PHOENIX--(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.
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.
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