GeneSight® Increases Revenue by 22%
Assurex Health, a global leader in genetic testing for psychotropic medication selection, grew out of research at Cincinnati Children’s Hospital Medical Center and the Mayo Clinic. GeneSight® is a pharmacogenomic test that analyzes a patient’s genetic makeup and determines how genetics may affect response to medications with a simple cheek swab. The test analyzes 12 genes and 57 neuropsychiatric medications. With initial funding from Queen City Angels and CincyTech, the firm grew to $60M annually within 10 years of its inception. In August 2016, Assurex Health was acquired by Myriad Genetics for $410M.
With genetic testing for psychotropic medications in its infancy and revenue growth of 75%, claims payment was challenging as health insurance companies evaluated the benefits of this new product for their members.
SITUATION
Amy partnered with their team to develop a data-based, pragmatic approach to billing and began appealing claims based on the probability of success and long-term strategy. On a parallel path, the organization received Amy’s coaching to manage performance based on optimal metrics and how to conduct daily and weekly results reviews. Benchmarking across the broader organization allowed for quick reapplication of best practices.
SOLUTION
Amy's leadership enabled our team to deliver additional revenue that opened the doors to contract services with multiple insurance companies.
Christina Rooy, MHA, CDCA, former Billing Director, GeneSight
RESULTS
Delivered $2.5M additional revenue within six weeks of the start of work, with a total of $13M unexpected revenue achieved within four months.
