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(Alliance News) - Oxford BioDynamics PLC on Tuesday said it has been issued an insurance reimbursement code for its EpiSwitch product from the American Medical Association.
Oxford BioDynamics shares surged 19% to 40.91 each on Tuesday morning in London.
The biotechnology company developing precision medicine tests based on the EpiSwitch 3D genomics platform said it has been issued CPT PLA code 0433U for reimbursement under Medicare, Medicaid and private payers.
The unique reimbursement code aids the billing process and reinforces the confidence of doctors, the firm said. The CPT code offers a standardised billing mechanism across all US healthcare providers, and ensures accurate reimbursement.
The code will come into effect from January 1.
The EpiSwitch prostate screening test increases the predictive accuracy of the standard PSA test to 94%, from 54%, for determining whether there is cancer present.
The firm said that it received the CPT code within three months, noting that the process can take up to two years. It said the speed "demonstrates that the payor groups recognize how important PSE is for screening, not only for the patients, but also for the savings to the medical industry".
Chief Operating Officer Thomas Guiel said: "A unique code is critical to the reimbursement process. With the code issued at this early stage of the test introduction, we are in a good place to drive adoption of this highly accurate test. Effective on 1 January for all requests for insurance reimbursement, whether from Medicare, Medicaid or private payors, this unique code will enable discussions regarding coverage decisions as well as negotiating the reimbursement rate.
By Harvey Dorset, Alliance News reporter
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