By Christiana Sciaudone
Investing.com -- iRhythm Technologies Inc (NASDAQ:IRTC) jumped more than 36% on Tuesday after commenting on a Medicare and Medicaid proposal that would reimburse patients for its services.
iRhythm said that the rule published on August 3 does not include all required information, notably the Practice Expense RVU, to calculate the payment rates for the new codes. That rule is subject to change based on public comment, which iRhythm said it would provide upon disclosure of further information.
The digital healthcare solutions company focused on cardiac care is up 155% in 2020. The stock has five buy ratings, one hold and no sells, according to analysts tracked by Investing.com, with an average target price of $137.80. The shares traded up 29% as of midday Tuesday, at $164.51.
The Proposed Rule includes two new Category I Current Procedural Terminology code sets related to long term continuous electrocardiogram monitoring and recording that will replace Category III temporary CPT codes 0295T – 0298T as the primary codes that iRhythm uses to seek reimbursement for its Zio XT service.