NASHVILLE, Tenn., April 5, 2016 /PRNewswire/ -- Healthcare technology company NextGxDx, Inc. today announced a new offering to support health insurance companies in the rapidly growing genetic testing field. Through its proprietary GenePayer™ solution, NextGxDx will provide health insurers with genetic test claims analysis and market intelligence to inform policy development and bring transparency to genetic testing reimbursement.
According to NextGxDx's market analysis, genetic testing is among the fastest growing areas of healthcare. There are more than 60,000 unique genetic testing products on the market – representing more than 14,000 distinct, clinically relevant categories of tests – and an average of eight to 10 new products enter the market each day. Though this rapid growth is advancing medical diagnostic and treatment options, it also confounds the process through which healthcare providers bill insurers for genetic tests. Today there are fewer than 200 procedural billing codes representing the more than 14,000 types of genetic tests clinicians can order for their patients. Thus, health insurers have limited visibility into genetic testing claims, including what tests they are reimbursing and the market prices for those tests.
GenePayer from NextGxDx delivers transparency into health insurers' genetic testing claims so they can offer their members access to state-of-the-art healthcare services while maintaining the financial stewardship that keeps premiums affordable. Building on NextGxDx's comprehensive database of more than 60,000 genetic testing products, GenePayer matches raw claims to genetic testing products and categorizes them into clinically relevant groups. This analysis allows NextGxDx to deliver insights into areas such as variation in pricing and payments, inaccurate claims and gaps in medical policies to support data-driven policy development, informed pricing and streamlined reimbursement workflow for health insurers.
NextGxDx has proven GenePayer's effectiveness through pilot programs with several national health insurance companies, and the company recently contracted with a top national health insurer to provide the GenePayer suite of solutions.
"Our goal is to make the genetic testing market more efficient by bringing value to every player – laboratories, healthcare providers and health insurers – and improving the connections between them," said Mark Harris, Ph.D., CEO of NextGxDx. "Our GeneSource® and GeneConnect® products are already bringing hospitals, physicians and laboratories together to make it easier to search, compare, order and manage genetic testing. With the official launch of GenePayer, we're completing the value chain by providing health insurers with the intelligence they need to build informed policies that match clinical advances with the needs of their members."
Resources to Learn about Genetic Testing Reimbursement
To learn more about GenePayer and the genetic testing market, attend a free webinar hosted by America's Health Insurance Plans (AHIP). This webinar, entitled "Genetic Testing Utilization Management: Achieving Transparency, Efficiency and Value," will take place on Monday, May 16, at 1 p.m. EDT and feature sample analyses and key lessons learned from analyzing millions of genetic testing claims. More details and registration information can be found here: http://www.ahip.org/NextGxDx-040416/.
Last month, NextGxDx released a report detailing the size, growth and complexity of the genetic testing market. A copy of this report, as well as other data and analyses can be downloaded at: www.NextGxDx.com/insights.
For more information on NextGxDx's GenePayer and other genetic testing solutions for healthcare providers, visit www.NextGxDx.com/genepayer.
About NextGxDx, Inc.
NextGxDx is a healthcare IT company dedicated to enhancing the transparency of genetic testing data and streamlining processes related to genetic test ordering, payment and management for healthcare providers, laboratories and health insurers. NextGxDx's proprietary GeneSource®, GeneConnect® and GenePayer™ solutions provide data and tools for end-to-end genetic testing management, from searching and comparing testing products, to tracking orders and results, to payment integrity and forecasting trends in pricing and utilization. As the genetic testing resource, NextGxDx provides comprehensive, intuitive solutions that address the specific challenges faced by the medical community. For more information, visit www.NextGxDx.com.
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SOURCE NextGxDx, Inc.