CardioNet takes a pay cut

Firm will provide additional information to Medicare contractor Highmark Medicare Services in support of improved reimbursement for its MCOT mobile cardiac outpatient telemetry technology following a payment cut by Highmark of 33% - to $754 from $1,123 per service, effective Sept. 1. HMS has agreed to review new information in a reasonable amount of time, CardioNet says. The firm will also pursue higher reimbursement directly through CMS, the company says. CardioNet, which went public in March 2008, says it first learned of Highmark's plan to lower reimbursement on July 10 (1"The Gray Sheet" March 24, 2008)