Many Hard-to-Get BC / Highmark Contracts – Seller Can Help Run the Lab
The Lab started its operations in 2013 to offer Molecular testing services. The Laboratory has CLIA and CAP accreditations and serval hard-to-get Payer contracts – particularly BC and Highmark contracts.
Key Features of the LAB are as follows:
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- – High-Complexity Lab that includes TN Esoteric Testing License
- – CLIA, CAP-accredited (CAP inspection done, fees to be paid)
- – Near Turnkey Lab for Molecular Testing (sellers open to assist in hiring one or two lab technicians, depending on the workload volume)
- – In-network payers include hard-to-get Networks such as Medicare, TennCare (TN Medicaid), Amerigroup/Wellpoint TN (Medicaid, AARP, and BCBS / Highmark in several states).
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The Lab currently does not run commercial samples and hence it is somewhat in a dormant state but the owners (Business Manager and Lab Supervisor), and the Lab Director are all available to help run the Lab as Lab Consultants or under a management agreement. The owners have over 15 years of experience in running and managing the Lab.
PAST SERVICES AND VALIDATED ASSAYS
- – Molecular Testing: Women’s Health testing and offering UTI tests with ABR (anti-bacterial resistance) that will tell physicians which drugs won’t be effective on that particular patient.
- – RT-PCR and Antigen Tests: RT-PCR test for COVID-19 (nasal / oral swab) since mid-2020. By the end of the third quarter, it also started offering COVID-19 antigen tests.
- – Full Respiratory Panel Testing: During flu season, the Lab expands its services to include Full Respiratory Panel Testing, providing comprehensive assessments for respiratory pathogens.
- – Pharmacogenetic Testing: Included CYPEnzymes, MTHFR, ApoE, VKORC1 and Factor II/V Leiden genes.
Toxicology is also included in the Lab’s CLIA and the Lab Supervisor has deep expertise in running Toxicology screening and confirmation studies on LCMS equipment. She has managed a team of technicians and has also consulted other labs best practices of running Tox Assays. However, the Lab currently does not have an LC/MS system and will have to be purchased if the buyer wants to do these.
RENTAL SPACE
Since the Lab is currently not running commercial samples, it moved to a new smaller space of 800 Sq. ft. to save on the rent. It has two rooms and up to 3 people can comfortably work there. If larger space is required, the sellers can help find new space and help in relocating to the new space.
ASSETS
Some of the key equipment includes:
- – Four Eppendorf Liquid Handling Systems
- – Large Centrifuge
- – Covid BioSafety Cabinet
- – QuantStudio Equipment (12K Flex with Design Analysis Software)
- – Accufill for Quantstudio
- – Mag Max Sample Prep unit for QuantStudio
- – Custom LIS Software
PAYER CONTRACTS
Key in-network payers of the Lab are:
- – Medicare
- – TennCare (TN Medicaid)
- – Amerigroup/Wellpoint TN (Medicaid)
- – AARP
- – BlueCross BlueShield of TN
- – Highmark of WV (Commercial)
- – Highmark of WV (Medicare Advantage)
- – Highmark of DE (Commercial)
- – Highmark DE (Medicare Advantage)
- – Highmark of PA (Commercial)
- – Highmark of PA (Medicare Advantage)
- – Horizon BCBS of NJ
- – Workman Compensation
ASKING PRICE
The Lab is being offered for $800K with all its assets, including all the equipment and payer contracts. It is nearly turn-key. The sellers can assist the buyer in managing the lab if the buyer so wishes. The buyer can renegotiate the contract with the Medical Director and also help the buyer hire technician(s) to run the lab. If the buyer needs more space, they can move elsewhere nearby or anywhere else in the state.
