Empower Clinics Inc, an integrated healthcare company serving patients through medical centers, telemedicine platforms and medical diagnostics, said that its Kai Medical Laboratory LLC has successfully registered with the US Federal CARES Act Program.
"This designation is a monumental revenue catalyst for Kai," Empower Clinics CEO Steven McAuley said in a statement. "As the world stands amid another tragic wave of coronavirus (COVID-19), mass vaccinations offer a layer of protection, but widespread testing remains a crucial layer of defence. This heightened demand coupled with generous federal funding puts KAI in the best position to earn significant local revenue.”
McAuley noted that the firm is “kickstarting this designation with a pilot project to offer covered testing in 500 Texas schools”.
READ: Empower Clinics sees 2Q revenue skyrocket over 1,000% after its acquisition of Kai Medical powers growth
“I'm confident this is a strong new catalyst to KAI's positive work in the testing and research sphere," he added.
KAI Medical Laboratory is a high complexity lab accredited by Clinical Laboratory Improvement Amendments (CLIA) and Commission on Office Laboratory Accreditation (COLA) that offers no-cost COVID-19 testing. Under the CARES Act and the Families First Coronavirus Relief Act (FFCRA), patients are generally not responsible for the cost of COVID-19 testing and related services, including co-pays or other out-of-pocket costs.
There is no out-of-pocket cost for most uninsured patients through the Federal Health Resources and Services Administration (HRSA) Program for COVID-19 Testing, Treatment, and Vaccine Administration. If HRSA covers a patient's test, KAI will accept reimbursement from HRSA as payment in full, said the company.
Yoshi Tyler, Kai Medical Laboratory President, added: "We are thrilled to be part of this program. And more importantly, we will now expand services to our citizens, neighbours, and community with comprehensive testing that is easy, quick, and provides safe results."
Through KAI's certifications and registrations with Medicare, Medicaid, private insurance, and now the Federal CARES Act Program, KAI can provide COVID-19 testing at no charge to patients. Kai Medical Laboratory has partnered with On Time Mobile Phlebotomy Services LLC to expand its reach for school testing initiatives.
Texas schools have received at least $17.1 billion in federal aid over the course of the pandemic, $13.2 billion of which was allocated as part of the March 2020 CARES Act. The CARES Act opens a trove of opportunity for KAI to deliver accessible testing in both Texas and across the country.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
Follow her on Twitter: @UttaraProactive