Aspira Women’s Health Announces Anthem Blue Cross to Provide Coverage for OvaSuite(SM) in California
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Insights
The agreement between Aspira Women’s Health Inc. and Anthem Blue Cross represents a significant strategic development in the healthcare sector. By securing reimbursement coverage for its OvaSuiteSM portfolio, Aspira is effectively expanding its market reach to a substantial patient population in California. This expansion is particularly notable given the size of Anthem's customer base, which includes a diverse range of insurance products such as commercial, Medicare Advantage and Medicaid. The inclusion of these tests in insurance coverage can lead to increased utilization, as physicians are more likely to order tests that are covered by insurance for their patients.
For stakeholders, this development signals a potential increase in Aspira's revenue streams and could improve its market position relative to competitors. The agreement also reflects a broader industry trend towards precision medicine and personalized healthcare, where diagnostic tools play a critical role in tailoring treatment plans. However, it is important to monitor how the adoption of these tests impacts Aspira's operational costs and whether the increased volume of tests can be managed effectively without compromising quality.
The announcement of a reimbursement agreement with Anthem Blue Cross is likely to be viewed positively by investors, as it directly impacts Aspira's financial viability and growth prospects. From a financial perspective, the deal with Anthem, which covers a large insured population, may lead to a higher volume of tests conducted, thereby increasing the company's top-line revenue. It's also a strong indicator of Aspira's ability to navigate the complex insurance landscape, which can be a major hurdle for healthcare companies looking to achieve widespread adoption of their products.
Investors should consider the potential long-term financial benefits against the costs associated with expanding services and the necessary support infrastructure. Additionally, the market will be looking for signs that this agreement is the beginning of a trend with other insurers, which would further solidify Aspira's financial outlook. It is essential to examine the company's past performance in expanding payer coverage and how these efforts have translated into financial results.
Coverage represents approximately 6 million lives, including commercial, Medicare Advantage, and Medicaid
AUSTIN, Texas, April 09, 2024 (GLOBE NEWSWIRE) -- Aspira Women’s Health Inc. (“Aspira” or the “Company”) (Nasdaq: AWH), a bio-analytical based women’s health company focused on the development of gynecologic disease diagnostic tools, today announced a new agreement with Anthem Blue Cross in California for reimbursement coverage of the Company’s OvaSuiteSM portfolio of risk assessment tests effective June 1, 2024. Anthem Blue Cross will provide coverage for its commercial and government lines of business, including Medicare Advantage and Medicaid, which represents a total of approximately six million covered lives in California.
“We are very pleased to add Anthem Blue Cross to our list of payers providing coverage for our OvaSuite portfolio, which provides a clear benefit to physicians in their clinical assessment of women with adnexal masses,” said Torsten Hombeck, Chief Financial Officer of Aspira. “This is the first in a series of anticipated agreements with Anthem affiliated members following our successful completion of its credentialing process in March. Our strategic focus on payer adoption continues to gather momentum.”
Anthem is a leading health company dedicated to improving lives and communities. Through its affiliated companies, Anthem serves more than 118 million people, including more than 45 million within its family of health plans.
About Aspira Women’s Health Inc.
Aspira Women’s Health Inc. is dedicated to the discovery, development, and commercialization of noninvasive, AI-powered tests to aid in the diagnosis of gynecologic diseases.
OvaWatch® and Ova1Plus® are offered to clinicians as OvaSuiteSM. Together, they provide the only comprehensive portfolio of blood tests to aid in the detection of ovarian cancer for the 1.2+ million American women diagnosed with an adnexal mass each year. OvaWatch provides a negative predictive value of
Our in-development test pipeline is designed to expand our ovarian cancer portfolio and addresses the tremendous need for noninvasive diagnostics for endometriosis, a debilitating disease that impacts millions of women worldwide. In ovarian cancer, our OvaMDxSM risk assessment is designed to combine microRNA and protein biomarkers with patient data to further enhance the sensitivity and specificity of our current tests. In endometriosis, EndoCheckSM is the first-ever noninvasive test designed to identify endometriomas, one of the most commonly occurring forms of endometriosis. The EndoMDxSM test is designed to combine microRNA and protein biomarkers with patient data to identify all endometriosis.
Forward-Looking Statements
This press release contains forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve a number of risks and uncertainties. Such forward-looking statements include statements regarding, among other things, the timing and completion of any products in the pipeline development and other statements that are predictive in nature. Actual results could differ materially from those discussed due to known and unknown risks, uncertainties, and other factors. These forward-looking statements generally can be identified by the use of words such as “designed to,” “expect,” “plan,” “anticipate,” “could,” “may,” “intend,” “will,” “continue,” “future,” other words of similar meaning and the use of future dates. Forward-looking statements in this press release and other factors that may cause such differences include the satisfaction of customary closing conditions related to the offering and the expected timing of the closing of the offering. These and additional risks and uncertainties are described more fully in the company’s filings with the SEC, including those factors identified as “Risk Factors” in our most recent Annual Report on Form 10-K, for the fiscal year ended December 31, 2023, and subsequent Quarterly Reports on Form 10-Q. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Aspira presently does not know, or that Aspira currently believes are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Aspira’s expectations, plans, or forecasts of future events and views as of the date of this press release. Subsequent events and developments may cause the Company’s assessments to change. However, while Aspira may elect to update these forward-looking statements at some point in the future, Aspira expressly disclaims any obligation to do so, except as required by law. These forward-looking statements should not be relied upon as representing Aspira’s assessments of any date after the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
Investor Relations Contact:
Torsten Hombeck, Ph.D.
Chief Financial Officer
Aspira Women’s Health
Investors@aspirawh.com
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