NEW YORK, Dec. 3, 2019 /PRNewswire/ -- Renalytix AI plc
(LSE: RENX), a developer of artificial intelligence-enabled
clinical diagnostics for kidney disease, announced today that the
Centers for Medicare and Medicaid Services ("CMS") has released the
Final 2020 Clinical Laboratory Fee Schedule ("CLFS") and has set a
national price for the Company's KidneyIntelX™ test. Under
the 2020 fee schedule, the price for KidneyIntelX™ with a
unique reimbursement code (0105U) is set at $950 and becomes effective on January 1, 2020. This price will remain in effect
for a three-year term from January
2020 until December 2022.
The inclusion of KidneyIntelX™ on Medicare's CLFS will
accelerate RenalytixAI's contracting efforts with private insurance
payors as several large insurance plans in the United States use Medicare's CLFS to
determine test pricing. Based on this development RenalytixAI will
expand the market focus for KidneyIntelX™ to a national U.S.
program, with a significant expansion in covered lives expected to
take place beginning in 2020 and 2021.
"We are pleased that CMS has priced KidneyIntelX™ in the year of
our national launch program. Historically, coverage and pricing
have lagged innovative test launches by three to five years," said
Tom McLain, President and Chief
Commercial Officer. "We believe this accelerated timeframe for
KidneyIntelX™ pricing reflects the benefit of improved patient
outcomes by delaying or preventing the onset of end-stage renal
disease and kidney failure, as well as the expected cost reductions
that can be delivered to healthcare systems across the United States."
About Kidney Disease
Kidney disease is now
recognized as a public health epidemic affecting over 850 million
people globally. In the United
States alone, over 40 million people are classified as
having chronic kidney disease, with nearly 50 percent of
individuals with advanced (Stage IV) disease unaware of the
severity of their reduced kidney function. As a result, many
patients progress to kidney failure in an unplanned manner, ending
up having dialysis in the emergency room without ever seeing a
clinical specialist, such as a nephrologist. Every day 13 patients
die in the United States while
waiting for a kidney transplant.
About RenalytixAI
RenalytixAI is a developer of
artificial intelligence-enabled clinical diagnostic solutions for
kidney disease, one of the most common and costly chronic medical
conditions globally. The Company's solutions are being designed to
make significant improvements in kidney disease diagnosis and
prognosis, clinical care, patient stratification for drug clinical
trials, and drug target discovery. For more information, visit
renalytixai.com.
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SOURCE RenalytixAI