Last month, Nashville-based healthcare technology company NextGxDx, Inc. announced a new offering to support health insurance companies in the rapidly growing genetic testing field. Through its proprietary GenePayerTM solution, NextGxDx will provide health insurers with genetic test claims analysis and market intelligence to inform policy development and bring transparency to genetic testing reimbursement.
According to NextGxDx’s market analysis, genetic testing is among the fastest growing areas of healthcare. There are more than 60,000 unique genetic testing products on the market – representing more than 14,000 distinct, clinically relevant categories of tests. However, there presently are fewer than 200 procedural billing codes representing those tests. GenePayer matches raw claims to genetic testing products and categorizes them into clinically relevant groups. This analysis allows NextGxDx to deliver insights into areas such as variation in pricing and payments, inaccurate claims and gaps in medical policies to support data-driven policy development, informed pricing and streamlined reimbursement workflow for health insurers.