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CardioNet monitoring systems get insurance coverage, shares jump

(Reuters) - CardioNet Inc said its heart-monitoring solutions will receive insurance coverage from UnitedHealthcare Insurance Co from July 1, sending its shares up 31 percent in extended trade.

CardioNet said the three-year agreement would apply to all of the insurer's affiliates including managed Medicare and Medicaid plans.

Revenue from Medicare accounted for 37 percent of CardioNet's patient services revenue in 2012.

UnitedHealthcare provides insurance coverage to more than 70 million members in the United States, CardioNet said in a statement.

CardioNet's Mobile Cardiac Outpatient Telemetry system monitors arrythmias, or heart rhythm disorders.

The company has direct contracts with 400 commercial payers for its monitoring services, which along with its Medicare participation, covers more than 200 million patients, CardioNet said in its annual filing. (http://link.reuters.com/zak78t)

Shares of the company closed at $3.21 on the Nasdaq on Monday.

(Reporting By Vrinda Manocha in Bangalore; Editing by Sriraj Kalluvila)