What is Theranos?
Theranos itself is a medical and health research organization that is on the forefront of medical science. The main focus of the company is on lab testing, which is what has brought about such a radical new advance in blood work.
The Theranos project is revolutionizing the way blood tests and draws are done. Utilizing the latest in medical and technological advancements, the tests are all done with a single drop of blood, smaller than that of a diabetic glucometer.
In an interview with Fierce Health Payer, Senior Vice President of BlueCross Aji Abraham was quoted as saying “There are some 200-odd tests Theranos does with only a drop of blood, as opposed to a full-blood draw,” Abraham said. “Now, members get the same results within 24-48 hours or less instead of waiting a week or two to hear back. This has a huge impact for our members.”
BlueCross has announced that they will be a major proponent of the new form of testing, and will promote this method to their more than 700,000 consumers. Theranos will also be opening wellness centers as an effort to expand their area of impact. These wellness centers will be locations that consumers will be able to go to get their blood work done?
Just A Drop-Full of Blood Makes the Costs Go Down
What does this new revolutionary advance mean for the market? Consumers will see a drastic drop in costs for blood work. No longer will getting blood tests done be an expansive and rather inconvenient ordeal. Blood tests will be performed faster, have results quicker, and be a lot more friendly with the pocketbook.
The lowered cost will not only challenge competitors, and other more costly methods, but it will also make blood work more consumer friendly. We all know how expensive blood work is, and for some of us, that is reason enough to avoid getting it done altogether.
Executives at Theranos and BlueCross are both predicting that the affordability of the test, and the fact that it is pain free will lead to more people getting necessary blood work done. On the whole this lead to more sicknesses and conditions being caught sooner, and will lead to many lives saved.