TORONTO, Sept. 19, 2016 (GLOBE NEWSWIRE) -- GeneNews Limited (“GeneNews” or the “Company”) (TSX: GEN ) today announced it has entered into a partnership agreement with NueHealth, LLC, a privately owned company that delivers value-based healthcare solutions and connects patients directly to physicians through integrated provider networks, or IPNs.
Patients who access healthcare through NueHealth's provider networks will now be able to take advantage of three different screening tests - ColonSentry®, earlyCDT®-Lung and Prostate Health Index – which provide early risk stratification of colorectal cancer, lung cancer and prostate cancer. All three screenings utilize a quick and convenient blood test and will be completed at one of NueHealth's many provider-owned care centers. GeneNews will process the samples through its CAP- and CLIA-certified Innovative Diagnostic Laboratory (“IDL”) clinical reference laboratory in Richmond, Virginia.
The partnership has an initial term of three years and is renewable annually thereafter. GeneNews will provide individualized risk stratification reports for each patient, the supply of testing kits and ongoing consultation. The diagnostic services are provided via a flat-fee model, with NueHealth responsible for the management of client billing within its value-based healthcare solution model. While financial terms were not disclosed, GeneNews noted that it expects this partnership to significantly accelerate the path toward positive cash-flow and net profitability.
“We are excited to partner with NueHealth, a key industry innovator, as they lead the charge toward a healthcare system that focuses on better patient outcomes and greater patient value," said James R Howard-Tripp, GeneNews’ Chairman & CEO. "Healthcare providers are increasingly being held accountable for their commitment to disease prevention and quality of care. This new, integrated healthcare model is well-aligned with our risk stratification testing, which fills a key void in cancer screening, leading to improved patient adherence, reduced industry costs and better use of healthcare resources. All of this means patients can be diagnosed earlier, which means more effective treatment and better outcomes.”
With its growing national network of integrated providers and low-cost sites of service, NueHealth is working to transform healthcare delivery by focusing on improved outcomes and value-based payment options. The company leverages proprietary technologies, online platforms and targeted programs and services to give patients, payors and employers access to a simplified model driven by affordable, high-quality, streamlined care. This approach to healthcare aligns seamlessly with GeneNews, whose services give patients and physicians personalized clinical insight and actionable information to improve health outcomes through early diagnosis of disease.
“One of our key drivers at NueHealth is to empower patients – we want them to take control of their health and assume a proactive role when it comes to choosing care,” said Dan Tasset, Chairman of NueHealth. “Partnering with companies like GeneNews and offering innovative services like early cancer risk screenings are vital to giving patients the tools they need to stay healthy, and at the same time we’re driving down the overarching cost of care, not just for patients but for providers and employers, too. It’s our goal to make healthcare simple, affordable, and more accessible, and we believe partnering with GeneNews will help us do that.”
About GeneNews
GeneNews is committed to becoming a leader in advanced diagnostics and personalized medicine, serving as a strong commercialization outlet for early detection of cancer and other chronic diseases. Our mission is to identify, assess and make commercially available a comprehensive menu of diagnostics that provide physicians and patients with personalized clinical intelligence and actionable information to improve health out-comes through the early diagnosis of disease. Our Richmond, Virginia-based Innovative Diagnostics Laboratory clinical reference lab specializes in traditional and advanced clinical evidence-based blood testing that helps find, understand, and address cancer risk in patient populations. Currently, IDL offers risk assessment blood tests for the three most prevalent cancer types - colon, lung and prostate. GeneNews' common shares trade on the Toronto Stock Exchange under the symbol 'GEN'. More information on GeneNews can be found at www.GeneNews.com .
About NueHealth
NueHealth is putting healthcare back into your hands. Right where it belongs. As your gateway to value-based healthcare, we have engineered an integrated world of primary and specialty care, interactive telehealth and online services, customized wellness and benefit programs, and more. At the center, we've stablished an unparalleled team of care coordinators to navigate you and your family through a seamless and satisfying experience. Because when we connect you to the right provider at the right time and at the right site of service, we help ensure quality outcomes and effectively drive down costs. Welcome to NueHealth: a simpler world of affordable, high-quality, streamlined healthcare.
Forward-Looking Statements
This press release contains forward-looking statements identified by words such as "expects", "will" and similar expressions, which reflect the Company's current expectations regarding future events, including the restructuring of its business. These forward-looking statements involve risks and uncertainties and material assumptions - including those related to general business and economic conditions as well as our ability to complete an orderly restructuring of the Company's operations which may include a strategic financing, sale, merger, or other business combination - that could cause the Company's actual events to differ materially from those projected herein. Investors should consult the Company's ongoing quarterly filings and annual reports for additional information on risks and uncertainties relating to these forward-looking statements. The reader is cautioned not to rely on these forward-looking statements. The Company disclaims any obligation to update these forward-looking statements, except as required by law.
Company Contact: James R. Howard-Tripp Chairman & CEO Office: (905) 209-2030 jhoward-tripp@genenews.com Investor & Media Contact: Stephen Kilmer Kilmer Lucas Inc. Office: (212) 618-6347 stephen@kilmerlucas.com
