NEW YORK (360Dx) – Attis Industries announced Monday that it has received a Medicare license for its new toxicology laboratory based in Tulsa, Oklahoma.
The lab, which received its CLIA license in August, will serve as a federal lab dedicated to running samples reimbursed by Medicare and state Medicaid programs only. The company plans to begin accepting samples and billing under its Medicare number immediately. The lab's new CMS license provides Medicare coverage for all states.
The lab is also beginning the process of applying for Medicaid coverage for Oklahoma, Arkansas, Kansas, Missouri, Texas, Colorado, and New Mexico.
The infrastructure of the new lab was designed to handle samples that would produce revenue of $10 million to $12 million, with margins between 20 percent and 25 percent. Further infrastructure expansion is planned, company officials said.
"With further lab and infrastructure build out and a concentrated effort by our contracted sales force, I believe we can double our expected revenue in the next 12 to 18 months," Rob Dunn, Attis Industries healthcare division president said, in a statement.
The company said the lab was created to meet the demand for toxicology testing as a result of the national opioid crisis.
"Attis Healthcare's national toxicology lab is positioned to aid clinicians in addiction treatment and the monitoring of controlled substances that allows them to effectively treat patients with complex medication needs," Jeff Cosman, CEO of Attis Industries said, in a statement.
Attis Industries, based in Milton, Georgia, is a diversified holding company focused on renewable fuels, bio-based plastics, healthcare and communications infrastructure.