Biocept Enters Into Agreement with Reference-based Pricing Network Medical Cost Containment Professionals, LLC to Process Out-of-Network Claims

Rhea-AI Summary

Biocept, Inc. (Nasdaq: BIOC) has announced a partnership with Medical Cost Containment Professionals, LLC (MCCP) to manage out-of-network claims for its Target Selector™ liquid biopsy tests. This agreement will help optimize the payment process, as MCCP is known for efficient claims processing. With MCCP's network encompassing over 47 million covered lives, Biocept aims to enhance its reach and collection efficiency. The company plans to pursue additional partnerships to further improve claims adjudication and expand its managed care coverage.

Positive

• New agreement with MCCP enhances claims processing efficiency.
• Access to MCCP's network of over 47 million covered lives may increase customer reach.
• Partnership is expected to accelerate collections and reduce outstanding receivables.

Negative

• None.

SAN DIEGO, June 24, 2020 /PRNewswire/ -- Biocept, Inc. (Nasdaq: BIOC), a leading commercial provider of molecular technologies designed to provide physicians with clinically actionable information to improve the outcomes of patients with cancer, announces it has entered into a managed care provider agreement with Medical Cost Containment Professionals, LLC (MCCP) to process out-of-network claims for Biocept's Target Selector™ liquid biopsy testing.  MCCP is a reference-based pricing insurance network that includes more than 150,000 providers nationwide.

"MCCP has a reputation for paying out-of-network claims correctly, in full and on time; and we are delighted to be working with them," said Dede Goehler, Biocept's Senior Director of Managed Care Strategies. "Under this new relationship, out-of-network claims for our Target Selector™ testing will be adjudicated by MCCP at pre-negotiated pricing in a timely manner, helping to accelerate collections while reducing the length of time receivables remain outstanding."

"This agreement effectively expands our managed care network of covered lives at a time when the healthcare community increasingly recognizes the importance of our liquid biopsy tests in helping physicians to determine the optimal treatment for their patients with cancer," said Michael Nall, Biocept's President and CEO. "MCCP's network includes 47 million covered lives, with some members covered by multiple plans.  We are working to enter into additional similar partnerships that help adjudicate out-of-network claims, as well as with managed care plans for in-network coverage for their members."

About MCCP
Medical Cost Containment Professionals, LLC was founded by Principal and CEO Daniel Ayala to help lower the cost of healthcare throughout America.  MCCP has been successful in driving down the cost of business for its clients.  MCCP's unique business model allows for negotiation of 80% of the claims it receives regardless of the amount.  More information is available at www.mccpppo.com.

About Biocept
Biocept, Inc. is a molecular diagnostics company with commercialized assays for lung, breast, gastric, colorectal and prostate cancers, and melanoma. The Company uses its proprietary liquid biopsy technology to provide physicians with clinically actionable information for treating and monitoring patients diagnosed with cancer. The Company's patented Target Selector™ liquid biopsy technology platform captures and analyzes tumor-associated molecular markers in both circulating tumor cells (CTCs) and in circulating tumor DNA (ctDNA). With thousands of tests performed, the platform has demonstrated the ability to identify cancer mutations and alterations to inform physicians about a patient's disease and therapeutic options. Additionally, Biocept is offering nationwide COVID-19 polymerase chain reaction (PCR) testing to support public health efforts during this unprecedented pandemic.  For more  information, please visit www.biocept.com.

Forward-Looking Statements Disclaimer Statement
This release contains forward-looking statements that are based upon current expectations or beliefs, as well as a number of assumptions about future events. Although we believe that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, we can give no assurance that such expectations and assumptions will prove to have been correct. Forward-looking statements are generally identifiable by the use of words like "may," "will," "should," "could," "expect," "anticipate," "estimate," "believe," "intend," or "project" or the negative of these words or other variations on these words or comparable terminology. To the extent that statements in this release are not strictly historical, including without limitation statements regarding the adjudication of testing by MCCP at pre-negotiated pricing in a timely manner and the benefits thereof, the ability of MCCP to negotiate 80% of the claims it receives regardless of the amount, the ability of our platform to identify cancer mutations and alterations, and the ability of our technologies to provide physicians with clinically actionable information for treating and monitoring patients diagnosed with cancer, such statements are forward-looking, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. You are cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous risk factors as set forth in our Securities and Exchange Commission (SEC) filings. The effects of such risks and uncertainties could cause actual results to differ materially from the forward-looking statements contained in this release. We do not plan to update any such forward-looking statements and expressly disclaim any duty to update the information contained in this press release except as required by law. You are advised to review our filings with the SEC, which can be accessed over the Internet at the SEC's website located at www.sec.gov.

Investor Contact: 
LHA Investor Relations
Jody Cain
Jcain@lhai.com 
310-691-7100                                    

 

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SOURCE Biocept, Inc.

FAQ

What is Biocept, Inc.'s recent partnership announcement about?

Biocept announced a partnership with Medical Cost Containment Professionals, LLC (MCCP) for managing out-of-network claims for its Target Selector™ liquid biopsy tests.

How many members does MCCP cover?

MCCP's network includes over 47 million covered lives.

What benefits does Biocept expect from its agreement with MCCP?

Biocept expects the partnership to enhance claims processing efficiency, accelerate collections, and broaden access to its services.

What is the significance of Target Selector™ testing for Biocept?

Target Selector™ testing provides clinically actionable information to help physicians determine optimal cancer treatment, enhancing patient outcomes.

When was the agreement between Biocept and MCCP announced?

The agreement was announced on June 24, 2020.