Therma Bright Inc (TSX-V:THRM, OTC:TBRIF) said that in the coming weeks, it expects a final decision on permanent codes from the Centers for Medicare and Medicaid Services (CMS) for Venowave, its compact, lightweight deep vein thrombosis (DVT) prevention device.
The company also said its US distribution partner network continues to grow and that it encourages the continued use of the temporary Current Procedural Terminology (CPT)/Healthcare Common Procedure Coding System (HCPCS) codes.
"We're pleased with our current distribution partners' efforts in selling the Venowave through our nine (9) temporary CPT and HCPCS codes," Rob Fia, CEO of Therma Bright said in a statement.
"In fact, one of our potential new distribution partners is a Medicare Advantage healthcare provider, who offer bundled plans to patients who can only use doctors within this network. Medicare Advantage groups can purchase directly from the company, which effectively is dealing directly with the payor. We believe this will help secure more Venowave sales with greater distribution for the company."
Therma Bright said its distributor in Texas has tapped into its doctor network and is processing the temporary code applicants for reimbursement. In the northeast, the company is in the final stages of securing a distributor based in Connecticut while in the southeast regions it is in early discussions with a Medicare Advantage group in Florida.
Therma Bright is a developer and partner in a wide 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.