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'We started 1health to make testing affordable and accessible': CEO of 1health on virus testing

CEO of 1health, Mehdi Maghsoodnia, joined Yahoo Finance Live to break down his thoughts on at-home COVID-19 testing.

Video Transcript

ADAM SHAPIRO: GNC, McDonald's, Genentech-- lots of companies. How quickly is the turnaround on this test?

MEDHI MAGHSOODNIA: Thank you, Adam, for having me on this show. We actually partner with many labs in the US. And we have many different types of testing, from antigen to PCR to antibody. And it depends on which type of test you are deploying to your employees and staff. But the most accurate test that's being deployed takes about 24 to 32 hours turnaround time, and that's the PCR test.

SEANA SMITH: So Medhi, as we focus on reopening the economy, more and more companies are looking to bring back their workers into the offices potentially, some obviously changing their strategy here going forward. But I guess, what role do you see your company playing in this? And how can you better assist this entire process?

MEDHI MAGHSOODNIA: Yeah, very good question, Seana. So what we see our partners going through, last year in March, April, it was all about testing. Now a lot of our partners are thinking to how do you manage a blended population. So we have partners that know who has been vaccinated to our platform. And they don't need to test those people. We have some portion of the population that needs to continue to be tested.

And then we also then jumping into helping our partners manage other sort of follow-on questions, like, for example, what is your level of antibody, and when do you need to get your second vaccination. What-- are you at risk of travel? So we help them generally manage all of these issues across a large population, so that they can get back to work.

ADAM SHAPIRO: Is the cost of the test-- I would imagine the companies bear the brunt of it, or maybe they have some kind of insurance clause in their contracts with insurers that would pay for it. But is the cost-- I imagine they're buying thousands upon thousands of tests at a time, as opposed to if I go to a pharmacy to buy the test. I imagine it's cheaper when they buy it in bulk.

MEDHI MAGHSOODNIA: Yeah, in fact, part of the reason we started 1Health is we wanted to make testing affordable and accessible. So we actually pass on the cost of testing to our partners. We tried to get the best rate from the lab partners that we have. And so we have been driving the cost of testing down significantly over the past year. But you're absolutely right, some corporations pay out of pocket for that testing. And some of the schools and universities that use us actually do charge the insurance companies for their testing needs. And some have government grants.