InnerScope Hearing Technologies
(OTCQB: INND) Supports the Medicare
Hearing Act of 2019 to Improve
Access for Hearing Aids
The Medicare Hearing Act
of 2019 H.R. 4618 provides coverage for hearing aids
and services for seniors under Part B of the Medicare
program.
ROSEVILLE, CA. --
December 4, 2019 -- InvestorsHub NewsWire
-- InnerScope Hearing
Technologies Inc. (OTCQB:
INND) ("InnerScope") a manufacturer and Direct-to-Consumer
("DTC") distributor/retailer of FDA-Registered Hearing Aids,
Personal Sound Amplifiers Products, ("Hearing
Products") Hearing Related
Treatment Therapies, Doctor-Formulated
Dietary Hearing Supplements and proprietary CBD Oil ("Hearing
Health Products") (collectively "Hearing Product
Portfolio"), announces its support
of the Medicare Hearing Act of 2019,
H.R. 4618, (the
"Medicare
Hearing Act") which
makes
hearing
devices more accessible for Medicare
beneficiaries. On October 17,
2019, the House Energy and
Commerce Committee passed legislation by Rep. Lucy McBath
(GA-06) and Rep. Debbie Dingell
(MI-12) to provide
coverage
for hearing aids and services for seniors under Part B of the
Medicare program. Currently,
Medicare
does not cover hearing aids, which have an average price of about
$2,300 per device.
The
Medicare Hearing Act amends the Social
Security Act to cover and improve patient access to doctor visits,
hearing tests and hearing aids. These services and
items are currently not covered under the Social Security Act or
under Medicare. Specifically, the Medicare Hearing Act
enables
audiologists to provide both diagnostic and treatment services and
reclassifies audiologists as practitioners under Medicare providing
better access for seniors.
Additionally, Medicare Hearing Act
adds new hearing benefits, including
hearing aids, for Medicare beneficiaries with severe to profound
hearing loss.
The
Medicare Hearing Act comes on the heels of
the Over-the-Counter ("OTC")
Hearing Aid Act of 2017 (the "OTC Hearing Aid
Act") that was signed into
law by the president (expected to be
effective
sometime
in 2020) and was
designed to
give
consumers access to OTC
hearing
aid
technology
for mild
to moderate hearing loss without
seeing
an
audiologist.
InnerScope
supports
both the Medicare Hearing Act and the OTC Hearing Aid Act
and believes
the
combination of
both laws
will help the nearly 50 million
Americans (the "Underserved
Market") that have
hearing
issues or are experiencing age-related hearing loss
and can't
afford hearing healthcare under the current delivery system.
Moreover, the Underserved
Market left
untreated, as research has
shown, are at
greater
risk for
cognitive impairment and a higher
probability of developing dementia as the severity of the hearing
loss increases.
While the
OTC Hearing Aid Act will help to provide easy access to
purchase
hearing
technology over-the counter for the mild and moderate hearing loss
individuals. The Medicare Hearing Act is designed to give
hearing benefits, including hearing aids to individuals who have
more severe to profound hearing loss. InnerScope believes
both
OTC
Hearing Aid Act and the Medicare Hearing Act are essential in
providing better hearing healthcare in America.
Moreover,
once
hearing aids are a covered benefit through the Medicare
Hearing Act,
InnerScope, expects
hearing aid sales to skyrocket
based
on other healthcare
products that
received
approval as a covered
benefit under
Medicare. One
such
recent example
of a
company that received its approval
for coverage under
Medicare
Advantage Plans was
Exact
Sciences Corp., a
Nasdaq company,
for
its 1Cologuard®,
a stool DNA-based
colorectal cancer screening product that
went from
selling 104,000 units in a year to 934,000 units
a year
once it
was
listed as
a colorectal cancer
screening benefit under
Medicare
Advantage
Plans.
InnerScope,
a
2019
Biotechnology Award winner for the Best Hearing Aid Manufacturer in
the USA and for its Innovation in the Direct-to-Consumer ("DTC")
Hearing Aid Delivery Process, believes
with its
Hearing Product Portfolio and having established multiple
retail/wholesale distribution channels well ahead of the
OTC
Hearing Aid Act becoming
effective, has a distinct
competitive advantage in the market over any other
competitor operating in this space.
