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Mar 19, 2019Profitable, Turnkey, Medicare, Medicaids, Novitas Jurisdiction.
The Lab is a full-service Toxicology and clinical services laboratory accredited by COLA and CLIA with state-of-the-art equipment. The Lab’s services include, but not limited to drug screening, drug confirmation, therapeutic drug monitoring, Hematology and Chemistry testing. The lab is run efficiently and has EMR System for merging data.

The Lab is quite young (was launched only in January 2016 and received its CLIA in November 2016). The complete billing process started operating in May 2017. In less than a year, the company has acquired a good size volume and is gaining additional customers. It is organized as an S Corporation with the seller as sole owner owning 100% of the company.

The Lab is in an excellent location with lots of medical offices and no competition from local labs in a 5-mile radius. As a result, it is able to grow its volume to 300-450 toxicology samples per month (revenue of about $55K-70K per month) over the past year. In 2018 it did 4,100 samples (about 342 samples per month). Last year it passed credentialing requirements from BCBS and got their billing ID and is able to bill as in-network rates with BCBS (although it is not in-network with BCBS yet). The lab is also paid by United Healthcare and several other insurances out of network. It is also credentialed with state Medicaid and Ambetter/Superior.

Although the Company is making an excellent progress and the Lab is running well, the owner realized that it takes too much of his time from his other healthcare businesses which are well-established and he can grow those businesses more efficiently as he has good experience in that area.

MAJOR ASSETS
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• AB SCIEX 4500 (bought in 2017 – refurbished from Company)
• Indiko Plus Screening Chemistry Analyzers; One in production (bought new)
• LabDaq – Laboratory Information Management System (bought New)
• Active Diff5 (hematology) (Brand new, installation in progress now)
• Piccolo Express Chemistry Analyzer (new from
• Abbot)
• Other equipment – (Evaporator, refrigeration, computers and UPS systems, reagents and general laboratory supplies)

There is about $275-300K of lease payments left to be paid off but the seller will pay these off from the sale proceeds and the buyer will inherit the lab debt-fee.

INSURANCES
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The lab has contracted with Superior, Medicare, and Medicaid. It also bills and collects from BCBS (at in-network rates), United Healthcare, Wellmed, Scott & White out of network and others.

REASON FOR SALE
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The seller has other healthcare businesses that he has been running for quite some time and has decided to sell the lab to gain more family and personal time.

FINANCIALS
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Revenue: $709K
SDE: $217KK
Asking Price: $850K (debt-free - all equipment paid off)

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