- Up to 70% of all medical decisions are based on lab tests. These tests cost between 3% and 6% of total patient-care costs
- The average patient spends about $260 on lab tests, a figure that is mainly associated with waiting for test results
- With point-of-care (“POC”) testing, waiting time can improve by as much as 46 minutes per patient, thus making it cheaper for the patient
- Avricore understands this problem, hence its investment in point-of-care technologies designed to make disease diagnosis easier, affordable, and more efficient
Over the past few decades, disease diagnosis has proven to be the single most important ongoing development in medicine, and for a good reason. The surge in infectious diseases has shown the importance of rapid and accurate diagnosis. Cases of Ebola outbreaks, along with the recent Covid-19 pandemic, have shown the significance of proper diagnosis and, even more importantly, point-of-care (“POC”) testing (https://ibn.fm/gzafZ).
Early and accurate diagnosis has proven to improve the overall effectiveness of treatments while also helping the infected patient avoid long-term complications. Additionally, misdiagnosed or undiagnosed patients can unknowingly transmit the disease they have to others. In other cases, inaccurate diagnosis has led to the misuse or overuse of antibiotics, ultimately resulting in antibiotic resistance.
Avricore Health (TSX.V: AVCR) (OTCQB: AVCRF), a Canadian-based enterprise, since its inception, has maintained its primary focus on developing a network of point-of-care analyzers, offering advanced technologies that aid with easy, fast, and efficient diagnosis. This health diagnostics technology innovator utilizes its HealthTab(TM) platform in community pharmacies, rural areas, and workplaces, thereby cutting down on the time it takes for a patient to get a proper diagnosis and medication for their ailment (https://ibn.fm/mcwMV).
As it currently stands, up to 70% of all medical decisions are based on lab tests. Typically, these tests account for between 3% and 6% of total patient-care costs, which can be significant if a patient requires multiple tests or if the initial test proves unforthcoming (https://ibn.fm/UKtMz). Avricore understands that this is an issue, so it has invested a lot in rapid testing for patients. So far, the company, through its partners, offers rapid diagnosis for diabetes and cardiovascular conditions, and even Covid-19 (https://ibn.fm/w6u9p).
POC testing has proven to offer the highest cost savings, which can then be traced down to the decreased cost of waiting for results. With rapid turnaround times, patients can save between 8-20% of lab costs. For instance, in the United States, patients spend as much as $260 each on lab tests and costs associated with waiting for their results. With POC testing, as Avricore is currently offering, waiting can improve by as much as 46 minutes per patient, resulting in monetary savings.
For further context, the use of a diagnostic test for early detection of Methicillin-Resistant Staphylococcus Aureus (“MRSA”) allowed doctors to prescribe optimum antibiotics 1.7 days sooner, thereby reducing the length of hospital stays by 6.2 days and lowering hospital costs by over $21,000. Researchers also pointed out during the Ebola crisis that had POC tests been used during the epidemic, its scale could have been reduced by over a third.
Avricore understands the importance of proper and efficient disease diagnosis, hence its investment in point-of-care analyzers. The company has made incredible strides over the past few years, forming critical partnerships with pharmacies and bringing its services closer to the people. This has proven useful in the company’s onsite testing and reporting capabilities for SARS-CoV-2, RSV, Influenza A & B and Strep (https://ibn.fm/7zO7d). Referring to itself as a total health innovator, Avricore is constantly seeking to capitalize on technological advancement and consumer health trends, thereby offering consumers, health providers, and life-science companies the ability to control spending and health outcomes (https://ibn.fm/yHMLr).
Going forward, the company intends to become the world’s largest health diagnostics company. It is currently focusing on point-of-care technologies within community pharmacies to achieve this. According to the company, doing so will make the diagnosis and overall healthcare more accessible and affordable to the masses. What the company is doing is transforming disease diagnosis and laying the foundation for what is to come in the future.
For more information, visit the company’s website at www.AvricoreHealth.com.
NOTE TO INVESTORS: The latest news and updates relating to AVCRF are available in the company’s newsroom at https://ibn.fm/AVCRF
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