The Wall Street Journal has a fascinating interview today with Elizabeth Holmes, the founder of a new company that has rethought how we do blood work for medical diagnosis.
Her company, Theranos, has certified phlebotomists for taking patient’s blood, but instead of taking vials and vials of blood, they just take a pinprick worth–1/1,000 of a typical draw–from the tip of your finger.
Moreover, unlike with conventional blood work testing, “only about 62% of tests that doctors order are ultimately carried out,”partially because there is still not enough blood drawn, but with Theranos the tests are able to be done with only small drop sample sizes.
With advanced, patented technology, Theranos does the tests (blood, urine, other) faster–in 4 hours or less, rather than in days, so you, the patient, can get the results quicker, and treatment for your condition sooner.
Moreover the results are said to be more precise to within a 10% variation–in contrast to typical labs tests that are within plus-or-minus 30% allowable error–a 60% error range!
With faster and better technology, Theranos helps your doctor to make a more accurate diagnosis and provide targeted treatment.
The testing results are provided securely and electronically to the doctors in this very cool dashboard (pictured above) in which blood measurements can be quickly and easily seen on a scale of low-to-high, as well as whether something is deficient, insufficient, or at toxic levels.
Also, Theranos provides trending of results over time, so the physician can quickly see whether the patient’s condition is worsening or improving, and can make treatment decisions accordingly.
And when the doctor releases the results, you’ll be able to logon and see them for yourself as well.
Further, Theranos is committing to conduct the blood work at a 50%-off discount on Medicare fees–they are saying, “we want to bill you at less than you’re willing to reimburse.”
I really like when someone bold and bright like Elizabeth Holmes comes around and breaks the old broken paradigms–really rethinking how something could/should be done better.
In general, it often seems that the medical field is change/risk adverse (like with adoption of electronic health records), but Ms. Holmes has brought a better, faster, and cheaper testing and diagnostic process to all of us.
I noticed that Theranos has a very impressive roster on it’s board, including former Secretary of States Henry Kissinger and George Schultz and former Secretary of Defense, William J. Perry to name just a few.
Theranos seems to be the company to watch in this medical diagnostic laboratory field.
No more scary big needles–just a pin-prick and a few drops of blood…that’s blood worth taking and testing. 😉
(Source Photo: Theranos Website)