Oxford BioDynamics(OBD) , a biotechnology company developing precision medicine tests, has confirmed that it has received a reimbursement code for its PSE test under Medicare, Medicaid and private payors. 

The unique code 0433U was issued to Oxford BioDynamics for the 94% accurate EpiSwitch® Prostate Screening test. Payors will be able to bill for the test using the code from 1 January 2024.

The new CPT code simplifies billing, guarantees accurate reimbursement for the PSE Test, and enhances patient access by simplifying the reimbursement process. The PSE Test launched earlier than planned, offering immediate access to men in the US and UK. It was launched as a Laboratory Developed Test to provide immediate access for men where prostate cancer is a clinical concern and to generate clinical utilisation for the test.

Oxford BioDynamics added that the speed of issuance of the CPT code demonstrates that the payor groups recognise how important PSE is for screening, saving costs and improving patient outcomes. 

"A unique code is critical to the reimbursement process," said Thomas Guiel, OBD's Chief Operating Officer. "With the code issued at this early stage of the test introduction, we are in a good place to drive adoption of this highly accurate test. Effective on 1 January for all requests for insurance reimbursement, whether from Medicare, Medicaid or private payors, this unique code will enable discussions regarding coverage decisions as well as negotiating the reimbursement rate."
 

View from Vox

A key milestone for Oxford BioDynamics, with the rapid issuance of the CPT code reflecting the acknowledgment by payor groups that the PSE test is not only important for patients but also for cost savings in the medical industry.

Early and accurate detection of prostate cancer can lead to more effective treatment and potentially reduce healthcare costs associated with late-stage cancer treatment. In addition, PSE can reduce referrals for unnecessary prostate biopsies, again contributing to time and cost savings. 

Currently, from a standard PSA test alone, only 32 of every 100 positive results are subsequently diagnosed with cancer. In contrast, when this test is done in combination with  Oxford BioDynamics’ EpiSwitch PSE test, 93 of every 100 positive results are diagnosed with cancer. 

Follow Oxford BioDynamics for more News and Updates: