CONSHOHOCKEN, Pa.--(BUSINESS WIRE)--CardioNet, Inc. (NASDAQ:BEAT) announced that Highmark Medicare Services (HMS) confirmed it will implement its reduced reimbursement rate for mobile cardiovascular technology on September 1, 2009. The rate - $754 per service – represents a 33 percent reduction from the $1,123 reimbursement rate which HMS had just published in May 2009. In communications between CardioNet and HMS in April 2009, HMS had also said there was no pending change. Then on July 10, 2009, for the first time and inconsistent with HMS’ previous history of communicating such changes, CardioNet received written notice of the planned decrease. HMS provided CardioNet with no advance opportunity for dialogue related to this dramatic change.
