CardioNet, Inc. (NASDAQ:BEAT), a leading wireless medical technology company with a current focus on the diagnosis and monitoring of cardiac arrhythmias, announced that the Centers for Medicare and Medicaid Services ("CMS") has established a national rate in The Medicare Program Final Rule for the technical component of mobile cardiovascular telemetry (CPT Code 93229). Based on the information currently available, we expect a price of approximately $800 for our geographical area to become effective on January 1, 2011, which will replace the carrier price of $754 previously implemented by Highmark Medicare Services.
“We are pleased that our ongoing dialogue with CMS over the last two years culminated in a national price. We believe that this sends a clear message that MCOTTM is an established, accepted technology that is critical to providing better patient care to Medicare beneficiaries nationwide.”
Joseph Capper, President and Chief Executive Officer of CardioNet, commented: "We are pleased that our ongoing dialogue with CMS over the last two years culminated in a national price. We believe that this sends a clear message that MCOTTM is an established, accepted technology that is critical to providing better patient care to Medicare beneficiaries nationwide."
The Company will comment further on CMS' decision to establish a national rate on its investor conference call to discuss the Company's operating results for the third quarter of 2010, which is scheduled for November 8, 2010 at 5:00 PM Eastern Time.
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