Interpace Biosciences Announces Update of Previously Announced CMS Billing Policy Impacting its Thyroid Tests
Interpace Biosciences (OTCQX: IDXG) announced a policy update from the National Correct Coding Initiative (NCCI), allowing them to bill for the ThyGeNEXT and ThyraMIR tests under the Laboratory Coverage Determination (LCD) retroactively from January 1, 2022. This decision alleviates potential financial impacts on the company for 2022, as stated by CEO Tom Burnell, who emphasized the importance of preventing beneficiary access issues for Medicare-covered thyroid testing.
- Updated billing policy allows continued reimbursement for ThyGeNEXT and ThyraMIR tests.
- CEO highlights expected financial stability for 2022 due to this policy change.
- None.
PARSIPPANY, NJ, Feb. 22, 2022 (GLOBE NEWSWIRE) -- Interpace Biosciences, Inc. (OTCQX: IDXG) (“Interpace” or the “Company”), a leader in enabling personalized medicine, announced today that the National Correct Coding Initiative (NCCI) program issued a response on behalf of the Centers for Medicare & Medicaid Services (CMS) stating that the previously announced billing policy reimbursement for its ThyGeNEXT (O245U) and ThyraMIR (oo18U) tests, disclosed by it in a press release dated January 28, 2022, has been changed retroactive to January 1, 2022. As a result, the Company will continue billing for both tests according to its Laboratory Coverage Determination (LCD) as originally set by Novitas. According to CMS, this updated policy will be posted on its website and will be included in the July 1, 2022 edit file.
Tom Burnell, Interpace’s President and CEO stated, “We appreciate the prompt consideration of our appeal by NCCI and CMS to prevent any beneficiary access issues for our Medicare covered thyroid testing. We believe this is the correct policy based on the patient management for thyroid patients to allow physicians to help improve care and treatment of their patients.” Burnell added, “This decision removes a potential adverse impact on our 2022 financial goals.”
About Interpace Biosciences
Interpace Biosciences is an emerging leader in enabling personalized medicine, offering specialized services along the therapeutic value chain from early diagnosis and prognostic planning to targeted therapeutic applications.
Clinical services, through Interpace Diagnostics, provides clinically useful molecular diagnostic tests, bioinformatics and pathology services for evaluating risk of cancer by leveraging the latest technology in personalized medicine for improved patient diagnosis and management. Interpace has five commercialized molecular tests and one test in a clinical evaluation program (CEP): PancraGEN® for the diagnosis and prognosis of pancreatic cancer from pancreatic cysts; PanDNA, a “molecular only” version of PancraGEN® that provides physicians a snapshot of a limited number of factors; ThyGeNEXT® for the diagnosis of thyroid cancer from thyroid nodules utilizing a next generation sequencing assay; ThyraMIR® for the diagnosis of thyroid cancer from thyroid nodules utilizing a proprietary gene expression assay; and RespriDX® that differentiates lung cancer of primary versus metastatic origin. In addition, BarreGEN®, a molecular based assay that helps resolve the risk of progression of Barrett’s Esophagus to esophageal cancer, is currently in a clinical evaluation program (CEP) whereby we gather information from physicians using BarreGEN® to assist us in gathering clinical evidence relative to the safety and performance of the test and also providing data that will potentially support payer reimbursement.
Pharma services, through Interpace Pharma Solutions, provides pharmacogenomics testing, genotyping, biorepository and other customized services to the pharmaceutical and biotech industries. Pharma services also advances personalized medicine by partnering with pharmaceutical, academic, and technology leaders to effectively integrate pharmacogenomics into their drug development and clinical trial programs with the goals of delivering safer, more effective drugs to market more quickly, while also improving patient care.
For more information, please visit Interpace Biosciences’ website at www.interpace.com.
Forward-looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, relating to the Company's future financial and operating performance. The Company has attempted to identify forward looking statements by terminology including "believes," "estimates," "anticipates," "expects," "plans," "projects," "intends," "potential," "may," "could," "might," "will," "should," "approximately" or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are based on current expectations, assumptions and uncertainties involving judgments about, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the Company's control. These statements also involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results to be materially different from those expressed or implied by any forward-looking statements, including, but not limited to, the reimbursement of the Company’s tests being subject to review by CMS, the adverse impact of the COVID-19 pandemic on the Company’s operations and revenues, the substantial doubt about the Company’s ability to continue as a going concern, the possibility that the Company’s estimates of future revenue, cash flows and adjusted EBITDA may prove to be materially inaccurate, the Company’s history of operating losses, the Company’s ability to adequately finance its business and seek alternative sources of financing, the Company’s ability to repay borrowings with Comerica Bank and BroadOak, the Company’s dependence on sales and reimbursements from its clinical services, the Company’s ability to retain or secure reimbursement including its reliance on third parties to process and transmit claims to payers and the adverse impact of any delay, data loss, or other disruption in processing or transmitting such claims, and the Company’s revenue recognition being based in part on estimates for future collections which estimates may prove to be incorrect. Additionally, all forward-looking statements are subject to the “Risk Factors” detailed from time to time in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, as amended, Current Reports on Form 8-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission. Because of these and other risks, uncertainties and assumptions, undue reliance should not be placed on these forward-looking statements. In addition, these statements speak only as of the date of this press release and, except as may be required by law, the Company undertakes no obligation to revise or update publicly any forward-looking statements for any reason.
Contacts:
Investor Relations
Interpace Biosciences, Inc.
(855) 776-6419
Info@Interpace.com
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