- CGI's full range of oncology focused testing services will be available to an additional 19 million individuals in the US
RUTHERFORD, N.J., April 1, 2015 (GLOBE NEWSWIRE) -- Cancer Genetics, Inc. (Nasdaq:CGIX) ("CGI" or "the Company"), an emerging leader in DNA-based cancer diagnostics, today announced that it has executed an agreement with America's Choice Provider Network® (ACPN®), an independent national network of healthcare providers in the US that offers out-of-network solutions for over 1100 payers. Under the terms of the agreement, CGI's cancer diagnostic services will be available to more than 19 million domestic members covered by ACPN.
According to Randy Goodman, Ph.D., Director of Reimbursement and Clinical Revenue Cycle Management at Cancer Genetics, Inc., "The relationship with America's Choice provides CGI with the ability to deliver services to a larger number of patients who access the America's Choice provider network through their contracted relationships with leading companies like Humana, Cigna and Oxford Health Plan."
The addition of America's Choice into the CGI network of healthcare providers allows CGI's growing clinical sales team to reach a much larger population of providers and their patients. "As precision medicine becomes increasingly mainstream among community oncologists and pathologists, providers will need access to innovative, leading-edge tests offered by CGI in order to appropriately manage and personalize treatment," said Panna Sharma, President and CEO of Cancer Genetics.
Participation in provider networks, such as America's Choice, constitutes an integral part of CGI's multi-part access and reimbursement strategy. CGI's reimbursement strategy includes partnerships and collaborations with cooperative oncology study groups, targeted relationships with leading payers and insurance companies, and health economic and validation studies with thought leaders at leading medical institutions. Through these initiatives, the company believes it will be able to expand access to and ensure reimbursement for the Company's unique genomic tests.
About America's Choice Provider Network:
ACPN and its experienced team are committed to creating solutions in the healthcare industry as it relates to the millions of claims that fall out-of-network each month. As an independent, multi-specialty National Provider Network, ACPN offers all three parties involved in healthcare transactions, viz., providers, payers and patients the perfect out-of-network solution. ACPN offers providers access to a client base consisting of Insurance Carriers, Third Party Administrators, Health and Welfare Funds, Employer Groups and Self-Insured Health Plans. Payers utilizing the ACPN network are offered access to healthcare providers of all types and all specialties at a national level. The products covered by ACPN's network include Individual and Group Health, Workers Compensation (including OWCP), Auto Liability (PIP) and Medicare Advantage.
About Cancer Genetics:
Cancer Genetics, Inc. is an emerging leader in DNA-based cancer diagnostics, servicing some of the most prestigious medical institutions in the world. Our tests target cancers that are difficult to diagnose and predict treatment outcomes. These cancers include hematological, urogenital and HPV-associated cancers. We also offer a comprehensive range of non-proprietary oncology-focused tests and laboratory services that provide critical genomic information to healthcare professionals, as well as biopharma and biotech companies. Our state-of-the-art reference labs are focused entirely on maintaining clinical excellence and are both CLIA certified and CAP accredited and have licensure from several states including New York State. We have established strong research collaborations with major cancer centers such as Memorial Sloan-Kettering, The Cleveland Clinic, Mayo Clinic and the National Cancer Institute.
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Forward Looking Statements: This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements pertaining to future financial and/or operating results, future developments in research, technology, clinical development and potential opportunities for Cancer Genetics, Inc. tests and services, along with other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management constitute forward-looking statements. Any statements that are not historical fact (including, but not limited to, statements that contain words such as "will," "believes," "plans," "anticipates," "expects," "estimates") should also be considered to be forward-looking statements. Forward-looking statements involve risks and uncertainties, including, without limitation, risks inherent in the development and/or commercialization of potential products, risks of cancellation of customer contracts or discontinuance of trials, uncertainty in the results of clinical trials or regulatory approvals, need and ability to obtain future capital, maintenance of intellectual property rights and other risks discussed in the Company's Form 10-K for the year ended December 31, 2014 along with other filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof. Cancer Genetics disclaims any obligation to update these forward-looking statements.