GeneNews and JTS Health in business acceleration pact
GeneNews (TSX:GEN) has entered into a collaboration agreement with JTS Health Partners of Atlanta to accelerate adoption of GeneNews’ menu of proprietary cancer tests, including its lead ColonSentry blood-test for assessing an individual’s current risk for colorectal cancer.
JTS, a leading national healthcare management consulting and professional services firm, will also work to maximize the efficiency and effectiveness of GeneNews’ revenue cycle management operations.
Through business acceleration efforts, both parties will work to pursue and secure multi-year agreements with hospitals, clinical integrated networks, physician groups and healthcare organizations for GeneNews’ risk assessment testing services, which assist healthcare professionals in the risk stratification of patient populations through early cancer detection.
As part of the partnership, JTS will provide GeneNews with management consulting services, assisting with the implementation of billing practices to help the company maximize revenue collection.
The agreement has an initial term of five years, and is then renewable annually, by mutual consent. JTS also will take an equity position in GeneNews. Financial details were not been disclosed.
In a statement, GeneNews executive chairman, James Howard-Tripp, said health care delivery is changing to a new, integrated service, fee-for-value model where healthcare providers are increasingly being held accountable for their commitment to disease prevention and ensuring that patients at risk for selected conditions get the appropriate screening.
“The role for diagnostic labs like ours is also changing – we need to be an integrated part of the solution,” he added.
Mr. Howard-Tripp said JTS is a perfect partner to introduce GeneNews’ risk stratification tests as part of the solution to the disease service line prevention model.
GeneNews’ IDL’s diagnostic testing fills a key void in cancer screening by helping to identify early cancer indicators, which helps to improve patient adherence, reduce industry costs, and utilize healthcare resources more effectively, all through convenient blood tests.
“Overall, we believe this collaboration will help physicians and healthcare systems better serve their patients and adopt a population health model that will put them at the forefront of personalized medicine,” he added.
Thomas Stewart, president, CEO and co-founder of JTS, said that with GeneNews’ menu of diagnostic tests for early cancer detection, “we are working with an industry innovator. We look forward to being a part of increasing awareness and adoption with world-class testing, while maximizing GeneNews’ revenue cycle management operations.”