Myomo Certified as Medicare Provider
September 15 2020 - 4:05PM
Business Wire
Authorization by Centers for Medicare &
Medicaid Services Is One More Important Step
Myomo, Inc. (NYSE American: MYO) (“Myomo” or the
“Company”), a wearable medical robotics company that offers
increased functionality for those suffering from neurological
disorders and upper-limb paralysis, today announced that the
Centers for Medicare & Medicaid Services under the U.S.
Department of Health and Human Services has authorized the Company
to be a Medicare Provider. Myomo is now included in the Medicare
Supplier Directory at Medicare.gov, and this designation enables
Myomo to bill Medicare directly when it delivers its MyoPro powered
orthosis in 39 states plus D.C. The Company is working to complete
the requirements in the remaining states.
Micah Mitchell, Myomo’s Chief Commercial Officer, said “This
certification is very important to Myomo. Not only does it allow us
to bill Medicare directly in the future, it also opens the door to
applying for in-network contracted coverage from many private
commercial insurance companies as well as state Medicaid
plans.”
Paul R. Gudonis, Myomo CEO, said “Today, reimbursement for the
MyoPro orthosis is approved on a case-by-case basis by many
Medicare Advantage plans, state Blue Cross / Blue Shield plans,
certain Medicaid and commercial insurance plans, worker’s
compensation plans, and the Veterans Administration. Obtaining
broader coverage would allow us to potentially better serve the
qualifying beneficiaries of Medicare and other plans who suffer a
paralyzed or weakened arm caused by stroke or nerve injury. I want
to emphasize that we have not yet received coverage or
reimbursement terms from CMS, and in fact there is no guarantee
those terms will be forthcoming soon, but Provider status is an
important step following on to our receiving Healthcare Common
Procedure Coding System (HCPCS) codes from CMS last year. We will
continue to advocate for MyoPro coverage to help appropriate
candidates obtain this useful technology for use at home, at work,
and in school.”
About Myomo
Myomo, Inc. is a wearable medical robotics company that offers
improved arm and hand function 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 and representatives
internationally. For more information, please visit
www.myomo.com.
Forward Looking Statements
This press release contains forward-looking statements regarding
the Company’s future business expectations, including the
expectations related to being a Medicare Provider and seeking
further coverage by other insurance carriers, 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.
These factors include, among other things:
- our sales and commercialization efforts;
- our ability to achieve reimbursement from third-party payers
for our products;
- our dependence upon external sources for the financing of our
operations, to the extent that we do not achieve or maintain cash
flow breakeven;
- our ability to effectively execute our business plan and scale
up our operations;
- our expectations as to our development programs; and
- general market, economic, environmental and social factors,
including the ongoing COVID-19 pandemic, that may affect the
evaluation, fitting, delivery and sale of our products to
patients.
More information about these and other factors that potentially
could affect our financial results is included in Myomo’s filings
with the Securities and Exchange Commission, including those
contained in the risk factors section of the Company’s annual
report on Form 10-K, quarterly reports on Form 10-Q and other
filings with the Commission. The Company cautions readers not to
place undue reliance on any such forward-looking statements, which
speak only as of the date made. Although the forward-looking
statements in this release of financial information are based on
our beliefs, assumptions and expectations, taking into account all
information currently available to us, we cannot guarantee future
transactions, results, performance, achievements or outcomes. No
assurance can be made to any investor by anyone that the
expectations reflected in our forward-looking statements will be
attained, or that deviations from them will not be material and
adverse. 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/20200915006064/en/
For Myomo: ir@myomo.com
Investor Relations: Kim Sutton Golodetz LHA Investor Relations
kgolodetz@lhai.com 212-838-3777
Public Relations: Kate McCann Matter Communications
myomo@matternow.com
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