Q&A with Mike Dershowitz of 15toknow

15toKnow sits at an intersection of several key paradigm shifts in the healthcare market.

First, the COVID pandemic fundamentally changed how consumers think about healthcare. The idea of a drive thru testing option would have seemed laughable three years ago, but consumers have come to demand and rely on testing options that are available as needed and when they want them.

Second, the general laboratory testing model is broken. Labs can take 3-5 days to get results. Doctors are treating empirically, which can mean patients taking drugs that they don’t need while they wait for results. Our model of getting results back within 2 hours can mitigate these issues.

Third, the healthcare system has become centralized on the insurance companies and what they want and will pay for. Consumers on high deductible plans are often getting caught off guard by what they are actually responsible for. Our cash pay system, outside of the insurance regime, allows us to put the patient first and ensure there are no surprise costs associated with our services.

This is actually one of my favorite questions. On some level, Elizabeth Holmes absolutely nailed the product market fit. When people have health concerns, sometimes they just want to go get the test they know they need. They know their cholesterol is a little high, so maybe they want to get it checked once a month. They have a life insurance exam coming up and want to make sure there are no surprises. They have a sore throat and they want to know in the next few hours if it’s strep, COVID, flu, or just a virus. They might have been exposed to an STD/STI and they want a private way to know the answer.

The difference with 15toKnow is that we aren’t trying to reinvent the wheel when it comes to the test implementation. Every test we run is using a fully approved, CLIA-waived, low complexity device that could be used in any doctor’s office. We are using fully available and time-tested technology to address the consumer demand that already exists.

The big lab companies have their setups, their insurance process, and the full spectrum of medium and high complexity lab options and are very secure in their market position. It is the perfect example of an oligopoly that is ripe for disruption. In fact, we’ve had a potential large partner indicate that they requested one of the large lab groups to do this for them and they refused. Still, we believe that the large lab companies represent a potential acquiror of 15toKnow once we have the model proven out. We also believe that there are multiple potential strategic acquisition groups down the road – from Amazon (given their recent attempt at a healthcare offering) to the pharmacies (CVS, Walgreens, etc.) to large virtual healthcare systems.

The drive thru, rapid testing options will help solidify the changing paradigm of how consumers control their healthcare data.