(MENAFN- ProactiveInvestors - Australia) Resonance Health's (ASX: RHT) non-invasive, MRI-based service for the measurement of liver iron overload, FerriScan, is garnering the support of insurance payers in the U.S. with indications patient reimbursement for the service could be on the cards.
Two of the company's U.S. customers have received a positive response regarding FerriScan reimbursement from two of the largest insurance payers in the U.S.
Blue Cross Blue Shield Massachusetts and Kaiser Permanente have advised that coverage may be provided for FerriScan when a patient's clinical circumstances require it.
Prior authorisation is required to confirm whether the proposed service is medically necessary.
Resonance Health has also received verbal confirmation from four U.S. hospitals that they are now receiving reimbursement from payers for FerriScan costs.
This also usually involves a pre-authorisation regarding the medical necessity of the FerriScan test for the patient.
Resonance Health has been actively establishing new FerriScan service providers in the U.S.
A medical service must be widely available to gain reimbursement and the number of U.S.- based FerriScan centres have increased from 10 in 2010 to 40 currently.
Resonance has submitted an application to the American Medical Association for a Current Procedural Terminology (CPT) code suitable for FerriScan.
The codes are designed to facilitate communication about medical services and procedures among physicians, administrators, patients and insurance companies for funding and administrative purposes.
A unique CPT code for FerriScan is not mandatory but streamlines the coverage and payment processes between FerriScan providers and payers.
Resonance reported a cash position of A$1.2 million at the end of the September quarter, marking an increase of $34,000 for the quarter.
The company has no debt, and receipts from customers were up 90% on the prior quarter due to the reduction in trade receivables in July 2012 and the prepayment of some FerriScan services to be provided over the coming year.
During the quarter, Resonance revealed that it has been contracted to provide FerriScan services in two new clinical trials and the FDA has requested a broader Indication for Use for FerriScan to support its role in the treatment of patients with iron chelation therapy.
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