Given Imaging Announces Six New Coverage Policies for Capsule Endoscopy
Reimbursement From Broad Range of Insurers Accelerates
3 March 2003 - ATLANTA, GA -- Given Imaging (NASDAQ:GIVN) announced today that six new payors have established coverage policies for the M2A capsule endoscope. With these policies, now 70 million individuals in the U.S. can potentially benefit from access to a more effective way to visualize the small bowel.
New private payors that offer their members access to capsule
endoscopy for identifying sources of obscure bleeding in the small
bowel include
- WellPoint Healthcare Network consisting of Blue Cross & Blue Shield of Georgia, Blue Cross & Blue Shield of Missouri, Blue Cross of California, Healthlink and UniCare in all covered states,
- Excellus Health Plan of New York,
- Blue Cross and Blue Shield of Minnesota, and
- Arkansas Blue Cross and Blue Shield.
- Florida and
- Connecticut Medicare.
"This is a major leap forward for improved patient care. I am glad to see that leading insurance companies value this powerful diagnostic tool that enables the gastroenterologist to provide better patient care," stated Dr. Jay Goldstein, Prof. Of Medicine and Vice Head For Clinical Affairs Director of Gastroenterology at the University of Illinois.
"We are pleased that more and more insurers around the country recognize the value that capsule endoscopy holds for their members who may suffer from diseases of the small bowel," said Gavriel D. Meron, president and CEO of Given Imaging Ltd. "Our goal is to ensure that every patient who needs the M2A can have access to it. We will continue to support physicians and their professional associations in their efforts to facilitate reimbursement."
WellPoint Healthcare Network is one of the nation’s largest publicly traded managed healthcare companies and through its family of companies has more than 13 million members in California, Georgia, Missouri and other states including but not limited to Illinois, Indiana, Kentucky, Nevada, Ohio, Texas and Virginia. Excellus Health Plan insures the health of 2.2 million individuals in Upstate New York. Blue Cross and Blue Shield of Minnesota insures approximately 2 million beneficiaries. Arkansas Blue Cross and Blue Shield has approximately 860,000 beneficiaries. Florida Medicare serves approximately 2.8 million beneficiaries. Connecticut Medicare has more than 400,000 beneficiaries. Both the Florida Medicare and Connecticut Medicare policies will be effective as of March 24, 2003.
With this announcement, more than 70 million individuals in 34 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands now have formal medical insurance coverage for capsule endoscopy. Currently, 48 million individuals are covered by private insurance plans while 22 million people are covered by Medicare.
Reimbursement is a Priority For Given Imaging
To assist medical professionals with insurance-related questions and coding issues, Given Imaging maintains a Reimbursement Helpline during normal business hours. The company also provides information on its website, including a list of payors who currently cover capsule endoscopy, as well as information related to Medicare reimbursement.
This press release contains forward-looking statements about Given Imaging, including projections about our business, our future revenues, and our future profitability, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. For example, statements in the future tense, words such as "anticipates," "estimates," "expects," "intends," "plans," "believes," and words and terms of similar substance used in connection with any discussion of future operating or financial performance identify such forward-looking statements. Those forward-looking statements are not guarantees of future performance and actual results could differ materially from our current expectations as a result of numerous factors, including but not limited to the following: changes in regulatory environment, our success in implementing our sales, marketing and manufacturing plan, protection and validity of patents and other intellectual property rights, the impact of currency exchange rates, the effect of competition by other companies, the outcome of future litigation, the reimbursement policies for our product from healthcare payors, quarterly variations in operating results, the possibility of armed conflict or civil or military unrest in Israel and other risks disclosed in our filings with the U.S. Securities Exchange Commission.
19.Sept.'03