NZME
Preserving capital and urgent diversification are now Pacific Edge’s main goals as it grapples with the fallout that will result if it loses access to the US Medicare system, which is its largest customer.
At its July 27 annual meeting in Auckland, the company said it could take up to four years to regain access to Medicare.
In June, Pacific Edge confirmed that a “local coverage determination” (LCD) from Novitas – its Medicare administrative contractor – meant that its flagship Cxbladder test for bladder cancer didn’t meet the threshold required for coverage under the US Social Security Act.
That was to take effect on July 17, 2023 but Novitas gave it a reprieve while it went through the LCD process a second time with public feedback. The company has not been given a timeframe for the process.
