Ekso Bionics Receives Final Payment Determination for Medicare Reimbursement from the Centers for Medicare & Medicaid Services (CMS) for Ekso Indego Personal
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Insights
The recent determination by the PDAC contractor for CMS regarding the Ekso Indego Personal exoskeleton represents a significant milestone for Ekso Bionics. The set payment level of $91,031.93 for Medicare reimbursement may have a substantial impact on the company's revenue streams. This pricing decision not only validates the product's market viability but also opens up a broader customer base. The adoption of Healthcare Common Procedure Coding System Code K1007 potentially simplifies the billing process for healthcare providers, which could lead to increased usage.
From a financial perspective, the reimbursement approval is likely to enhance the company's attractiveness to investors, as it provides a clearer pathway to market penetration and revenue predictability. It's important to note that the pricing is in line with the high costs associated with advanced medical technologies, reflecting the significant R&D investment and the value of the innovative features of the device. However, investors should monitor the adoption rate closely, as it will be a critical determinant of the financial impact of this reimbursement level.
The exoskeleton technology market is rapidly evolving and the approval of Medicare reimbursement for the Ekso Indego Personal exoskeleton by CMS is a testament to the product's clinical utility and potential market growth. The exoskeleton's advanced features, such as the modular design and advanced gait mode, position it competitively in the market. The ability for faster walking speeds can distinguish it from other mobility aids.
This reimbursement approval could serve as a catalyst for market expansion, as it not only increases the device's accessibility to patients with spinal cord injuries but also sets a precedent for other public and private payers to follow suit. Ekso Bionics' existing relationship with over 260 clinics provides a strong foundation for rapid dissemination and adoption of the technology. However, the long-term impact on the market will depend on the clinical outcomes and cost-benefit analysis from the broader use of the device.
The decision by CMS to reimburse the Ekso Indego Personal exoskeleton at a specific payment level is a significant development in health policy, reflecting a growing recognition of the benefits of assistive technologies in rehabilitation. The use of the K1007 billing code may streamline the reimbursement process and encourage other insurers to adopt similar policies. This could lead to increased access to innovative treatments for individuals with spinal cord injuries, potentially improving patient outcomes and quality of life.
While this is a positive development for patients and Ekso Bionics, it's essential to consider the broader implications for the healthcare system. Reimbursement at this level may influence the cost of care and insurance premiums. Additionally, the potential increase in demand for the Ekso Indego Personal will require careful monitoring to ensure that the supply chain and clinical training can keep pace, thus avoiding bottlenecks that could delay patient access to this technology.
SAN RAFAEL, Calif., April 12, 2024 (GLOBE NEWSWIRE) -- Ekso Bionics Holdings, Inc. (Nasdaq: EKSO) (the “Company” or “Ekso Bionics”), an industry leader in exoskeleton technology for medical and industrial use, today announced that the Pricing, Data Analysis, and Coding (“PDAC”) contractor for the Centers for Medicare & Medicaid Services (“CMS”) has determined a final payment level of
As previously announced, CMS approved use of Healthcare Common Procedure Coding System Code K1007 to bill Medicare for the Ekso Indego Personal. This code can also be used by other public health insurance programs as well as private payers.
Ekso Bionics will work with inpatient and outpatient clinics across the country to qualify individuals with spinal cord injuries who can potentially benefit from the Ekso Indego Personal. Ekso Bionics’ expansive clinical and rehabilitation customer base, which includes more than 260 clinics across North America, have the skilled therapists and clinicians to train individuals over the course of several sessions to maximize clinical outcomes. Ekso Bionics has worked with many of these facilities by offering clinical demonstrations, where interested individuals can trial the Ekso Indego Personal.
“There are clinically demonstrated advantages for individuals with SCI who train with Ekso’s Indego Personal device in post-acute care that help improve their quality of life,” said Jenna Tosto-Mancuso, PT, DPT, NCS, Clinical Manager, Division of Rehabilitation Innovation at Mount Sinai. “As patients can now benefit from reimbursement, those covered by CMS will gain improved access to this life changing device, which has the ability to accelerate their recovery outside of in-clinic or hospital rehabilitation and allow for better mobility in everyday life, which has associated mental health benefits.”
Ekso Indego Personal is a modular, lightweight and easily portable exoskeleton that is safe for use in most home and community environments. The device contains an advanced gait mode where the individual can reach faster walking speeds, granting them a new level of independence.
About Ekso Bionics®
Ekso Bionics® is a leading developer of exoskeleton solutions that amplify human potential by supporting or enhancing strength, endurance and mobility across medical and industrial applications. Founded in 2005, the Company continues to build upon its industry-leading expertise to design some of the most cutting-edge, innovative wearable robots available on the market. Ekso Bionics is the only known exoskeleton company to offer technologies that range from helping those with paralysis to stand up and walk, to enhancing human capabilities on job sites across the globe. The Company is headquartered in the San Francisco Bay Area and is listed on the Nasdaq Capital Market under the symbol “EKSO.” For more information, visit: www.eksobionics.com or follow @EksoBionics on X.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements. Forward-looking statements include, without limitation, the increase in potential patient population as a result of CMS reimbursement and the Company’s ability to successfully sell its products to such customers and the impacts to patients from the Company’s devices. Forward-looking statements can be identified by words such as “expect,” “continue,” “anticipate,” “estimate,” “believe,” “plan,” “projection,” “grow,” “potential,” “future,” “can,” “develop,” “proposition,” “position,” “expand,” “may” or words of similar meaning. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of risks and uncertainties. Factors that may influence or contribute to the inaccuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation, a future change to the reimbursement amount and less demand than expected from patients even at a reduced purchase price. These and other factors are identified and described in more detail in the Company's public filings with the Securities and Exchange Commission. You should carefully read the Cautionary Note Regarding Forward-Looking Statements and the factors described in the “Risk Factors” section of the Company’s periodic reports filed with the Securities and Exchange Commission to better understand the risks and uncertainties inherent in the Company. The Company does not undertake to update these forward-looking statements, except as required by law.
Contact:
David Carey
212-867-1768
investors@eksobionics.com
FAQ
What is the Medicare reimbursement amount for Ekso Indego Personal?
Which coding system is approved for billing Medicare for Ekso Indego Personal?
How many clinics does Ekso Bionics work with across North America?
What are the advantages of training with Ekso Indego Personal for individuals with SCI?
Where can Ekso Indego Personal be used?
What does the advanced gait mode in Ekso Indego Personal offer?
