Biocept Secures Agreement with Preferred Provider Organization Prime Health Services
Increases coverage to approximately 140 million PPO consumers
SAN DIEGO, Feb. 29, 2016 /PRNewswire/ -- Biocept, Inc. (NASDAQ: BIOC), a molecular diagnostics company commercializing and developing liquid biopsies to improve the detection and treatment of cancer, announces an agreement with preferred provider organization (PPO) network Prime Health Services. Prime Health clients will now have network access to Biocept's proprietary liquid biopsy testing. With the addition of Prime Health, Biocept increase coverage to approximately 140 million PPO consumers.
Prime Health is a leading national medical cost-containment company that offers a full spectrum of services, including a PPO product that is a national direct-contracted preferred provider network utilized by self-funded employer groups, insurance carriers, and regional and local provider networks. Prime Health's Group Health PPO provides access to more than 700,000 physicians, ancillary services, and hospitals nationwide.
"Prime Health Services is excited to have Biocept as a provider in our network. With this agreement in place, Biocept's proprietary liquid biopsy testing will be an option for our clients and assist their physicians in making treatment decisions," said Prime Health's Todd Hurt, Vice President of Provider Contracting. "Additionally, Prime Health plays a leading role with assisting providers like Biocept with streamlining the claims adjudication and reimbursement process."
"Biocept's proprietary liquid biopsy platform uses a simple blood sample to detect the presence of key cancer-associated biomarkers, which can assist with medical decision-making," said Biocept's Senior Vice President and Senior Medical Director Veena Singh, MD. "Determining the molecular status of a tumor can help predict its progression and guide therapy. Our liquid biopsy tests can provide information without invasive surgical procedures, which can involve substantial risk or may not be possible for some patients."
Amy McNeal, Biocept's Senior Director of Reimbursement Strategies, stated, "Our agreement with Prime Health is important in expanding PPO coverage of our liquid biopsy tests to a broader group of consumers, which is a key aspect of our reimbursement strategy. Prime Health brings Biocept the added advantage of streamlining the claims adjudication and reimbursement process."
About Prime Health Services
Prime Health Services, Inc. is a leading national managed care company whose mission is to reduce unnecessary health care costs through a variety of functions of health insurance, delivery of care, and administration, including its noteworthy primary Preferred Provider Organization (PPO) Network that is customizable for each of its client's needs. The Prime Health Services PPO (PrimePPO) Network includes workers' compensation, commercial group health, auto liability, corrections, and Medicare Advantage focused networks. Over 700,000 nationwide providers and facilities make up the PrimePPO Network, which is available to the insurance carrier, third party administrator (TPA), self-insured, governmental, and captive insurance markets. More information is available at www.primehealthservices.com or by calling 866-348-3887. Connect on Twitter (@PrimePPO), Facebook (@PrimeHealthServices), LinkedIn (/company/Prime-Health), and Google+ (+PrimeHealthServices).
Biocept, Inc. is a commercial-stage molecular diagnostics company that utilizes a proprietary technology platform and a standard blood sample to provide physicians with important prognostic and predictive information to enhance individual treatment of patients with cancer. Biocept's patented technology platform captures and analyzes circulating tumor DNA, both in circulating tumor cells (CTCs) and in plasma (ctDNA). Biocept currently offers assays for prostate cancer, gastric cancer, breast cancer, lung cancer, colorectal cancer and melanoma, and plans to introduce CLIA-validated tests for other solid tumors in the near term. For additional information, please visit www.biocept.com
Forward-Looking Statements Disclaimer Statement
This release contains forward-looking statements that are based upon current expectations or beliefs, as well as a number of assumptions about future events. Although we believe that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, we can give no assurance that such expectations and assumptions will prove to have been correct. Forward-looking statements are generally identifiable by the use of words like "may," "will," "should," "could," "expect," "anticipate," "estimate," "believe," "intend," or "project" or the negative of these words or other variations on these words or comparable terminology. To the extent that statements in this release are not strictly historical, including without limitation statements as to our ability to improve the detection and treatment of cancer, our ability to expand the coverage of our liquid biopsy tests, and our plans to introduce CLIA-validated tests in the near term, such statements are forward-looking, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous risk factors as set forth in our Securities and Exchange Commission (SEC) filings. The effects of such risks and uncertainties could cause actual results to differ materially from the forward-looking statements contained in this release. We do not plan to update any such forward-looking statements and expressly disclaim any duty to update the information contained in this press release except as required by law. Readers are advised to review our filings with the SEC, which can be accessed over the Internet at the SEC's website located at www.sec.gov.
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SOURCE Biocept, Inc.