. “This alliance with a world-renowned health system like Cleveland Clinic furthers our mission, and is another step in our work to bring access to high-quality, affordable lab testing to everyone and help improve the quality and cost of care,” added Holmes.
Theranos currently provides its laboratory services through its network of Theranos Wellness Centers, located inside select Walgreens stores across Arizona and in Northern California.
Headquartered in Palo Alto, Theranos, Inc. is a consumer healthcare technology company. Theranos’ clinical laboratory offers comprehensive laboratory tests from samples as small as a few drops of blood at unprecedented low prices. Founded in 2003 by Elizabeth Holmes, Theranos’ mission is to make actionable health information accessible to people everywhere in the world at the time it matters, enabling early detection and intervention of disease, and empowering individuals with information to live the lives they want to live. Visit us at www.theranos.com. Follow us at www.twitter.com/theranos.
About Cleveland Clinic
Cleveland Clinic is a nonprofit multispecialty academic medical center that integrates clinical and hospital care with research and education. Located in Cleveland, Ohio, it was founded in 1921 by four renowned physicians with a vision of providing outstanding patient care based upon the principles of cooperation, compassion and innovation. Cleveland Clinic has pioneered many medical breakthroughs, including coronary artery bypass surgery and the first face transplant in the United States. U.S. News & World Report consistently names Cleveland Clinic as one of the nation’s best hospitals in its annual “America’s Best Hospitals” survey. More than 3,000 full-time salaried physicians and researchers and 11,000 nurses represent 120 medical specialties and subspecialties. The Cleveland Clinic health system includes a main campus near downtown Cleveland, eight community hospitals, more than 75 Northern Ohio outpatient locations, including 16 full-service Family Health Centers, Cleveland Clinic Florida, the Lou Ruvo Center for Brain Health in Las Vegas, Cleveland Clinic Canada, and, currently under construction, Cleveland Clinic Abu Dhabi. In 2012, there were 5.1 million outpatient visits throughout the Cleveland Clinic health system and 157,000 hospital admissions. Patients came for treatment from every state and from more than 130 countries. Visit us at www.clevelandclinic.org. Follow us at www.twitter.com/ClevelandClinic.