KING OF PRUSSIA, Pa., Jan 26, 2021 – Genomind Inc, a digital mental health solutions company, today announced that its comprehensive pharmacogenetics test, Genomind® Professional PGx Express™, will be covered and reimbursed by Medicare (effective 1/19/2021). The Veterans Administration has also elected to extend the current FSS contract for Genomind® Professional PGx Express™. These additional contracts and benefit coverage bring the total number of lives covered to more than 100 million across commercial health plans, the Veterans Administration and Medicare. This is especially important and relevant today as COVID-19 has exacerbated the mental health crisis for all, especially our veterans as they have always been more susceptible to mental health issues and seniors as well with multiple underlying conditions which can compound mental health issues. The need for new, effective tools is critical to achieving improved health outcomes in the treatment of mental health.
Genomind’s Professional PGx Express test provides clinicians with a comprehensive report of up to 24 genes that delivers important prescribing guidance designed to help reduce the traditional process of trial and error with mental health medications. Every test includes access to their On-Demand™ hotline consults and state-of-the-art gene-drug-drug interaction software, to help enable safer and more precise prescribing. Genomind offers free two-day shipping to and from patients or clinicians on all its tests, to help enable telehealth delivery in the era of COVID-19. Genomind has assisted more than 15,000 providers select safe and appropriate treatment for more than 270,000 patients with mental illness.
“Multiple studies including several meta-analyses have proven that understanding a patient’s genes allows for precision medication guidelines as it relates to mental health,” said Shawn O’Brien, Chairman and CEO of Genomind. “This isn’t surprising because we’ve seen how an understanding of our genes can vastly improve medical outcomes in other areas of medicine including oncology and cardiovascular health. It’s very meaningful to patients, consumers, clinicians, employers, health care system and payers that genetic advancements can be applied to mental health.”
Studies have demonstrated that the Genomind® Professional PGx Express™ test will improve patient outcomes and save health plans money when the guidance is followed. These studies show effectiveness (improved outcomes in 87% of patients) and significant costs savings. A large peer reviewed, case-control study performed in collaboration with Aetna’s subsidiary company, Healthagen, showed that plans will save on average $2,000 per patient in the first 6 months after use of the product; that equates to a possible savings of $3.5 billion for each 25 million covered lives. Importantly, the study showed that those patients whose treatment was selected following use of the assay had significantly fewer ER visits and in-patient hospitalizations, which could potentially translate to a major benefit during the COVID-19 pandemic.
Genomind will also be significantly increasing its awareness campaigns to make sure as many Medicare patients and veterans as possible are aware they now have access to this important test.
About Genomind
Genomind is a leading precision mental health company singularly focused on filling the innovation gap in mental health care through novel, genetics-based tools. Supported by a world-class genetics lab, a unique heritage of clinical mental health expertise, clinical collaboration and consultation, state-of-the-art digital tools and tele-mental health enabling services, Genomind is empowering a new standard of care. Its flagship product, Genomind Professional PGx Express, is the most comprehensive pharmacogenetic testing service helping medical professionals personalize patients’ mental health treatment. The Company also recently launched Genomind Mental Health Map – a breakthrough direct-to-consumer test that enables a new and better understanding of the biological basis of mental wellness, coupled with personalized actionable guidance to help people improve health and wellness.
Please note, the products and services described in this press release may not reflect current Genomind offerings.
