IRTC - Why iRhythm Technologies Stock Skyrocketed Today
Shares of iRhythm Technologies (NASDAQ: IRTC) skyrocketed by 59% in Wednesday trading after the Centers for Medicare and Medicaid Services (CMS) released its Calendar Year 2022 Medicare Physician Fee Schedule (MPFS) Final Rule on Tuesday.
The MPFS details the payment policies and rates for services provided to Medicare beneficiaries. iRhythm had hoped that CMS would establish national pricing as well as continued carrier pricing for several procedure codes related to external electrocardiogram (ECG) monitoring. These codes are used by healthcare providers to submit for payment for the company's Zio XT heart monitoring service.
CMS didn't fulfill iRhythm's wishes. But the healthcare stock surged regardless, because investors viewed the Final Rule as favorable to the company.
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Why iRhythm Technologies Stock Skyrocketed Today