Rosetta Genomics Ltd. announces that the Company has executed credentialing agreements with FedMed, Inc. (FedMed) and Fortified Provider Network Inc. (FPN) for Rosetta's Cancer Origin Test.
FedMed is a Preferred Provider Organization (PPO) with over 550,000 physicians, 4,000 hospitals and 60,000 Ancillary Care Providers nationwide. It is estimated that more than 40 million Americans have access to FedMed's National Provider Network. FPN is a national direct-contracted preferred provider network that represents approximately four million covered lives. FPN's select provider network is utilized by self-funded employer groups, insurance carriers and regional and local provider networks that process end-user patient claims.
"Rosetta now has executed credentialing agreements with four national U.S. PPOs. Together with Medicare reimbursement, we estimate that the total number of potential covered lives for which the Cancer Origin Test could be adjudicated as 'in-network' exceeds 100 million," said Kenneth A. Berlin, President and Chief Executive Officer of Rosetta Genomics. "We continue to pursue additional agreements with other PPOs as they provide faster payment while maintaining acceptable levels of reimbursement, and also reduce costs incurred through appealing denials. This has become increasingly important to our company as we have expanded our U.S. commercial operations and continue to process and bill a growing number of samples.
"These agreements further validate the clinical utility and improved patient outcomes of our Cancer Origin Test and underscore the importance of determining the tumor origin in hard-to-diagnose metastatic cancers, and Cancers of Unknown or Uncertain Primary (CUP). We believe the Cancer Origin Test can help physicians to accurately diagnose tumor origin in order to optimize treatment. The availability and accuracy of our Cancer Origin Test underscores why uncertainty in cancer diagnosis is no longer acceptable," Mr. Berlin added.
A PPO is a managed care organization of medical doctors, hospitals and other health care providers that has covenanted with an insurer or a third-party administrator to provide health care at reduced rates to the insurer's or administrator's clients. Credentialing is a process whereby provider organizations such as physicians, care facilities and ancillary providers (including testing service providers such as Rosetta Genomics) contract directly with the PPO.