Genetic Testing Marketplace Advances at Fastest Pace in History Despite COVID-19 Outbreak: Why More Physicians Now Use Genetic Tests and How Payers Want to Control Utilization, Prices

Genetic Testing Marketplace Advances at Fastest Pace in History Despite COVID-19 Outbreak: Why More Physicians Now Use Genetic Tests and How Payers Want to Control Utilization, Prices




Genetic Testing Marketplace Advances at Fastest Pace in History Despite COVID-19 Outbreak: Why More Physicians Now Use Genetic Tests and How Payers Want to Control Utilization, Prices

 

AUSTIN, Texas–(BUSINESS WIRE)–#clinicallaboratoryDemand for all types of genetic tests is exploding. This sector of clinical laboratory testing is robust and ever-more physicians are ordering genetic tests for a wide range of health conditions, causing a rapid increase in the number of genetic test orders flowing into the nation’s labs.

Independent of genetic SARS-CoV-2 testing—a line of tests that became the nation’s number one priority last winter and continues to be a major source of tests and revenue for labs performing those assays—the ongoing demand for the remaining menu of genetic tests returned to pre-pandemic levels last spring, then again began growing at healthy rates. That is the good news for genetic testing companies, along with the investors and financial analysts following this sector.

But the remarkable growth in the number of genetic tests ordered annually comes with a serious downside: the uncertainty of the actions Medicare and private health plans might take to control what they spend for genetic test claims. Those actions can include denying coverage for proprietary genetic tests that lack sufficient evidence of clinical utility, narrow networks, and tough audits of genetic test claims that result in huge recoupment demands, often in seven and eight figures!

All of these developments will be covered in the essential webinar, “State of the Genetic Testing Marketplace–Getting Paid for All Your Lab’s Genetic Test Claims: What’s Changing, What’s Not, and What’s Working Best.” It takes place on Thursday, March 25 at 1:00 PM EDT.

Your distinguished panel of experts includes:

Rob Metcalf, CEO, Concert Genetics, Nashville, TN, will discuss the scope and scale of the explosion in the number of genetic test claims–sharing data, charts, and analyses usually only available to clients.

Heather Agostinelli, Asst. Vice President, Strategic Revenue Operations, XIFIN, Inc., San Diego, CA, will provide a detailed perspective on the daily actions payers take as they process claims and issue payment for genetic tests, along with how labs can better respond to optimize the number of clean genetic test claims, thus helping to shorten payment times in ways that improve cash flow.

Bruce Quinn, MD, PhD, Principal, Bruce Quinn Associates LLC, Los Angeles, CA: An expert in how Medicare and private payers establish coverage guidelines and prices for new genetic tests, Dr. Quinn will explain the key differences in how private payers are managing genetic test utilization and payment, compared to the federal Medicare program.

Full details on topics, speakers, and sessions and how to register for this essential genetic test reimbursement webinar can be found here.

For additional information, contact: Amanda Curtis, 512-264-7103

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Contacts

Kristen Noonan

knoonan@darkreport.com