American Medical Association Issues Technology-Specific CPT® Code for Milestone Scientific’s CompuFlo Epidural System
July 06 2022 - 11:00AM
Milestone Scientific Inc.
(NYSE:MLSS), a leading developer of computerized
drug delivery instruments, that provide painless and precise
injections, today announced that the American Medical Association
(AMA) has issued a new technology-specific Category III Current
Procedural Terminology (CPT®) code for the Company’s CompuFlo
Epidural system. The AMA CPT Editorial Panel accepted Milestone’s
request to add a Category III code to report use of a real-time
pressure sensing guidance system. While the code was posted to the
AMA website on July 1, the new CPT code goes into effect in the CPT
codebook on January 1, 2023.
The specific code was granted after review and validation of the
technology by the CPT Editorial Panel at its May 2022 meeting. The
CPT codes created and maintained by the AMA CPT Editorial Panel are
widely used by government payers, including Medicare and Medicaid,
and commercial health plans. The approved Category III CPT code
will be in effect for at least five years, at which time the AMA
may award a Category I code.
Arjan Haverhals, CEO of Milestone Scientific commented,
“Receiving a technology-specific CPT code for CompuFlo marks an
important milestone, that has the potential to open doors of
opportunity for anesthesia pain clinics and other specialties to
provide modern, accurate epidurals in all clinical cases, reducing
risk and improving patient satisfaction in pain management.”
“Extensive published clinical data supports the clinical
benefits of CompuFlo, reducing the morbidity associated with
traditional epidural procedures, by accurately identifying the
location of the needle in real-time. Aside from the clinical
benefits, this code is expected to play an important role in
private pain clinics and hospital settings, where administration
financial decision making will be made easier thereby helping
accelerate our commercial roll-out. Furthermore, it will
potentially assist in enhancing market penetration within the
chronic pain segment, which is estimated to be at least twice the
size of the labor and delivery market segment,” Haverhals
continued.
The clinical and safety benefits of the CompuFlo Epidural and
CathCheck Verification System are backed by numerous
published clinical studies demonstrating reductions in
epidural punctures and complication rates, and can contribute to
time savings on the part of anesthesiologists. A
recent study demonstrated that the CompuFlo Epidural
instrument has the potential to significantly reduce costs
associated with morbidity, providing a direct economic benefit to
healthcare institutions.
Milestone Scientific is actively preparing a full launch plan in
anticipation of this new AMA-cleared CPT code that will be
implemented in the first quarter of 2023.
About Milestone Scientific
Inc.Milestone Scientific Inc. (MLSS), a technology focused
medical research and development company that patents, designs and
develops innovative injection technologies and instruments for
medical, dental and cosmetic applications. Milestone Scientific’s
computer-controlled systems are designed to make injections
precise, efficient and increase the overall patient comfort and
safety. Their proprietary DPS Dynamic Pressure Sensing Technology®
instruments is the platform to advance the development of
next-generation devices, regulating flow rate and monitoring
pressure from the tip of the needle, through platform extensions of
subcutaneous drug delivery, including local anesthetic. To learn
more, view the MLSS brand video or visit
milestonescientific.com.
Safe Harbor Statement
This press release contains forward-looking
statements regarding the timing and financial impact of Milestone's
ability to implement its business plan, expected revenues, timing
of regulatory approvals and future success. These statements
involve a number of risks and uncertainties and are based on
assumptions involving judgments with respect to future economic,
competitive and market conditions, future business decisions and
regulatory developments, all of which are difficult or impossible
to predict accurately and many of which are beyond Milestone's
control. Some of the important factors that could cause actual
results to differ materially from those indicated by the
forward-looking statements are general economic conditions, failure
to achieve expected revenue growth, changes in our operating
expenses, adverse patent rulings, FDA or legal developments,
competitive pressures, changes in customer and market requirements
and standards, and the risk factors detailed from time to time in
Milestone's periodic filings with the Securities and Exchange
Commission, including without limitation, Milestone's Annual Report
for the year ended December 31, 2021. The forward-looking
statements in this press release are based upon management's
reasonable belief as of the date hereof. Milestone undertakes no
obligation to revise or update publicly any forward-looking
statements for any reason.
Contact:Crescendo
Communications, LLCEmail: mlss@crescendo-ir.comTel:
212-671-1020
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