Genomic Testing Cooperative (GTC) Receives Medicare (Palmetto GBA) Coverage for GTC-Solid Tumor Profile (434 gene) Test
IRVINE, Calif., Jan. 7, 2020 /PRNewswire/ -- Genomic Testing Cooperative, LCA announced that the Medicare Administrative Contractor Palmetto GBA (MolDx®) has established coverage for its solid tumor molecular profile. The GTC-Solid Tumor Profile provides a comprehensive evaluation of the abnormalities in the entire coding sequence of 434 genes in various types of solid tumors. This decision of covering solid tumors along with the previous coverage decision of two GTC hematology profiles allows GTC to offer comprehensive genomic profiling with next-generation sequencing (NGS) for patients with all types of cancer including a liquid biopsy for hematologic neoplasms.
Laboratories and hospitals that are members of the cooperative group as well as non-member medical professionals will have immediate access to these Medicare-covered tumor profiling tests.
Dr. Maher Albitar, GTC Chief Executive Officer and Chief Medical Officer, stated "We are delighted that Palmetto GBA now covers our hematology and solid tumor profiles. This full coverage along with our unique business model as a cooperative company will allow us to fulfill our mission in democratizing comprehensive molecular profiling of cancer and making it available and affordable for every patient with cancer." Dr Albitar added "We believe that this coverage by Medicare will help other Co-op member laboratories and large oncology practice groups obtain coverage when they adapt or internalize our highly validated comprehensive molecular profiling tests. This will not only improve patient care, but also reduce costs and deliver better standardized Precision Medicine."
It is estimated that approximately 1.74 million Americans will be diagnosed with cancer every year and more than 14 million people are living with a diagnosis of cancer in the US. Cancer is currently the second leading cause of death in the US.
About Genomic Testing Cooperative, LCA
Genomic Testing Cooperative (GTC) is a privately-owned molecular testing company located in Irvine, CA. The company operates based on a cooperative (co-op) business model. Members of the co-op hold type A shares with voting rights. The company offers its patron members a full suite of comprehensive genomic profiling based mainly on next generation sequencing. Molecular alterations are identified based on rigorous testing with the aid of specially developed algorithms to increase accuracy and efficiency. The clinical relevance of the detected alterations is pulled from numerous databases using internally developed software. Relevance of findings to diagnosis, prognosis, selecting therapy, and predicting outcome are reported to members. The co-op model allows GTC to make the testing and information platform available to members at a lower cost because of a lower overhead. For more information, please visit https://genomictestingcooperative.com/.
Forward Looking Statements
All of the statements, expectations and assumptions contained in this press release are forward-looking statements. Such forward-looking statements are based on the GTC management's current expectations and includes statements regarding the value of comprehensive genomic profiling, RNA profiling, DNA profiling, algorithms, therapy, the ability of testing to provide clinically useful information. All information in this press release is as of the date of the release, and GTC undertakes no duty to update this information unless required by law.
Company contact:
Jennifer Varca
Genomic Testing Cooperative.
(949) 540-9421
SOURCE Genomic Testing Cooperative
Related Links
http://genomictestingcooperative.com
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