Oncology Med's Brachytherapy Solution Is Compliant With the Center for Medicare and Medicaid Policy Proposed Changes Published in the Federal Registry and Presents a Potentially Large Revenue Opportunity
Thursday July 26, 9:33 am ET
Oncology Med Steps Up the Rollout of Its Brachytherapy Services Since the Proposed New Rules Prevent Many of the Current Business Models and Operations in the Brachytherapy Space
PITTSBURGH, PA--(MARKET WIRE)--Jul 26, 2007 -- Oncology Med, Inc. (Other OTC:ONCO.PK - News), a Pittsburg-based cancer treatment solutions group, announced today that, based on review of the new Center for Medicare and Medicaid Services (CMS) recommended proposed payment and policy changes for 2008 published this month in the Federal Registry, that Oncology Med's turnkey brachytherapy solution for ambulatory surgery centers and radiation oncologists will still be fully compliant and meet the new proposed regulations and policy changes without the necessity of changing its business model. Brachytherapy is a type of radiation therapy in which radioactive materials are placed in direct contact with the tissue being treated. An example is the implantation of radioactive seeds for the treatment of prostate cancer.
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According to William Walker, Ph.D., Oncology Med's CEO and founder, the provision of all necessary components for low dose radiation (LDR) brachytherapy seed implants in the ambulatory surgery center by Oncology Med through the radiation oncologists for regulatory compliance and performance of the procedure will still meet and exceed the regulatory compliance and reimbursement policy changes currently proposed by CMS.
Walker was specific in his response and stated, "While other creative business structures/models for leased operating room space to allow for office-based billing, direct management and billing by other third party agencies, professional fee sharing by physicians and others, and similar type arrangements may not be viable with the implementation of these new rules as proposed, our turnkey program for ambulatory surgery centers and radiation oncologists in the area of prostate cancer treatment will continue to be viable without change and fully meet these new proposed reimbursement changes and regulations as printed in the Federal Registry in July.
"Our program eliminates the need to seek the assistance of an outside management agency to put the brachytherapy program in place," continued Walker. "Oncology Med's solution with the addition of the equipment and seed management allows for implementation of a turnkey program by the clinical support group and not by third party agencies looking to profit from the professional/technical reimbursement of the procedure through management fees without being a clinical part of the treatment program," Walker concluded.
The diagnosis of prostate cancer by the urologists and the decision to appropriately treat the cancer by the radiation oncologists with brachytherapy seed implantation are of utmost importance; however, the actual procedure is highly dependent upon the physics treatment planning and the equipment utilized, as well as the details of licensing the ambulatory surgery center, training of the clinical staff, and subsequent set up of the operating room and delivery and preparation of the seeds for the procedure. All detailed services provided by Oncology Med.
"We were one of the first, if not the first cancer treatment support company to develop and provide extensive on-site and virtual off-site treatment planning for brachytherapy seed implantation, as well as, provide full service assistance with radiation license preparation, Federal and State SOP and compliance manuals, and QA oversight, and day of implant onsite physics support; therefore, it was a natural progression for us to complete the circle and provide the other components of equipment and seed management. Oncology Med's provision of these additional services completed the necessary turnkey components to offer the best program to make us a one-stop-shop for an ambulatory surgery center turnkey brachytherapy program," stated Walker.
Oncology Med's turnkey approach is being sought out by ambulatory surgery centers, radiation oncologists, urologists, and hospitals to support the continuation or implementation of their brachytherapy radiation seed implant treatment programs.
All inquiries for Oncology Med's programs and services should be made to its administrative offices at: Oncology Med, Inc., 11928 Ropp Lane, Lovettsville, VA 20180. Phone: (540) 822-5161
About Oncology Med, Inc.
Oncology Med is a public company engaged in the fulfillment of services related to the treatment of various cancers. It currently provides analysis and design of radiation treatment plans in order for radiation oncologists to administer radiation plans to cancer patients. Current services facilitate radiation treatment programs ranging from external beam radiation to more advanced radiation treatment technologies.
More information about Oncology Med, Inc. can be found at www.oncologymed.com.
NOTE: This press release may contain "forward-looking statements." In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "potential," "continue" or the negative of such terms and other comparable terminology. These forward-looking statements include, without limitation, statements about our market opportunity, our strategies, competition, expected activities and expenditures as we pursue our business plan, and the adequacy of our available cash resources. Although we believe that the expectations reflected in any forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Actual results may differ materially from the predictions discussed in these forward-looking statements. Changes in the circumstances upon which we base our predictions and/or forward-looking statements could materially affect our actual results.
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