Verici Dx Plc announced that it has signed a Provider Participation Agreement ('the Agreement') with Prime Health Services ('Prime Health'), a dynamic healthcare technology US based company focused on delivering innovative, data-driven solutions through its Preferred Provider Organization ('PPO') network. PPO networks were established to bring predictability and consistency to pricing in healthcare. They negotiate on behalf of insurance companies to gain discounted pricing, which benefits healthcare companies by bringing a uniform price in reimbursement within the PPO network and fewer denials from the insurance reimbursement.
It also provides Physicians with greater confidence in ordering as there is more certainty in the cost to their patients which in turn provides greater cost transparency to the patient. The insurance plans also benefit from having the PPO networks successfully negotiate this contracted price from both a cost efficiency perspective as well as competitive appeal. Prime Health is one of the fastest-growing preferred provider networks in the US and has more than 850,000 providers across the 50 states, processing around 35 million claims per year.
Prime Health's PPO network serves a wide array of clients, including insurance carriers, third-party administrators, self-insured organizations, government entities, and captive insurance groups which provides significant opportunity for Verici Dx to expand its patient scope.
