Inspire Medical Systems, Inc. Announces Two Additional Coverage Policies from Blue Cross Blue Shield Healthcare Plans
Inspire Medical Systems announced that two additional Blue Cross Blue Shield plans, Florida Blue and BCBS Minnesota, will now cover the company's Inspire therapy for obstructive sleep apnea. This decision expands coverage to approximately 8.6 million members, bringing the total to 31 BCBS plans covering Inspire therapy, affecting over 190 million lives. With an effective date of August 15, 2020, for Florida Blue and October 5, 2020, for BCBS Minnesota, Inspire therapy also has Medicare coverage across the U.S..
- Addition of Florida Blue and BCBS Minnesota expands coverage to 8.6 million more members.
- Total of 31 BCBS plans now cover Inspire therapy, reaching over 190 million lives.
- Inspire therapy has Medicare coverage across the entire U.S.
- None.
MINNEAPOLIS, Aug. 17, 2020 (GLOBE NEWSWIRE) -- Inspire Medical Systems, Inc. (NYSE: INSP) ("Inspire"), a medical technology company focused on the development and commercialization of innovative and minimally invasive solutions for patients with obstructive sleep apnea (“OSA”), announced today that two additional Blue Cross Blue Shield (“BCBS”) plans will provide coverage for the Company’s Inspire therapy.
Florida Blue, part of the Blue Cross and Blue Shield (“BCBS”) Association, is the leading health insurer in Florida and covers approximately 5.9 million members, and issued their policy with an effective date of August 15, 2020.
Blue Cross and Blue Shield of Minnesota (“BCBS Minnesota”), the largest health plan in Minnesota, is an independent licensee of the BCBS Association and covers 2.7 million lives. The effective date of the policy is October 5, 2020.
“We are pleased to receive these positive coverage decisions from two more BCBS Plans, bringing the total to 31 BCBS plans covering Inspire therapy. As health plans continue to update their coverage policies to include Inspire therapy, an increasing number of patients and physicians will have access to our innovative therapy,” said Tim Herbert, President and Chief Executive Officer of Inspire Medical Systems. “With the addition of Florida Blue and BCBS Minnesota, we now have 58 coverage policies, representing over 190 million lives, that cover Inspire therapy.”
In addition to the 58 commercial coverage policies, Inspire therapy also has Medicare coverage across the entire United States.
About Inspire Medical Systems
Inspire is a medical technology company focused on the development and commercialization of innovative and minimally invasive solutions for patients with obstructive sleep apnea. Inspire’s proprietary Inspire therapy is the first and only FDA-approved neurostimulation technology that provides a safe and effective treatment for moderate to severe obstructive sleep apnea.
For additional information about Inspire, please visit www.inspiresleep.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts are forward-looking statements, including, without limitation, statements regarding further updates to health plans’ coverage policies to include Inspire therapy and patients’ and physicians’ increased access to Inspire therapy. In some cases, you can identify forward-looking statements by terms such as ‘‘may,’’ ‘‘will,’’ ‘‘should,’’ ‘‘expect,’’ ‘‘plan,’’ ‘‘anticipate,’’ ‘‘could,’’ “future,” “outlook,” “guidance,” ‘‘intend,’’ ‘‘target,’’ ‘‘project,’’ ‘‘contemplate,’’ ‘‘believe,’’ ‘‘estimate,’’ ‘‘predict,’’ ‘‘potential,’’ ‘‘continue,’’ or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words.
These forward-looking statements are based on management’s current expectations and involve known and unknown risks and uncertainties that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, estimates regarding the annual total addressable market for our Inspire therapy in the U.S. and our market opportunity outside the U.S.; future results of operations, financial position, research and development costs, capital requirements and our needs for additional financing; commercial success and market acceptance of our Inspire therapy; the impact of the ongoing and global COVID-19 pandemic; and general and international economic, political, and other risks, including currency and stock market fluctuations and the uncertain economic environment. Other important factors that could cause actual results, performance or achievements to differ materially from those contemplated in this press release can be found under the captions “Risk Factors” and "Management's Discussion and Analysis of Financial Condition and Results of Operations“ in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019, as updated in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2020, and as such factors may be updated from time to time in our other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov and the Investors page of our website at www.inspiresleep.com. These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, unless required by applicable law, we disclaim any obligation to do so, even if subsequent events cause our views to change. Thus, one should not assume that our silence over time means that actual events are bearing out as expressed or implied in such forward-looking statements. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.
Investor & Media Contact:
Bob Yedid
LifeSci Advisors
646-597-6989
Bob@LifeSciAdvisors.com
FAQ
What is the significance of Inspire therapy coverage expansion by BCBS plans?
When did Florida Blue start covering Inspire therapy?
What is the effective date for BCBS Minnesota's coverage of Inspire therapy?
How many lives are now covered by Inspire therapy?
Does Inspire therapy have Medicare coverage?
