MELBOURNE, AUSTRALIA--(Marketwired - May 20, 2013) - Genetic Technologies Limited (
MultiPlan created the complementary network concept in 1980, recognizing the emerging trend toward multi-sited workforces and a growing mobility of health plan participants. In excess of 4,800 hospitals, 99,000 ancillary facilities and 700,000 healthcare professionals participate in the network across the entire United States. Approximately 39 million lives access the network.
The agreement with Multiplan is the sixth such credentialing agreement executed between the Company and similar US Preferred Provider Organisations ("PPOs") and increases significantly the total number of covered lives, for which its BREVAGen™ risk assessment test could be adjudicated as "in-network," to more than 62 million.
As detailed in previous ASX announcements, the positive impact of this credentialing activity has been clearly demonstrated in reviewing reimbursement payments received in respect of the BREVAGen™ test since its launch. As reported by the Company in its March 2013 Quarterly Activities Report, the average reimbursement received in respect of claims that were adjudicated as "in-network," was more than 25% higher than the amounts received in respect of claims that were adjudicated as "out of network," with the time taken to collect the funds also being materially shorter.
Credentialing contracts have now been executed between the Company and MultiPlan Network, Three Rivers Provider Network, Prime Health Services, National Preferred Provider Network / PlanCare America / Ohio Preferred Provider Network LLC (NPPN / OPPN), Galaxy Health Network and Fortified Provider Network.
The Company is now actively pursuing additional agreements with other PPOs in order to further extend access to an increased number of covered lives.
The BREVAGen™ breast cancer risk stratification test is a novel genetic test panel that examines a patient's DNA to detect the absence or presence of certain common genetic variations (SNPs) associated with an increased risk for developing breast cancer. The test is designed to help physicians assess aggregate breast cancer risk from these genetic markers, plus factors from a standard clinical assessment based on a patient's family and personal history, thus giving a clearer picture of an individual woman's risk of developing breast cancer. The BREVAGen™ test may be especially useful for women predisposed to hormone dependant breast cancer, including those who have undergone breast biopsies, as the test will provide information that can help physicians recommend alternative courses of action, such as more vigilant, targeted surveillance or preventive therapy, on a personalized patient-by-patient basis.
About Genetic Technologies Limited
Genetic Technologies was an early pioneer in recognizing important new applications for "non-coding" DNA (Deoxyribonucleic Acid). The Company has since been granted patents in 24 countries around the world, securing intellectual property rights for particular uses of non-coding DNA in genetic analysis and gene mapping across all genes in all species. Its business strategy is the global commercialization of its patents through an active out-licensing program and the global expansion of its oncology and cancer management diagnostics portfolio. Genetic Technologies is an ASX and NASDAQ listed company with operations in the USA and Australia. For more information, please visit www.gtglabs.com.
Safe Harbor Statement
Any statements in this press release that relate to the Company's expectations are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Since this information may involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results. Additional risks associated with Genetic Technologies' business can be found in its periodic filings with the SEC.