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(Sharecast News) - Precision test developer Oxford BioDynamics has successfully secured a proprietary laboratory analysis (PLA) code from the American Medical Association's (AMA) Current Procedural Terminology (CPT) Editorial Board, it announced on Tuesday.
The AIM-traded firm said the unique code pertained to its EpiSwitch prostate screening (PSE) test, which boasts a 94% accuracy.
It said the test, released ahead of schedule on 26 September, was now available to men in the United States and the United Kingdom undergoing screenings for prostate cancer.
The test was launched as a laboratory-developed test (LDT) to facilitate immediate access to those for whom prostate cancer was a clinical concern and to initiate clinical use for the test.
Oxford said the new PLA code was officially published on 29 September and would be active for billing by payors from 1 January.
In the interim, a miscellaneous code for high-complexity molecular testing would be employed for reimbursement.
The assignment of the PLA Code by the AMA represented a significant step in enhancing the accessibility and use of the PSE test across the US healthcare sector as part of a standardised billing mechanism across all healthcare providers, ensuring precise reimbursement and amplifying patient access to the test by simplifying the reimbursement process and reducing administrative burdens.
"A unique code is critical to the reimbursement process," said chief operating officer Thomas Guiel.
"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."
At 1018 BST, shares in Oxford BioDynamics were up 18.37% at 40.6p.
Reporting by Josh White for Sharecast.com.
