NanoVibronix, Inc., (NASDAQ: NAOV), a Healthcare device company that produces the UroShield® and PainShield® Surface Acoustic Wave (SAW) Portable Ultrasonic Therapeutic Devices, today announced the company has completed the application process with the Centers for Medicare and Medicaid (CMS) to receive a reimbursement code for its UroShield and PainShield Plus devices.
Brian Murphy, Chief Executive Officer of NanoVibronix Inc., commented, “We took the first opportunity in 2021 to apply for a CMS reimbursement code for UroShield and PainShield Plus as a next step towards seeking to materially increase the number of providers who may prescribe our proven effective devices as therapies for patients, particularly the many millions of Medicare beneficiaries. Upon approval, we will significantly expand our addressable market and will be better positioned to serve providers who in turn serve a growing population of patients seeking effective therapies that can be administered in non-clinical settings, including the safety of a patient’s home.”
Murphy continued, “Applying for CMS reimbursement is yet another step towards seeking to accelerate the availability of our products in light of the increasing interest from healthcare providers and demand from our distributors. UroShield is already reimbursable in government health institutions by virtue of inclusion on the Federal Supply Schedule (FSS), and our original PainShield, the predecessor to PainShield Plus, is already reimbursable under the unique HCPCS code K1004. Receiving a unique CMS reimbursement code and including each of these devices in the HCPCS manual should be an important catalyst for our business and is expected to increase our revenue opportunities.”
Moira Sykstus, CEO of Redemption Revenue Cycle Solutions, LLC, is serving as the primary consultant for NanoVibronix for this reimbursement code approval and is spearheading the company’s efforts toward commercialization within the healthcare coding and reimbursement system.
“It is extremely gratifying for me to help make potentially life changing treatment options accessible for more patients,” stated Moira Sykstus, CEO of Redemption Revenue Cycle Solutions, LLC. “Working with NanoVibronix is an exciting opportunity because I know the work we are doing should make a huge difference in the lives of patients and those who care for them.”
UroShield™ is an ultrasound-based product that is designed to prevent bacterial colonization and biofilm on indwelling urinary catheters and increase antibiotic efficacy, ultimately reducing the incidence of catheter-associated urinary tract infections (CAUTI). UroShield is also intended to decrease pain and discomfort associated with urinary catheter use.
PainShield Plus, like the original PainShield, utilizes ultrasound therapy for the treatment of pain and various soft tissue injuries either directly over joints or orthopedic hardware and without the need for messy ultrasound gels. The device is an effective solution for avoiding opioid treatments and equips patients to receive therapy independently in the comfort and safety of their own homes. The device consists of a reusable driver unit and disposables, which includes a proprietary therapeutic transducer and cover adhesive to deliver a localized ultrasound effect to treat pain and induce soft tissue healing in a targeted area, while keeping the level of ultrasound energy at a safe and consistent level. Its range of applications includes acute and chronic pain resolution through its many mechanisms of action and can be used by patients at home, work or in a clinical setting and can be used even while the patient is sleeping. Patient benefits include ease of application and use, faster recovery time, high compliance, and increased safety and efficacy over less effective alternative therapies.
Source: Company Press Release
