CardioNet Provides Update on Commercial Payor
July 07 2010 - 8:55AM
Business Wire
CardioNet, Inc., (NASDAQ:BEAT), announced today that United
Healthcare is maintaining its position that “outpatient
cardiovascular telemetry is unproven for managing cardiac
arrhythmias.” As a result, CardioNet’s MCOTTM technology continues
to be a non-covered benefit for United Healthcare’s covered
lives.
The Company does not agree with the analysis underlying this
coverage decision and will continue to work with United Healthcare
to demonstrate to them the clinical efficacy of the MCOTTM
technology and to ensure United Healthcare members gain access to
this superior technology.
The Company has no updated information to provide on pending
coverage determinations from other national payors.
CardioNet is analyzing the potential impact of the coverage
decision on its operations, and will address the impact 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 Telemetry™
(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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