ArteraAI, the developer of multimodal artificial intelligence (MMAI) based predictive and prognostic cancer tests, announced that the Centers for Medicare and Medicaid Services (CMS) have decided on the payment rate for the ArteraAI Prostate Test, a clinical diagnostic laboratory test (CDLT). The rate became effective on Jan. 1, 2024.

“This marks a noteworthy milestone in advancing personalized cancer care and underscores the pivotal role of AI in transforming cancer treatment,” says Andre Esteva, CEO and co-founder of ArteraAI. “The ArteraAI Prostate Test is just one among several AI-enabled services that have secured payment rates, and as the industry navigates its evolving landscape, this decision serves as a promising indicator for both ArteraAI and the broader spectrum of medical AI companies.”

Further reading: Black Men are More Likely to Have Prostate Cancer than White Men

This decision establishes a payment rate with Medicare for the first test that can both predict therapy benefit and prognosticate long-term outcomes in localized prostate cancer. The MMAI biomarker test leverages a unique algorithm that assesses digital images from a patient’s biopsy and learns from a patient’s clinical data, the company says. The AI combines this information to predict whether a patient is likely to benefit from hormone therapy and estimate long-term outcomes.