Business
iRhythm Technologies Comments on Centers for Medicare and Medicaid Services 2022 Medicare Physician Fee Schedule Final Rule
SAN FRANCISCO, Nov. 02, 2021 (GLOBE NEWSWIRE) -- iRhythm Technologies, Inc. (NASDAQ: IRTC) (“iRhythm”), a leading digital healthcare solutions company focused
About this update from Irhythm Holdings, Inc.
[{"type":"text","content":"SAN FRANCISCO, Nov. 02, 2021 (GLOBE NEWSWIRE) -- iRhythm Technologies, Inc. (NASDAQ: IRTC) (“iRhythm”), a leading digital healthcare solutions company focused on the advancement of cardiac care, today commented on the Centers for Medicare and Medicaid Services (CMS) Calendar Year 2022 Medicare Physician Fee Schedule (MPFS) Final Rule. The Final Rule and accompanying Addenda were released on November 2, 2021, along with updated payment policies, payment rates, and other provisions for services furnished under MPFS on or after January 1, 2022. In the Final Rule, CMS did not issue national pricing and continued carrier pricing for calendar year 2022 on Category I CPT codes 93241, 93243, 93245 and 93247 for extended external ECG monitoring, the relevant codes for the Company’s Zio XT service. iRhythm and other industry participants have been working with Medicare Administrative Contractors (MACs) to establish pricing for these codes. iRhythm remains engaged with all of the MACs and is working with other industry participants to submit additional cost data on long-term continuous ECG monitoring for consideration to establish fair and appropriate local rates. iRhythm is evaluating the new information included in the Final Rule and its potential implications on discussions with the MACs. iRhythm cannot provide certainty at this time on the potential outcome of the discussions with the MACs or on the timing of any action to be taken. “While we are disappointed that national pricing was not included in the 2022 physician fee schedule, we are appreciative that CMS continues to engage with industry and other stakeholders to further their understanding of the cost components of AI-based solutions such as iRhythm’s Zio service. We firmly believe that national pricing remains the best option for all stakeholders,” said Quentin Blackford, iRhythm President and CEO. “In the meantime, we will continue to work with the MACs to provide information for the Calendar Year 2022 rate setting process and believe the Final Rule is potentially constructive in our conversations with the MACs. We will share updates at the appropriate time.” iRhythm will provide further commentary, including remarks on this latest ruling by CMS, during its Third Quarter 2021 Earnings Call on Thursday, November 4, 2021 at 1:30 p.m. PT / 4:30 p.m. ET. Investors interested in l...