GTG signs on with seventh US PPO
Genetic Technologies (ASX:GTG) has reached a deal with a seventh US preferred provider organisation (PPO) covering its BrevaGEN breast cancer risk assessment test.
The agreement with FedMed paves the way for reimbursement claims to be adjudicated “in network” for the PPO’s more than 40 million covered lives.
PPOs are alliances of US medical care providers which have joined with an insurer to provide lower-cost healthcare to the insurers’ clients under a subscription-based arrangement.
The FedMed network includes around 550,000 physicians, 60,000 ancillary care providers and 4000 hospitals.
Genetic Technologies now has agreements in place with PPOs covering over 102 million people.
The FedMed deal comes a month after GTG reached a similar arrangement with fellow US PPO MultiPlan.
Deals with PPOs are important to Genetic Technologies, as the average reimbursement received for BREVAGen claims adjudicated in-network is 25% higher than for claims settled out-of-network, and the time taken to receive reimbursement is usually significantly shorter.
The company said it is pursuing agreements with more US PPOs.
Genetic Technologies shares were trading unchanged at $0.098 as of around 1 pm on Thursday.
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