Therma Bright Inc (TSX-V:THRM, OTC:TBRIF) said it has been engaged in discussions with the US Department of Health and Human Services (DHHS) over the potential impact of securing unique permanent medical codes for its Venowave medical compression pump device.
The Current Procedural Terminology (CPT) and Healthcare Common Procedure Coding System (HCPCS) codes are a uniform language for coding medical services and procedures to streamline reporting, according to the American Medical Association.
A final decision on the codes will be released by the Centers for Medicare and Medicaid Services (CMS) in August, the company said.
"We greatly appreciate the collaboration with the US DHHS and CMS, as this was an important step in our commitment to ensuring access and empowering patients to benefit from our advanced solutions in vascular health," CEO Rob Fia said in a statement.
In anticipation of a decision in its favor, Therma Bright has continued to expand its US distribution network and commercialization under the current nine temporary CPT and HCPCS codes, the company said. This delivers nationwide commercial access to clinical groups and hospital systems.
"The state of Texas has exhibited an exceptional demand for our Venowave particularly among orthopedic and podiatry groups, with the Dallas Fort Worth region leading the way," Fia said. "The staggering volumes of patients these groups are currently handling with vascular disorders are projected to result in the prescription of an impactful number of our Venowave solution on a monthly basis."
Elsewhere, Therma Bright lauded a bipartisan bill proposed in Congress that is intended to reduce unnecessary and preventable amputations associated with peripheral artery disease (PAD).
The Amputation Reduction and Compassion (ARC) Act would reduce PAD-related amputations by ensuring at-risk beneficiaries within Medicare and Medicaid receive coverage for PAD screening, the company said. It would also improve education and awareness of PAD through a new U.S. Department of Health and Human Services PAD program.
An estimated 20 million Americans suffer from PAD, but about 200,000 of those patients, disproportionately people of color, are given avoidable amputations every year, the company said.
Many of these can be prevented through early diagnosis and attention to the condition, which Therma Bright believes its Venowave technology may assist with.
Venowave is placed on the legs and is utilized to improve blood flow for several conditions such as DVT or CVI. The company is hopeful that its current functionality can be utilized for PAD as well.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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