Therma Bright Inc (TSX-V:THRM, OTC:TBRIF) said it has successfully secured US Medicare and Medicaid reimbursement through various payers, with the reimbursement per pair of Venowave devices, under these temporary codes, ranging from between $725-$1,050 per patient.
The company also noted that it has made excellent progress in the final stages of validating the use of these temporary codes to secure reimbursement with permanent codes for Venowave under both the Medicare and Medicaid programs. Previously, patients enrolled in these programs were not eligible for reimbursement for this category of device.
This is a significant milestone for the company, Therma Bright added, as the successful validation of reimbursement through these programs has expanded the potential market for Venowave in the United States, providing a large opportunity for Venowave's commercialization.
"This is a major development for our company and the patients who rely on Venowave. These CPT codes will provide greater clarity and precision in medical billing and streamline the reimbursement process for healthcare providers, patients, and insurers," said Rob Fia, CEO of Therma Bright in a statement.
"We're committed to making Venowave accessible to as many patients as possible, and this milestone brings us one step closer to achieving that goal. As we move forward, our dedication to advancing our mission of improving patient outcomes through innovative medical technology will remain paramount,” he added.
While completing the final stages of reimbursement validation, Therma Bright is anticipating the upcoming preliminary decisions by the Centers for Medicare & Medicaid Services (CMS) for permanent codes in May 2023, which will include the issuance of unique CPT codes.
In October 2022, Therma Bright secured nine temporary CPT/HCPCS codes for a variety of circulatory diseases, including: (i) deep vein thrombosis (DVT), (ii) primary thrombosis, (iii) post-thrombotic syndrome (PTS), (iv) lymphedema, (v) varicose veins, (vi) chronic venous insufficiency, (vii) intermittent claudication, (viii) vascular insufficiency and (ix) enhancing blood circulation issues. The temporary CPT/HCPCS codes offer doctors and healthcare professionals a uniform language for coding medical services and procedures to improve reporting and increase accuracy and efficiency.
Venowave is a compact and lightweight Deep Vein Thrombosis (DVT) prevention device specifically designed for use in healthcare settings and at home. The Venowave device uses a continuous wave motion to increase blood flow in the veins. The increased blood circulation helps prevent venous stasis, which is a major contributor in clot formation.
Specifically, the device imitates the body's venous system to counteract the pooling of blood in the lower extremities which can lead to clotting. With about 50% of DVTs beginning to form intra-operatively and 75% forming within 48 hours post-operatively, this technology is pioneering an alternative, easy-to-use, and potentially life-saving treatment for this condition.
Therma Bright, is a developer and partner in a range of leading-edge, proprietary diagnostic and medical device technologies focused on providing consumers and medical professionals with quality, innovative solutions that address some of today's most important medical and healthcare challenges. The company is the developer of the smart-enabled AcuVid COVID-19 Rapid Antigen Saliva Test, currently undergoing regulatory review
Contact the author at jon.hopkins@proactiveinvestors.com