American Medical Association Establishes New CPT Code for Corgenix AspirinWorks(R) Test Kit
DENVER, Oct. 22 /PRNewswire-FirstCall/ -- Corgenix Medical Corporation (OTC Bulletin Board: CONX), a worldwide developer and marketer of diagnostic test kits, announced today that a new Category I Current Procedural Terminology (CPT) code has been published by the American Medical Association (AMA) for the AspirinWorks® Test Kit. This important action becomes effective January 1, 2010.
"We are very pleased that the AMA has created this unique CPT code that describes our AspirinWorks product," said Douglass Simpson, Corgenix President and Chief Executive Officer. "These codes are important to patients, physicians and hospitals because they recognize the widespread acceptance of the test and the clinical evidence supporting testing for levels of thromboxane metabolites in urine."
Category I CPT codes are restricted to clinically recognized and generally accepted services, and not emerging technologies, services or procedures.
The new CPT code for AspirinWorks is:
- 84431 Thromboxane metabolite(s), including thromboxane if performed, urine
CPT codes are the most widely accepted form of medical nomenclature used to report medical procedures and services. The purpose of CPT is to provide a uniform language that accurately describes medical, surgical and diagnostic services. Physicians, hospitals and other health care providers use CPT codes to report medical services to private and public health insurance systems for purposes of reimbursement. A standard system of coding also allows for reliable nationwide data collection. CPT is trademarked by the AMA, which first published the codes in 1966.
Among the AMA's stated criteria for a new Category I CPT code are requirements that:
- the procedure has received approval or clearance from the Food and Drug Administration (FDA) for the specific use of devices or drugs
- the procedure is a distinct service performed by many physicians/practitioners across the United States and
- the clinical efficacy of the procedure is well established and documented in U.S. peer-reviewed literature
More than one million Americans experience new or recurrent heart attacks each year. At-risk individuals are eligible for aspirin therapy and should be tested for the presence or absence of the therapy's effect. The AspirinWorks Test Kit is an enzyme-linked immunoassay (ELISA) to determine levels of 11dehydro thromboxane B2 (11dhTxB2) in human urine, which aids in the qualitative detection of aspirin effect in apparently healthy individuals post ingestion.
About CPT Coding
In addition to facilitating reimbursement in government programs such as Medicare and Medicaid, CPT codes are used by other insurance companies and government payers to describe health care services and procedures. More information about CPT codes and the process of establishing CPT codes is available at the AMA's website: www.AMA-Assn.org
About Corgenix Medical Corporation
Corgenix is a leader in the development and manufacturing of specialized diagnostic kits for immunology disorders, vascular diseases and bone and joint disorders, including the world's only non-blood-based test for aspirin effect. Corgenix diagnostic products are commercialized for use in clinical laboratories throughout the world. The company currently sells over 50 diagnostic products through a global distribution network. More information is available at www.corgenix.com.
Statements in this press release that are not strictly historical facts are "forward-looking" statements (identified by the words "believe," "estimate," "project," "expect" or similar expressions) within the meaning of the Private Securities Litigation Reform Act of 1995. These statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance of the Company's products and services in the marketplace, competitive factors, changes in the regulatory environment, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. The statements in this press release are made as of today, based upon information currently known to management, and the company does not undertake any obligation to publicly update or revise any forward-looking statements.
SOURCE Corgenix Medical Corporation