Therma Bright Inc (TSX-V:THRM, OTC:TBRIF) announced that it is working with its US distributor network on expanding sales of Venowave under the nine temporary Current Procedural Terminology (CPT) and Healthcare Common Procedure Coding System (HCPCS) codes issued by the Centers for US Medicare and US Medicaid Services for patient reimbursements.
The company said the temporary codes offer significant commercial importance, as Therma Bright's network of distributors across the US are gearing for a major launch.
“With the market revenues estimated at $3.7 billion in 2022, our innovative Venowave device is set to capture a share of this large market with these Medicaid and Medicare reimbursement codes,” Therma Bright CEO Rob Fia said in a statement.
“Venowave offers patients and medical practitioners a great compression therapy solution with advantages over the current technology in the marketplace,” he added.
Therma Bright noted that, as previously announced, it has successfully secured reimbursement for a pair of Venowave devices for up to US$1050 per patient, which represents a significant milestone for the company as it was the first time Therma Bright received reimbursement for its Venowave product through the Medicare and Medicaid program in the US.
As well, the company said it has secured a meeting with US Department of Health and Human Service on May 31, 2023, to discuss Venowave and its efforts to secure permanent CPT& HCPCS codes for US Medicare and Medicaid reimbursement.
Therma Bright added that it will be presenting to the Centers for Medicare and Medicaid Services (CMS) additional data to demonstrate the efficacy of Venowave to patients for the prevention of deep vein thrombosis (DVT) and post-operative pain and swelling and cases of vascular insufficiency.
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.
Contact Sean at sean@proactiveinvestors.com