Genetic Technologies Revamps Patient Pricing and Billing Program for BREVAGenplus(R) | Yahoo! Finance
“We are excited to implement this streamlined payment system as it dramatically simplifies the cost side of the equation for patients and makes it easy for physicians and their staff to answer questions regarding cost before sample collection. Additionally, transitioning to a direct patient self-pay program provides us with a defined marketing message for our in-house sales team to disseminate as they increase the number of physicians using BREVAGenplus,” commented Mr. Eutillio Buccilli, Chief Executive Officer of Genetic Technologies Limited. “We have been monitoring the issue of payment for a considerable period of time and have observed how other MDx companies have approached the issue and which ones have been successful in transitioning to a different collection methodology. We are confident that now is the appropriate time to make this change,” concluded Mr. Buccilli.
The Company’s revamped pricing strategy and numerical determination is the result of an internal review along with an industry analysis conducted by Genetic Technologies to evaluate solutions to improve the profile and ultimately, patient utilisation of BREVAGenplus. Under the patient self-pay program, BREVAGenplus will have a per test list price of USD 349.00, compared to the USD 2,795.00 which is currently presented to medical insurance providers. While the price discrepancy appears large, insurers generally pay a price much lower than list price. Patients, when confronted with the balance, often six to nine months after the test, can understandably become contentious which is typically directed at their physician. The revised BREVAGenplus price is in line with what the Company currently receives on a per test basis and does not alter the Company’s view as to the commercial value of BREVAGenplus.
The review that led to the change in the pricing and billing structure for BREVAGenplus has also sharpened the Company’s strategy with respect to other areas of its business. For example, the billing model designed for BREVAGenplus can also be applicable to the Company’s colorectal cancer (CRC) risk assessment test which is in the latter stages of development.
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