At 19, Elizabeth Holmes left Stanford University to start Theranos. Holmes is also CEO and her goal is to rock the existing preeminence of labs in the diagnostics industry by providing consumers access to cheap, fast and high-quality lab-testing.
Theranos' technology uses 1/1000 the volume of a typical blood draw without the need for needles. The diagnostic tests are all priced the same irrespective of whether the patient has insurance and is billed at rates that are 50% or more less than the Medicare reimbursement rate. A menu of tests offered with their respective prices are posted on the company's website.
Walgreens is offering the testing services at some of its in Phoenix, Arizona and Palo Alto. Consumers can walk in with a lab-order from their doctor and get their test done.
Vice President Joe Biden has called the Palo Alto company "laboratory of the future"
[image courtesy of Theranos]