CardioNet Announces Deal with UnitedHealthcare Insurance Co.
CardioNet, Inc. (NASDAQ: BEAT) (“CardioNet”), the leading wireless medical technology company focused on diagnosing and monitoring cardiac arrhythmias, announced today that the Company has entered into a three-year National Provider Agreement with UnitedHealthcare (NYSE: UNH) Insurance Company, covering all of CardioNet's monitoring modalities, including Mobile Cardiac Outpatient Telemetry (MCOT^TM). The Agreement is effective July 1, 2013 and applies to all UnitedHealthcare affiliated entities, including managed Medicare and managed Medicaid plans. UnitedHealthcare provides coverage to more than 70 million members in the United States.
UnitedHealthcare's decision to expand coverage to include CardioNet's MCOT^TM was the result of an extensive review of clinical evidence, including the Company's recently published studies. Their research found MCOT^TM to be proven for multiple indications, concluding: “Results of studies suggest that mobile outpatient telemetry provides more effective detection of infrequent cardiac arrhythmias than external, loop monitors.”
Joseph Capper, President and CEO of CardioNet, commented: “CardioNet is pleased to partner with an industry leader like UnitedHealthcare. Earlier this year, we announced a more comprehensive strategy to promote our entire suite of cardiac monitoring solutions. By providing access to United's more than 70 million members, this agreement dramatically expands the available market for all of our life-saving technologies. We look forward to a lasting relationship with UnitedHealthcare and to servicing their vast membership.”
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