Americans and insurance companies collectively spend over $5.3 trillion each year on healthcare. A significant portion—more than 80%—is directed towards managing chronic and terminal diseases that could have been identified sooner, according to a report.
However, one CEO is changing the narrative by channeling resources into preventive care, aiming to save both lives and expenses.
In 2018, Andrew Lacey established Prenuvo, a company that offers comprehensive preventive MRI scans. Now, with 17 clinics across North America, Australia, and the UK, Prenuvo has garnered a celebrity following, including figures like Kim Kardashian and Olivia Wilde. Lacey is eager to expand further, believing he can transform a significant part of the healthcare industry.
“Imagine how efficient medicine could be if we detected issues early,” Lacey shared during an interview at Prenuvo’s Manhattan clinic.
MRIs are capable of spotting cancers, aneurysms, and organ issues that other imaging techniques often overlook. Yet, in conventional medical practice, you typically have to visit a doctor, undergo blood tests, possibly X-rays, and maybe even a CT scan, before finally getting an MRI.
“While MRI is the most reliable imaging method for our organs, it’s often treated as a last choice,” he explained. “We’ve flipped that process around.”
Of course, this advanced medical service isn’t cheap. Patients pay $2,500 for the full-body scan, which isn’t covered by insurance, although it can be reimbursed through HSA/FSA. Lacey argues that this price is still much lower compared to the $20,000 many hospitals might charge for similar tests.
“One in five patients choose us because it’s actually cheaper to get a full-body scan here compared to focusing on just one part of the body at other places,” he noted.
For numerous individuals, investing in Prenuvo is seen as worthwhile. The full-body MRI takes only 45 minutes and can detect early-stage cancers and significant aneurysms, as well as various health conditions before they escalate. About 1 in 20 patients discover high-risk issues needing follow-ups, with around 2% to 2.5% diagnosed with cancer or aneurysms.
“We often assume that feeling good means being healthy,” Lacey pointed out. “But that’s just not the case.”
At 50, Lacey began his career in tech and communications before wanting to bring a more consumer-focused approach to healthcare.
After having a preventive MRI while visiting Vancouver, Canada, at a friend’s suggestion, he was taken aback by the insights regarding his health. This spurred an idea—there was a huge market potential.
“I observed patients at a clinic for months and witnessed their positive experiences,” he recalled. “Clearly, access to this is essential.”
Using a strategy reminiscent of Silicon Valley, he aimed to make existing technology more user-friendly and crafted a direct-to-consumer business model. In doing so, he managed to secure $250 million in funding.
Because traditional healthcare often prioritizes insurance needs over patient experience, providers lack motivation to ensure comfort. In contrast, Prenuvo prioritizes a pleasant environment. The staff is friendly, the lighting is soothing, and patients can enjoy Netflix while undergoing their scans.
For someone like me, being able to watch a show makes the MRI experience, which can be quite nerve-wracking, much more tolerable. Sure, the machine makes noise, but it’s barely noticeable when you’re engaged in a good story.
Although Prenuvo scans may appear to be a luxury for those who can afford them, Lacey is committed to making them accessible. He cites how mammograms and infertility treatments gained wider insurance coverage thanks to consumer advocacy, and he remains hopeful that the same will happen for preventive MRIs.
Moreover, he anticipates that advancements in artificial intelligence could eventually cut scan times from 45 minutes to just 15, enhancing efficiency for radiologists while lowering expenses.
He’s also looking into government contracts, believing that broad adoption could help bring prices down, similar to other technologies.
While some critics argue that Prenuvo’s scans may induce unnecessary anxiety in patients, Lacey’s data suggests otherwise. He notes that many Americans have existing health concerns, yet only a small fraction report feeling undue anxiety after receiving their results.
“We aim to alleviate anxiety,” he affirmed, “not to cause it.”
