Taking another beating:
CONSHOHOCKEN, Pa.--(BUSINESS WIRE)--CardioNet, Inc., (NASDAQ:BEAT - News), 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.
These seem more like opinions than facts.
The BOD and Cohen created a train wreck? Perhaps. But others are of the opinion that Thurman created the train wreck.
CardioNet was fortunate to have Thurman's strength through Jefferies, CMS, and Highmark fiascos? Again, a matter of opinion. Thurman was at the helm after CMS and before United Healthcare. What did he do, if anything, to try to strengthen CardioNet's position for obtaining commercial insurance reimbursement?
No one would have had the courage....? Leads through competence? Matter of opinion.
Thurman solely led the effort...? Perhaps. Do you have any proof or insight behind the scenes that most of us don't have?
IF CMS and United have not adopted MCOT it's Sweeney's fault? Matter of opinion. What did Randy do the past year after Medicare cut reimbursement? He sure didn't succeed in establishing enough evidence to United that MCOT warrants reimbursement.
If you have a company in trouble you want Thurman involved? Matter of opinion. See the previous paragraph. The company has been in trouble for the past year and Thurman has been at the helm.
These forums invite unintelligent comments such as mine? Matter of opinion. I think the comment, "If you have a company in trouble you want Thurman involved." is about as unintelligent as you can get. Are we to believe that the past year would have been WORSE without Thurman involved?
I respect your opinions but I don't see many facts in your comments.
I'm not sure I want any of your guarantees when you can't even spell the world correctly. And how can you guarantee I wouldn't say something to his face? You don't even know me yet you're throwing out guarantees?
Rather than respecting someone's opinion and just saying you disagree you seem take it personally, have half baked assumptions, suspicions, and show how ignorant you are by making the comments you did.
Calm down, before you have a stroke.
Ity is MY OPINION, that the two most serious issues facing this company both have roots in Thurman's actions..namely the class action lawsuit which is a huge dark cloud preventing anyone from acquiring this company, and the bad relationship with Horizon.
I have to second everything said by medtech. I suspect that signoftheti... is some loser fired by CardioNet. From the comments he made it would be appropriate. I guarentee he's someone who would not have the balls to say these things to Thurman's face.
Here are the facts in additon to sigoftheti not knowing much if anything:
- Thurman joined reluctantly after Sweeney, the board and Cohen created a train wreck. He did so out of loyalty to certain people at CardioNet.
- CardioNet was fortunate to have someone of Thurman's strength thru the Jefferies, CMS and Highmark fiasco's
- No one would have had the courage to stand up for CardioNet the way Thurman did. There is no arms crossed and foot stomping with him. He leads thru competence. Firmly to be sure.
- Thurman solely led the effort to bring in the new CEO and no one wishes him more success. He's a class act.
- If CMS and United have not, as yet, adopted the mcot technology, that's the fault of Sweeney's strategy. Ultimately, I believe MCOT's superiority will prevail. If you have a heart problem you want MCOT and not an event or holter. If you have a company in trouble you want Thurman involved. The combo with the new ceo is very promising for those of us invested in this company.
Unfortunately, these forums invite unintelligent comments like those of sigoftheti..
Not to change the topic but I believe there is a sense of arrogance and lack of urgency with CardioNet Executive Management and the BOD.
Randy is an arrogant SOB who thinks he's better than everyone else and his idea of crossing his arms and stomping his feet at Medicare and other insurers to get them to pay is obviously a stupid idea that hasn't been working. And more than likely has insurers and competitors laughing.
The hardware component is too expensive and too cumbersome. Everyone is starting to realize this. Recent articles and blogs on ZDNet and mobi health news show that some people get it. iRhythm gets it. Maybe the new CEO gets it and can change things around.
i meant that generics would be the front line drug (as opposed to their branded counterpart) if outcomes were all that mattered. MD and patient preference still has a role, which could explain why some insurers are still covering cardionet despite a lack of compelling evidence.
From the AP:
"CardioNet said UnitedHealth Group Inc. is maintaining its view that "outpatient cardiovascular telemetry is unproven for managing cardiac arrhythmias." The decision comes about a year after a Medicare administrator slashed reimbursement rates for CardioNet's products and similar devices. That caused health insurers to lower their rates."
I still say CardioNet needs to do a study where the patient wears MCOT and Holter simultaneously and see which provides the better and faster results.
They also need to establish hard data where this is going to save money. Insurance companies don't care about saving lives....and they don't care about hypothetical either (thinking along the lines where MCOT catches Afib and prevents a stroke)...Insurance companies care about saving money.
CardioNet needs to use their existing technology and combine it with other clinical monitoring to prevent hospitalizations for CHF, COPD, Diabetes, Sleep Apnea, etc., You prevent a patient from going to the hospital and you're going to save the insurer money.
Sleep Apnea studies alone would save insurers the cost of a sleep study if they could develop sensors recording Pulse Ox, Respiration, and Audio Recording for snoring. About the only thing lacking would be EEG data. Once suspicion of sleep apnea is established you book a one night (instead of sometimes two nights or night/day) 8 hour sleep study with CPAP.
You're exactly right. Shorts look for any reason to beat this stock and drive it down. I bet if there was a press release stating that their cleaning company quit and they had to hire a new one the stock would go down 10%.