New $90 million annual addressable market for QHSLab’s latest product, the Allergy Quick Test, branded AllergiQT™
Key aspects of the AllergiQT™- Quick Test include:
Targeting non-allergy specialists in primary care settings.
$90 million addressable current annual market.
The AllergiQT™ test is minimally-invasive and can be easily administered during an office visit.
Two multiple head test applicators are placed on the forearms of a patient during a routine physical examination—results in 15 minutes.
NO MORE NEEDLES!
The twenty-allergen allergy skin test kit includes a broad spectrum of environmental and food allergens.
Within 15 minutes, if the patient has any allergic reactions, the physician can quickly identify the allergen and offer a prescription remedy to begin treatment during the same office visit; there is no waiting for lab test results.
Lower costs for insurance companies and new reimbursements for primary care physicians.
AllergiQT™ quick test results offer physicians the ability to employ evidence-based medicines that treat the cause of allergies, not merely the symptoms, by providing prescription medicines formulated to overcome the source of the allergic reaction.
WEST PALM BEACH, FL, May 10, 2022 (GLOBE NEWSWIRE) -- QHSLab, Inc. (OTCQB: USAQ), a company focused on providing clinicians with tools to leverage proactive, value-based healthcare solutions through emerging point of care technologies, projects a new $90 million annual addressable market for the Company’s latest product, the Allergy Quick Test, branded AllergiQT™.
Recently obtained data indicates an attractive market opportunity awaits the Company’s latest allergy skin test device, the AllergiQT™ – Quick Test, a simple in-office allergy test designed specifically for primary care. The test is administered on the forearms, so there is no need for the patient to undress, no blood draw, and the results are available in 15 minutes or less.
As of early May 2022, some 30,699 family medicine, pediatrician, and non-allergy specialist physicians regularly ordered allergy blood tests. Based on our considerable experience with our AllergiEnd® Test, we believe a broad segment of the PCP market would be interested in a simplified allergy test system like the Allergy Quick Test. Laboratory blood tests are costly, ranging from $220 to over $500, and they don’t offer the physician any reimbursement for performing the test. The AllergiQT™ – Quick Test will cost an insurance company less than $100 per test, and the doctor’s office bills and receives the reimbursement for performing the test without needing a laboratory. The resulting reimbursement is much-needed income for primary care practices.
The AllergiQT™ – Quick Test replaces blood testing with a simple skin scratch test performed in the physician’s office during a routine office visit. Patients and doctors no longer have to wait for lab test results, no needles are needed to extract blood, and skin testing provides more sensitive findings for physicians to begin evidence-based treatment. The virtually pain-free procedure measures the actual reaction to the allergen in a matter of minutes, not just antibodies in the blood; this shows the physician exactly how the immune system reacts when the patient comes into contact with the environmental or food allergens that are being tested.
AllergiQT™ – Quick Test provides allergen screening for the most common allergens, including cat, dog, dust, cockroach, mold, shellfish, nuts, milk, egg, grasses, weeds, and trees.
Over 250,000 independent primary care physicians in the US are targeted for this product, and more than 60 million allergy suffering patients each year, suggesting the addressable market for QHSLab’s allergy product line is even more significant than current data points.
“This is true value-based care, lowering healthcare costs and providing the information needed to help improve patient outcomes,” states Troy Grogan, President, and CEO at QHSLab, Inc.
About QHSLab, Inc.
QHSLab, Inc. (OTCQB: USAQ) is a medical device company providing digital healthcare solutions and point-of-care-diagnostic tests to primary care physicians. Digital healthcare allows doctors to assess their patients’ responses quickly and effectively using advanced artificial intelligence algorithms. Digital healthcare can also remotely monitor patients’ vital signs and evaluate the effects of prescribed medicines and treatments on patients’ health through real-time data transferred from patient to doctor. QHSLab, Inc. also markets and sells point-of-care, rapid-response diagnostic tests used in the primary care practice. QHSLab, Inc.’s products and services are designed to help physicians improve patient monitoring and medical care while also improving the revenues of their practice.
Forward-Looking Statements
Certain matters discussed in this press release are ‘forward-looking statements’ intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. In particular, the Company’s statements regarding trends in the marketplace, future revenues, future products, and potential future results and acquisitions are examples of such forward-looking statements. Forward-looking statements are generally identified by words such as ‘may,’ ‘could,’ ‘believes,’ ‘estimates,’ ‘targets,’ ‘expects,’ or ‘intends,’ and other similar words that express risks and uncertainties. These statements are subject to numerous risks and uncertainties, including, but not limited to, the timing of the introduction of new products, the inherent discrepancy in actual results from estimates, projections, and forecasts made by management, regulatory delays, changes in government funding and budgets, and other factors, including general economic conditions, not within the Company’s control. The factors discussed herein and expressed from time to time in the Company’s filings with the Securities and Exchange Commission could cause actual results and developments to be materially different from those expressed in or implied by such statements. The forward-looking statements are made only as of the date of this press release. The Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.