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Dec 27, 2019Turnkey - Novitas MAC - Positive SDE - Insurances - Debt Free with $600K Assets

KEY FEATURES
* Turn-key Lab with CLIA, COLA, with Medicare and Medicaids, and paid by BCBS (has provided billing number)
* Coveted Novitas Jurisdiction
* Comes with about $600K of assets without any debt
* $460K in revenue, $52K of Discretionary Earnings , about 300 samples from 5-6 clients (platform to build on)
* In a major city in TX, off a major highway, 25 minutes from the airport
* Asking price $550K (cash at close)
*Seller selling because cannot keep up with this lab and his other healthcare businesses

DESCRIPTION
This four year old toxicology lab in a major city in Texas (Novitas Jurisdiction) is CLIA and COLA accredited and currently processes about 300 samples per month from 5-6 clients. The lab comes debt free with all of the equipment and staff. Most of the equipment are on lease (about 250K left to pay off) which will be paid off at closing.

MAJOR ASSETS
* 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)

INSURANCE CONTRACTS
Lab has contract with Superior, Medicare, and Medicaid. It also is credentialed with BC and has a billing number with them, and collects from BCBS. It also collects out of network with United Healthcare, Wellmed, and some others.

This is the summary of Lab’s in-network Insurance contracts:

* Medicare
* Medicaid -Texas
* Medicaid – IL
* Superior -TX
* Scott White

BCBS have approved credentialing , issued billing number a while back and are paying but the lab is officially not in network with them

FACILITY
The facility is about 1,500 sq. ft. and leased until 2020. Lab is in the heart of the Medical district. There are many clinics are around the area and there is no other local lab in the 5-mile radius. The facility can be moved to a larger facility if the buyer wants – the seller has his own other business in the adjacent suite of a similar size and can make that available to the buyer or help the buyer move elsewhere in the town.

EMPLOYEES
The Lab has a full-time Lab Manager, a Lab Technician and a part-time Lab Admin who was a pain management doctor. It also has a part-time lab director.

CUSTOMERS
The lab gets its samples from physicians in the pain management, internal / family medicine, and psychiatry practices. They have about 5-7 regular customers and the seller is always trying to add more customers.

COMPETITION
Lab Corp and Quest Diagnostics are the two national labs that is competing with this Lab for the local business. It is the only lab in the 5-mile radius.

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