Myomo® Receives Medicare Codes
November 06 2018 - 12:54PM
Business Wire
Myomo, Inc. (NYSE American: MYO) (“Myomo,” or the “Company”), a
wearable medical robotics company, announces that the Centers for
Medicare & Medicaid Services ("CMS") has published two new
codes pursuant to the Company’s application for Healthcare Common
Procedure Coding System (HCPCS) “L” codes. Myomo had filed its
application in December 2017 to have CMS establish two new Level II
HCPCS codes and received a favorable preliminary decision in
May.
The two new codes are:
- L8701 Powered upper extremity range of
motion assist device, elbow, wrist, hand with single or double
upright(s), includes microprocessor, sensors, all components and
accessories, custom fabricated
- L8702 Powered upper extremity range of
motion assist device, elbow, wrist, hand, finger, single or double
upright(s), includes microprocessor, sensors, all components and
accessories, custom fabricated
The codes cover MyoPro Motion E and W (elbow and wrist) and
MyoPro Motion G (grasp) correspondingly.
"We are very grateful to CMS and the whole HCPCS Workgroup for
their decision to assign L codes for our MyoPro line of powered
orthoses," said Myomo Chief Medical Officer Dr. Brandon Green.
"The MyoPro has already helped so many patients with
neurological/neuromuscular injury and illness by supporting their
weakened arms, restoring control over their range of motion,
reducing their healthcare costs, and giving them back their
independence. It is important for clinically qualified Medicare and
Medicaid beneficiaries to have access to this technology too”.
The codes become effective January 1, 2019. The assignment of
unique L-codes, if followed by appropriate coverage and payment
terms (which are still pending), would offer greater access to
MyoPro for Medicare beneficiaries.
The posting of all HCPCS codes for 2019 can be viewed on the CMS
site:
https://www.cms.gov/Medicare/Coding/HCPCSReleaseCodeSets/Alpha-Numeric-HCPCS-Items/2019-Alpha-Numeric-HCPCS-File.html
About MyomoMyomo, Inc. is a wearable medical robotics
company that offers expanded mobility for those suffering from
neurological disorders and upper limb paralysis. Myomo develops and
markets the MyoPro product line. MyoPro is a powered upper limb
orthosis designed to support the arm and restore function to the
weakened or paralyzed arms of patients suffering from CVA stroke,
brachial plexus injury, traumatic brain or spinal cord injury, ALS
or other neuromuscular disease or injury. It is currently the only
marketed device that, sensing a patient’s own EMG signals
through non-invasive sensors on the arm, can restore an
individual’s ability to perform activities of daily living,
including feeding themselves, carrying objects and doing household
tasks. Many are able to return to work, live independently and
reduce their cost of care. Myomo is headquartered in Cambridge,
Massachusetts, with sales and clinical professionals across the
U.S. For more information, please visit www.myomo.com.
Forward-Looking StatementsThis press release contains
forward-looking statements regarding the Company's future business
expectations, including statements regarding the potential benefits
for MyoPro users, the effective date of the new HCPCS codes, and
the potential for greater access to MyoPro for Medicare
beneficiaries, which are subject to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements are only predictions and may differ
materially from actual results due to a variety of factors. Our
actual results could differ materially from those anticipated in
these forward looking statements for many reasons, including,
without limitation, risks related to regulatory approval and market
acceptance of our products, including that there can be no
assurance that receipt of these HCPCS codes would result in
appropriate coverage and payment terms or otherwise lead to any
greater access to our products or reimbursement for such products,
and the other risk factors contained in our filings made with
the Securities and Exchange Commission. More information about
factors that potentially could affect Myomo's financial results is
included in Myomo's filings with the Securities and Exchange
Commission. The Company cautions readers not to place undue
reliance on any such forward-looking statements, which speak only
as of the date made. The Company disclaims any obligation
subsequently to revise any forward-looking statements to reflect
events or circumstances after the date of such statements or to
reflect the occurrence of anticipated or unanticipated events.
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version on businesswire.com: https://www.businesswire.com/news/home/20181106005816/en/
For Myomo:ir@myomo.comorInvestor Relations:PCG
AdvisoryVivian Cervantes,
212-554-5482vivian@pcgadvisory.comorPublic Relations:Matter
CommunicationsMeredith Krim, 617-874-5203myomo@matternow.com
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