Biocept Inc (NASDAQ:BIOC) has agreed to a managed care provider agreement with Medical Cost Containment Professionals LLC (MCCP) to process out-of-network insurance claims for its Target Selector liquid biopsy testing.
MCCP is a reference-based pricing insurance network that includes more than 150,000 providers in the US, the company said.
"MCCP has a reputation for paying out-of-network claims correctly, in full and on time; and we are delighted to be working with them," Biocept Senior Director of Managed Care Strategies Dede Goehler said in a statement. "Under this new relationship, out-of-network claims for our Target Selector testing will be adjudicated by MCCP at pre-negotiated pricing in a timely manner, helping to accelerate collections while reducing the length of time receivables remain outstanding."
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MCCP was founded with the goal of lowering healthcare costs in the US and claims its business model allows for negotiation of 80% of the claims it receives, regardless of amount.
"This agreement effectively expands our managed care network of covered lives at a time when the healthcare community increasingly recognizes the importance of our liquid biopsy tests in helping physicians to determine the optimal treatment for their patients with cancer," Biocept CEO Michael Nall said. "MCCP's network includes 47 million covered lives, with some members covered by multiple plans.”
“We are working to enter into additional similar partnerships that help adjudicate out-of-network claims, as well as with managed care plans for in-network coverage for their members," he added.
Biocept’s Target Selector technology detects and isolates cancer biomarkers such as circulating tumor cells and cell-free circulating tumor DNA. It offers the tests commercially to doctors, hospitals, clinics and researchers, with a focus on lung, breast, gastric, colorectal and prostate cancers — which represent 45% of all metastatic cancers — as well as melanoma.
The company says these simple blood tests can obtain the needed molecular information non-invasively and more rapidly than a tissue biopsy.
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