CardioNet, Inc. Provides Update on Reimbursement for Mobile Cardiovascular Telemetry
June 28 2010 - 8:00AM
Business Wire
CardioNet, Inc. (NASDAQ:BEAT), a leading wireless medical
technology company with an initial focus on the diagnosis and
monitoring of cardiac arrhythmias, announced today that the Centers
for Medicare and Medicaid Services (“CMS”) has proposed that the
technical component of mobile cardiovascular telemetry (CPT Code
93229) remains carrier-priced for calendar year 2011. This proposal
was included in The Medicare Physician Fee Schedule Proposed Rule
released on Friday, June 25, 2010. The Proposed Rule release is
followed by a public comments period which will culminate in CMS’
Final Rule expected by November 1, 2010 for implementation on
January 1, 2011.
Joe Capper, CardioNet’s President and Chief Executive Officer,
commented, “Given our efforts to obtain a national reimbursement
rate for CardioNet’s MCOTTM technology, we are disappointed in CMS’
Proposed Rule. We will work diligently during the public comments
period to request that CMS change its recommendation to one that is
more beneficial to Medicare recipients who depend on MCOTTM.”
CardioNet will further address CMS’ proposal in conjunction with
communications related to its second quarter 2010 financial
results, which the Company expects to release in late July.
About CardioNet
CardioNet is the leading provider of ambulatory, continuous,
real-time outpatient management solutions for monitoring relevant
and timely clinical information regarding an individual's health.
CardioNet's initial efforts are focused on the diagnosis and
monitoring of cardiac arrhythmias, or heart rhythm disorders, with
a solution that it markets as Mobile Cardiac Outpatient TelemetryTM
(MCOT™). More information can be found at
http://www.cardionet.com.
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,”
“intend,” “plan,” “believe,” ”potential,” “promises” 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 potential for CMS’
re-evaluation of its proposal for carrier pricing of mobile
cardiovascular telemetry during the public comments period prior to
CMS’ final ruling, which will be published in The Medicare Program
Final Rule expected in late 2010, the success of our efforts to
address the operational issues, including cost savings initiatives,
changes to reimbursement levels for our products and the success of
our efforts to work with CMS to achieve an appropriate national
rate for mobile cardiovascular telemetry, the success of our sales
and marketing initiatives, our ability to attract and retain
talented executive management and sales personnel, our ability to
identify acquisition candidates, acquire them on attractive terms
and integrate their operations into our business, 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, 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 reports on Form 10-K and 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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