CONSHOHOCKEN, Pa.--(BUSINESS WIRE)--Oct. 30, 2009--
CardioNet, Inc. (NASDAQ:BEAT), a leading wireless medical technology
company with an initial focus on the diagnosis and monitoring of cardiac
arrhythmias, announced today that the Centers for Medicare and Medicaid
Services (“CMS”) has not established a national pricing reimbursement
rate for mobile cardiovascular telemetry (CPT Code 93229) in the
Medicare final rule for the physician fee schedule for calendar year
2010. Reimbursement for mobile cardiovascular telemetry will continue to
be carrier priced by Highmark Medicare Services (“HMS”).
Randy Thurman, Chairman, President and Chief Executive Officer of
CardioNet, stated, “We are extremely disappointed that CMS has not
established a national reimbursement rate for mobile cardiovascular
telemetry and that it will continue to be regionally priced by HMS.
CardioNet and other industry providers have now serviced nearly 400,000
patients nationally, of which a significant portion were Medicare
patients. Since the unexpected announcement by Highmark on July 10,
2009, we provided CMS and HMS with substantial data that we believe
justified a significantly higher national reimbursement rate and we will
continue to work with CMS on a national price for 2011.”
CMS also updated the national technical fees for event and Holter
monitoring for the calendar year 2010. Event monitoring (CPT Code 93271)
and Holter monitoring (CPT Code 93226) reimbursement will be reduced
approximately 7% and 16%, respectively, compared to the 2009 rates.
About CardioNet
CardioNet is the leading provider of ambulatory, continuous, real-time
outpatient management solutions for monitoring relevant and timely
clinical information regarding an individual's health. CardioNet's
initial efforts are focused on the diagnosis and monitoring of cardiac
arrhythmias, or heart rhythm disorders, with a solution that it markets
as Mobile Cardiac Outpatient TelemetryTM (MCOT™). More
information can be found at http://www.cardionet.com.
Forward-Looking Statements
This press release includes certain forward-looking statements within
the meaning of the "Safe Harbor" provisions of the Private Securities
Litigation Reform Act of 1995 regarding, among other things, our growth
prospects, the prospects for our products and our confidence in the
Company's future. These statements may be identified by words such as
"expect," "anticipate," "estimate," "intend," "plan," "believe,"
"promises" and other words and terms of similar meaning. Such
forward-looking statements are based on current expectations and involve
inherent risks and uncertainties, including important factors that could
delay, divert, or change any of them, and could cause actual outcomes
and results to differ materially from current expectations. These
factors include, among other things, changes in governmental regulations
and legislation, changes to reimbursement levels for our products,
including the potential for re-evaluation from Highmark or CMS on
reimbursement, the success of our sales and marketing initiatives, our
ability to attract and retain talented executive management and sales
personnel, our ability to identify acquisition candidates, acquire them
on attractive terms and integrate their operations into our business,
the commercialization of new products, market factors, internal research
and development initiatives, partnered research and development
initiatives, competitive product development, the continued
consolidation of payors, acceptance of our new products and services and
patent protection and litigation. For further details and a discussion
of these and other risks and uncertainties, please see our public
filings with the Securities and Exchange Commission, including our
latest periodic reports on Form 10-K and 10-Q. We undertake no
obligation to publicly update any forward-looking statement, whether as
a result of new information, future events, or otherwise.
Source: CardioNet, Inc.
CardioNet, Inc.
Marty Galvan
Investor Relations
800-908-7103
investorrelations@cardionet.com
