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Arrayit Corporation Approved for Electronic Medicare Reimbursement from the Centers for Medicare and Medicaid Services
By GlobeNewswire, July 1, 2019, 05:30:00 AM EDT: Source Arrayit Corporation
Sunnyvale, July 1, 2019 (GLOBE NEWSWIRE) -- Arrayit Corporation (OTC: ARYC), a life sciences and personalized medicine company,has been approved to receive electronic Medicare payments for its allergy testing healthcare services from the Centers for Medicare and Medicaid Services (CMS). As a Medicare-enrolled CMS healthcare provider, Arrayit recently received a Provider Transaction Access Number (PTAN) from its Medicare Administrative Contractor (MAC), allowing the company to receive electronic payments for Medicare services billed through its private health insurance MAC intermediary. Arrayit's PTAN is also a pre-requisite for receiving Medicaid payments from certain states including Texas. In 2018, Medicare and Medicaid had a combined budget of $1,100,000,000,000 ($1.1 trillion), corresponding to about 31% of the total US healthcare expenditure. Physicians are increasingly prescribing Arrayit finger stick allergy testing services to detect, treat and manage allergy and asthma in the 41% of the US population currently receiving government-sponsored Medicare and Medicaid health benefits.
Arrayit recently completed an allergy testing pilot program for a top retail chain, established a nationwide network of 1,700 allergy sales professionals, met with top officials at the United States Food and Drug Administration (FDA) regarding approval of a major product line, fulfilled an FDA clinical instrumentation contract, received approval for in-store promotions by a major retailer, announced allergy testing partnerships with major allergy therapeutics providers, received approval for direct Medicare billing by the Centers for Medicare and Medicaid Services, launched the Patient Data Solutions allergy portal for doctors and clinics, celebrated 25 years of company operations, announced an allergy testing services agreement with a major health and wellness provider, provided a letter to shareholders from the company's Chief Executive Officer, received endorsement by First Pediatrics Medical Group, announced in-network allergy testing services contracting with a top five commercial health benefits company, doubled its weekly billing guidance to $2 million per week, appointed an Apple enterprise healthcare partner to accelerate revenues and earnings growth, expanded allergy testing services evaluation with a major retail pharmacy chain, grew its allergy testing healthcare network to more than 700 clinics, retained a top credentialing company to accelerate commercial and government payor reimbursement, aced five consecutive rounds of proficiency testing with a top proficiency testing leader, signed an in-network allergy testing services agreement with a major California-based health benefits company, and received a certificate of deemed status into 2020 from the California Department of Public Health. Electronic Medicare reimbursement is expected to significantly increase fiscal year 2019 and 2020 revenues and earnings, which will be reported in the company's upcoming audited financial statements.
CEO Rene Schena states, "Electronic Medicare reimbursement is a dynamic new entitlement that will allow us improve the physician-prescribed allergy and asthma standard of care among the 134.7 million Americans currently receiving government-sponsored health benefits. This fits squarely in our mission of deploying personalized and preventative finger stick allergy testing services to improve health and wellness in every American household.”
Arrayit Corporation, headquartered in Sunnyvale, California, leads and empowers the research, biotechnology, pharmaceutical, clinical and healthcare sectors through the discovery, development and manufacture of proprietary life science and personalized medicine products and services to advance biomedical research and improve wellness and human health. Please visit www.arrayit.com for more information.
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