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Australia : Genetic Technologies executes agreement with further nationwide Provider Network.

Genetic Technologies Limited is pleased to announce that, through its wholly-owned subsidiary Phenogen Sciences Inc., it has executed an agreement with MultiPlan Inc. of Valencia, California, USA, to use the MultiPlan Network, a national complementary network.

MultiPlan created the complementary network concept in 1980, recognizing the emerging trend toward multi-sited workforces and a growing mobility of health plan participants. In excess of 4,800 hospitals, 99,000 ancillary facilities and 700,000 healthcare professionals participate in the network across the entire United States. Approximately 39 million lives access the network.

The agreement with Multiplan is the sixth such credentialing agreement executed between the Company and similar US Preferred Provider Organisations ( PPOs ) and increases significantly the total number of covered lives, for which its BREVAGen risk assessment test could be adjudicated as in-network , to more than 62 million.

As detailed in previous ASX announcements, the positive impact of this credentialing activity has been clearly demonstrated in reviewing reimbursement payments received in respect of the BREVAGen test since its launch. As reported by the Company in its March 2013 Quarterly Activities Report, the average reimbursement received in respect of claims that were adjudicated as in-network , was more than 25% higher than the amounts received in respect of claims that were adjudicated as out of network , with the time taken to collect the funds also being materially shorter.

Credentialing contracts have now been executed between the Company and MultiPlan Network, Three Rivers Provider Network, Prime Health Services, National Preferred Provider Network / PlanCare America / Ohio Preferred Provider Network LLC (NPPN / OPPN), Galaxy Health Network and Fortified Provider Network.

The Company is now actively pursuing additional agreements with other PPOs in order to further extend access to an increased number of covered lives.

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Publication:Mena Report
Date:May 21, 2013
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