NEWS: Molecular Testing Company Receives Medicare Coverage for Solid Tumor Profile Test
It’s estimated that close to 2 million Americans are diagnosed with cancer every year, and more than 14 million people are living with a diagnosis of cancer in the U.S.
Cancer is currently the second leading cause of death in the U.S.
A molecular testing company in Irvine, which does gene profiling, announced today that its solid tumor molecular profile is now covered by Medicare.
Genomic Testing Cooperative said in a press release issued today that its profile provides an evaluation of the abnormalities in the entire coding sequence of 434 genes in various types of solid tumors.
GTC’s ability to get this profile covered by Medicare, along with its existing two hematology profiles (which are also covered), enables the company to offer “comprehensive genomic profiling with next-gen sequencing” for patients with all types of cancer, including a liquid biopsy for hematologic neoplasms.
GTC said that labs and hospitals that are members of the cooperative group, as well as non-member medical professionals, will have “immediate” access to these tests.
More About Genomic Testing Cooperative
Maher Albitar is the CEO and chief medical officer.
The company operates based on a cooperative business model. Members of the co-op hold type A shares with voting rights.
The company offers its “patron members” the genomic profiling, based mainly on next- gen 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 then reported to members.
GTC said its co-op model enables a lower cost because of a lower overhead.