In
addition, InnerScope,
also
believes the
Medicare
Hearing Act will
significantly boost hearing aid
sales sold through hearing healthcare professionals in the
U.S., which in-turn
will boost InnerScope's
hearing aid wholesale
sales
that
would be sold directly
to
the
800+
hearing
healthcare audiological
practices nationwide
of
its
network
affiliates.
"There are major regulatory changes
taken place in the current $5 billion dollar U.S.
hearing healthcare industry," said
Matthew Moore, CEO of InnerScope Hearing
Technologies. "These major
industry regulatory changes are expected to
significantly boost hearing aid sales and hearing healthcare
services for nearly 50 million Americans
who may currently need hearing aids,
but can't afford the high out-of-pocket
cost. InnerScope is proud to support
these much-needed regulatory changes.
Given, InnerScope's Hearing Product Portfolio
combined with its wholesale/retail distribution agreements and its
audiological network of affiliates, InnerScope is primed to
directly benefit from these regulatory changes."
About InnerScope Hearing Technologies (OTCQB:
INND)
InnerScope Hearing
Technologies (OTCQB:
INND) is a rapidly expanding
consolidator of the hearing aid industry. Management is applying
decades of profitable industry experience and technology to an
antiquated and disjointed industry, unlocking scale and efficiency,
which will serve all of InnerScope's
stakeholders. Its direct-to-consumer model is revolutionizing the
industry with its Walmart.com, Sears.com
and
Kmart.com
relationship
representing a paramount shift in the consumption of hearing aids
by the hearing impaired.
In
addition, InnerScope
plans to
continue to open,
acquire,
and operate
a
physical
chain
of clinicsaid
audiological and
retail hearing . InnerScope's
mission
is to serve approximately
1.2 billion people around the globe that are
suffering with 25db or greater hearing
loss across the entire
hearing impaired vertical from R&D and
manufacturing through direct consumer sales and services.
For more
information, please visit: www.innd.com. For
the Most
Up-to-Date information about InnerScope Hearing Technologies
(OTCQB:
INND), please visit and follow our Official Twitter account
@inndstock Page. https://twitter.com/inndstock
Safe Harbor
This news
release contains "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended, that are
intended to be covered by the "safe harbor" created by those
sections. Any statements that are not historical facts contained in
this press release are also "forward-looking statements" as that
term is defined under the Private Securities Litigation Reform Act
of 1995 (PSLRA). Such statements may be identified by words such as
"expects," "plans," "projects," "will," "may," "anticipates,"
"believes," "should," "intends," "estimates," and other words of
similar meaning. Such forward-looking statements are based on
current expectations, involve known and unknown risks, a reliance
on third parties for information, transactions or orders that may
be cancelled, and other factors that may cause our actual results,
performance or achievements, or developments in our industry, to
differ materially from the anticipated results, performance or
achievements expressed or implied by such forward-looking
statements. Factors that could cause actual results to differ
materially from anticipated results include risks and uncertainties
related to the fluctuation of global economic conditions, the
performance of management and our employees, our ability to obtain
financing or maintain contractual relationships with vendors and
customers, competition, general economic conditions and other
factors that are detailed in our periodic reports filed with the
Securities and Exchange Commission ("SEC"). We intend that all
forward-looking statements be subject to the safe-harbor provisions
of the PSLRA, Securities Act and Securities Exchange
Act.
Contact
InnerScope Hearing
Technologies,
Inc.
Investor
Relations
Info@innd.com
916-218-4100
www.innd.com
For the
Most Up-to-Date information about InnerScope Hearing Technologies
(OTCQB:
INND), please visit and follow our Official Twitter account
@inndstock Page.
https://twitter.com/inndstock
Walmart.com
Sears.com
Kmart.com
Medicare Hearing Act of 2019,
H.R. 4618,
Over-the-Counter ("OTC")
Hearing Aid Act of 2017
1Cologuard®
is a
register trademark of Exact Sciences Corp.
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