Business
CMS Pricing Determination becomes effective
CMS Pricing Determination becomes effective.
About this update from Renalytix Plc
[{"type":"text","content":"\n \nRNS Number : 6203Y Renalytix AI PLC 03 January 2020 \n\n \n3 January 2020\n\nRenalytix AI plc\n(\"RenalytixAI\", the \"Company\" or the \"Group\")\n \nCMS Pricing Determination becomes effective\n \nRenalytix AI plc (AIM: RENX), a developer of artificial intelligence enabled clinical diagnostics for kidney disease, announces that that the national price for KidneyIntelX™ set by the Centers for Medicare and Medicaid Services (\"CMS\") became effective as of 1 January 2020. This establishes a national price of $950 for the test for Medicare patients and is effective until December 2022.\n \nThis announcement follows the publication of the final 2020 Clinical Laboratory Fee Schedule (\"CLFS\") by CMS, announced by the Company on 3 December 2019 (RNS: 4621V). For patients covered by Medicare the national price paid for outpatient laboratory testing is established through the CLFS process. Each year, new laboratory test codes are added to the CLFS and pricing is developed through a public comment process and review and finalisation by CMS. The pricing for tests like KidneyIntelX™ is set for a three-year period. At the end of that time, the price will be reset based on an average of reported private payor payments for the test or laboratory service. If the calculated average price would result in a reduction in the price paid for KidneyIntelX™ for Medicare patients, the decrease will be capped at no more than 15%.\n \nLeveraging the validation associated with a national price established by Medicare, the Company is pursuing coverage determinations in 2020 and 2021 to ensure KidneyIntelX™ is available to patients with public and private health insurance coverage throughout the United States.\n \n \nThe person responsible for arranging the release of this announcement on behalf of the Company is James McCullough, CEO.\n \nFor further information, please contact:\n \n\n\n\n\nRenalytix AI plc \n\n\nwww.renalytixai.com\n\n\n\n\nJames McCullough, CEO \n\n\nVia Walbrook PR \n\n\n\n\n \n\n\n \n\n\n\n\nStifel (Nominated Adviser & Joint Broker)\n\n\nTel: 020 7710 7600\n\n\n\n\nAlex Price / Jonathan Senior / Ben Maddison \n\n\n \n\n\n\n\n \n\n\n \n\n\n\n\nN+1 Singer (Joint Broker)\n\n\nTel: 020 7496 3000\n\n\n\n\nAubrey Powell / George Tzimas (Corpora...