CardioNet System Receives Category I CPT Codes and Reimbursement Rates
October 31 2008 - 9:20AM
Business Wire
CardioNet, Inc. (NASDAQ:BEAT), a leading wireless medical
technology company with an initial focus on the diagnosis and
monitoring of cardiac arrhythmias, today announced that the Centers
for Medicare and Medicaid Services (�CMS�) has established
reimbursement rates that cover the CardioNet System. The
reimbursement rates are applicable to the Category I CPT codes
established by the American Medical Association (�AMA�) and
published on October 10, 2008 for Mobile Cardiovascular Telemetry.
The codes and rates are contained in The Medicare Program Final
Rule for the calendar year 2009 and will become effective on
January 1, 2009. The 2009 national reimbursement rate for the
technical component related to use of the CardioNet System (CPT
code 93229) has been carrier priced, meaning, similar to today,
Highmark Medicare Services will continue to be responsible for the
reimbursement rate for this new code. The current technical
reimbursement rate established by Highmark Medicare Services is
$1,123. The Company believes that the current technical
reimbursement rate will positively impact its growth prospects for
2009 and beyond. Arie Cohen, President and CEO, commented: �The
establishment of these Category I codes and reimbursement rates are
breakthrough events for CardioNet. The codes and rates will
positively impact a number of important components of our business
and significantly enhance our ability to accelerate market
penetration of the CardioNet System. A Category I CPT code, along
with reimbursement, provides strong validation of our system for
commercial payors that do not currently cover the CardioNet System,
while also creating a simplified and stable reimbursement
environment for physicians. We believe this will result in
broadened physician use and expanded commercial payor coverage of
our system, solidifying its foundation for future growth.� The new
billing codes will allow for automated claims adjudication,
substantially simplifying the reimbursement process for physicians
and payors compared to the current process. Reimbursement is
currently obtained through non-specific billing codes which require
various narratives that, in most cases, involve semi-automated or
manual processing, as well as additional review by payors. The new
Category I CPT codes, which were established by the AMA for the
professional and technical components associated with the CardioNet
System, are: CPT code 93228 � Wearable mobile cardiovascular
telemetry with electrocardiographic recording, concurrent
computerized real time data analysis and greater than 24 hours of
accessible ECG data storage (retrievable with query) with ECG
triggered and patient selected events transmitted to a remote
attended surveillance center for up to 30 days; physician review
and interpretation with report CPT code 93229 � Technical support
for connection and patient instructions for use, attended
surveillance, analysis and physician prescribed transmission of
daily and emergent data reports Forward Looking Statements This
press release includes certain forward-looking statements within
the meaning of the �Safe Harbor� provisions of the Private
Securities Litigation Reform Act of 1995 regarding, among other
things, our growth prospects, the prospects for our products and
our confidence in the Company�s future. These statements may be
identified by words such as �expect�, �anticipate�, �estimate�,
�project�, �intend�, �plan�, �believe�, and other words and terms
of similar meaning. Such forward-looking statements are based on
current expectations and involve inherent risks and uncertainties,
including important factors that could delay, divert, or change any
of them, and could cause actual outcomes and results to differ
materially from current expectations. These factors include, among
other things, the success of our sales and marketing initiatives,
our ability to attract and retain talented sales personnel, the
commercialization of new products, market factors, internal
research and development initiatives, partnered research and
development initiatives, competitive product development, changes
in governmental regulations and legislation, changes to
reimbursement levels for our products, the continued consolidation
of payors, acceptance of our new products and services and patent
protection and litigation. For further details and a discussion of
these and other risks and uncertainties, please see our public
filings with the Securities and Exchange Commission, including our
latest periodic report on Form 10-K or 10-Q. We undertake no
obligation to publicly update any forward-looking statement,
whether as a result of new information, future events, or
otherwise.
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