My research shows this is no first time milestone for this company. They have done it all before and better it seems. Below is proof our CEO is just playing around, he has no idea, he needs to go! We need a CEO that knows how to drive the companies achievements sooner rather than in 1-3yrs+.
This is what my research has turned up.. Note: Brevagen is the old name for the current GTG GeneType Breast Test.
----------- Genetic Technologies Provides BREVAGen™ Sales and Reimbursement Update Strong start to 2012 with BREVAGen™ credentialing now reaching 13 million covered lives
Melbourne Australia; May 22, 2012: Genetic Technologies Limited (ASX: GTG, NASDAQ: GENE),is pleased to provide an update on BREVAGen™ sales and the “credentialing” process with the top tenU.S. Preferred Provider Organisations (“PPOs”). To date, the Company has executed credentialingcontracts with four PPOs which represents an estimated 13 million covered lives in the U.S. Progresswith these leading PPOs has been a key driver of improved BREVAGen™ revenue collection.
Total revenue received from BREVAGen™ sales in the period from January to April 2012 representedover 63% of all revenues received since the test was launched in June 2011. In addition to theimprovement in reimbursement, the month of April saw appreciable sales uptake, with unit salesincreasing to 48% higher than the year-to-date monthly average.
A story highlighting the BREVAGen™ test and its U.S. launch featured on the Tuesday, May 15episode of Australia’s Channel 7 news and current affairs television show Today Tonight which wasbroadcast nationally across Australia. [To view the story go to: http://au.news.yahoo.com/today-tonight/latest/article/-/13691294/breast-cancer-breakthrough/]
“The recent increase in unit sales and revenue generation is illustrative that we are on the right trackwith regard to both sales messaging and credentialing contract execution for BREVAGen™,” said Dr.Paul MacLeman, Genetic Technologies’ Chief Executive Officer. “With the increased sales presencewe now have in place in new U.S. territories, we are looking forward to continued commercial growth,particularly as we execute on credentialing contracts with further U.S. PPOs.”
Credentialing contracts executed with four of the top ten Preferred Provider Organisations Credentialing with these PPOs allows for expedited claim adjudication (as “in-network”). This providesimproved cash flow while obtaining an acceptable level of reimbursement, and reduces the costsincurred through appealing denials. Once BREVAGen™ volumes reach a significant level and GeneticTechnologies has gathered the clinical utility data, the Company will approach insurers directly tocontract.
Specific credentialing contracts have been executed with Prime Health Services, National PreferredProvider Network/PlanCare America/Ohio Preferred Provider Network LLC (NPPN/OPPN), GalaxyHealth Network and Fortified Provider Network. Prime Health Services’ Group Health PPO has over600,000 physicians, ancillary services and hospitals nationwide with in excess of 6 million coveredlives. NPPN/OPPN has more than 550,000 physicians, nearly 4,000 acute care facilities, and more than90,000 ancillary care provider locations in their network. NPPN/OPPN estimate that they account forseveral million covered lives. Galaxy Health Network has over 400,000 directly contracted Physicians,Facilities and Hospitals and over 3.5 million covered lives. Fortified Provider Network has a presencein all 50 States and over 1.5 million covered lives. U.S. state certification update In April of 2011, Genetic Technologies successfully attained CLIA approval, allowing BREVAGen™to be sold into 42 U.S. States (see ASX announcement dated April 27, 2011). Following theCompany’s receipt of a certificate of compliance issued by the Centers for Medicare and MedicaidServices (see ASX announcement dated February 16, 2012), the Company has submitted numerousapplications for “Out of State Licensure,” which allows BREVAGen™ to now also be sold inPennsylvania, Rhode Island, Nevada, Tennessee and Maryland. The Company has also submittedrelevant licensure applications in California and Florida and expects approval to sell BREVAGen™ inthese key states shortly. Submission of data to New York for approval is also in progress.
“Preferred Provider Organisation” and “Credentialing” A Preferred Provider Organisation is a managed care organisation of medical doctors, hospitals, andother health care providers who have covenanted with an insurer or a third-party administrator toprovide health care at reduced rates to the insurer’s or administrator’s clients. Credentialing is a processwhereby provider organisations such as physicians, care facilities and ancillary providers (includingtesting service providers such as GTG with the BREVAGen™ test) contract directly with the PPO.Contracts with PPOs are a fundamental to getting the BREVAGen™ test “in network”. Being innetwork streamlines the claims management process within these PPOs, ultimately resulting inimproved reimbursement for the BREVAGen™ test. ENDS ------------
This ASX GTG ann was posted 2 May 2012, the SP was $15 then & that was way before the 100:1 consolidation, do the math. Maybe our CEO should read through some of the old GTG anns to get up to speed with what needs to be done and how to achieve it.. He should have done this when he first started with the Co. We may well be further down the sales track than where we are today!. Just look at the detail given out in the above ann, much much better than what is turned out now... hopeless... They new how to attract investor interest with giving detail in their anns. It is an excellent read and insight to what has happened to this Co. IMO the current CEO needs replacing the proof is overwhelming.
DYOR.
GTG Price at posting:
17.0¢ Sentiment: Sell Disclosure: Held
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