Veracyte, Inc., a genomic diagnostics company concentrated on decreasing unnecessary surgeries and healthcare charges by resolving diagnostic uncertainty, today declared that Palmetto GBA, a Medicare Administrative Contractor (MAC), has finalized its coverage policy for the Percepta Bronchial Genomic Classifier. This local coverage determination (LCD) makes Percepta the 1st genomic test to be covered by Medicare for improved lung cancer screening and diagnosis. Established through the Medicare MolDx program, the policy will become effective March 13, 2017 and gives a framework for other engaging MACs to follow.
CGS Administrators, LLC also released a final LCD for the Percepta genomic test and Noridian Healthcare Solutions is hoped to similarly finalize its draft LCD. These finalizations will make Percepta a covered benefit for more than 35 million, or almost two thirds, of the 57 million Medicare beneficiaries in the U.S. Veracyte has finalized the Medicare Coverage Policies for Percepta Bronchial Genomic Classifier.
The Percepta classifier is a genomic test that is utilized to make better the precision and safety of lung cancer screening and diagnosis. The test is supported by several published studies indicating its ability to decrease unnecessary surgeries on suspicious lung nodules discovered on computed tomography (CT) scans – a conventional challenge in lung cancer screening.
“Palmetto sustains to be a leader in appreciating the tremendous advances in patient care and healthcare savings that are enabled by access to Veracyte’s high-value genomic tests,” claimed Bonnie Anderson, Veracyte’s chairman of the board, president and chief executive officer. “The important clinical evidence supporting Percepta met the MolDx program’s high standards for coverage and, we believe, will also be key to acquiring private insurance coverage and driving the test’s adoption as we start to ramp up commercialization.”
Lung cancer kills almost 160,000 Americans per year – more than the next 3 leading cancers combined. In the year of 2015, more than 8 million Americans became eligible through Medicare and private insurers for yearly lung cancer screening with low-dose CT in an attempt to find cancers earlier, when they are more treatable. Veracyte has finalized the Medicare Coverage Policies for Percepta Bronchial Genomic Classifier.
Veracyte assumes the U.S. market opportunity for Percepta to be $425 million to $525 million today and hopes the market to increase in size as lung cancer screening programs expand. Nearly 50% of the current market comprises sufferers covered by Medicare
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