The company provided another update on its ongoing efforts to secure adequate Medicare reimbursement for long-term continuous cardiac monitoring.

Local Medicare carrier Novitas raised its reimbursement rates for continuous cardiac monitoring, but iRhythm has concluded the rates are still too low and is preparing to discontinue serving this Medicare segment.

Hillrom is reconsidering its planned $375m acquisition of Bardy Diagnostics because of Novitas' plan to cut Medicare reimbursement for extended cardiac monitoring. Bardy is suing to complete the deal.

The deal is the fourth major acquisition in the remote monitoring market in the last five weeks after Philips acquired BioTelemetry and Capsule and Hillrom bought Bardy Diagnostics.