Milestone Scientific Commences Sales of CompuFlo® Epidural Disposables within PRC Alliance Pain Relief Center in Ormond Beach, Florida
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Insights
The adoption of Milestone Scientific's CompuFlo Epidural system by PRC Alliance Pain Relief Center is a strategic move that may influence the company's market position. The technology's ability to provide real-time feedback and minimize risks during Epidural Steroid Injection (ESI) procedures can be seen as a competitive advantage in the medical device sector. This adoption could potentially lead to increased demand, as positive clinical outcomes, like those reported by Dr. Bakshi, tend to encourage further integration of new technologies in medical practices.
From an investment perspective, the utilization of CPT 0777T codes for billing purposes suggests an operational strategy to align with insurance reimbursement frameworks, which is critical for the financial viability of medical technologies. If claims continue to be accepted, this could lead to a stable revenue stream for Milestone Scientific, thereby positively impacting its financial health and attractiveness to investors.
The announcement reflects a growing trend in the healthcare industry towards precision medicine and the adoption of technologies that enhance patient outcomes and operational efficiency. The integration of CompuFlo into PRC Alliance Pain Relief Center's practice aligns with industry efforts to reduce procedural risks and improve patient experiences.
Long-term implications for stakeholders include the potential for broader market adoption, which hinges on sustained clinical success and favorable insurance reimbursement practices. The reported 100% success rate, if substantiated by peer-reviewed studies, could serve as a strong marketing point. However, investors should monitor the scalability of sales and the impact on Milestone's financials, including the cost of production, sales cycle length and market penetration rates, to assess the true business impact.
The successful acceptance of claims using CPT 0777T is significant as it demonstrates that Milestone Scientific's CompuFlo Epidural system is recognized within the existing reimbursement structure. This is a critical factor for the adoption of new medical technologies, as it ensures that providers can be compensated for their use. The ability to successfully navigate the complex reimbursement landscape is essential for the commercial success of medical innovations.
Investors should consider the implications of reimbursement strategies on the company's revenue cycle management. A focus on reimbursement can lead to broader adoption, but it also requires a robust regulatory and billing team to handle potential challenges from payors. The effectiveness of Milestone's reimbursement strategy should be evaluated in conjunction with overall market trends and regulatory changes that could affect healthcare billing practices.
PRC Alliance Pain Relief Center operates 8 locations across central Florida
Dr. Bakshi reports
ROSELAND, N.J., April 03, 2024 (GLOBE NEWSWIRE) -- Milestone Scientific Inc. (NYSE:MLSS), a leading developer of computerized drug delivery instruments that provide painless and precise injections, today announced that it has commenced sales of CompuFlo® Epidural disposables into PRC Alliance Pain Relief Center at Ormond Beach, Florida. PRC Alliance Pain Relief Centers operates 7offices and an ambulatory surgical center (ASC) located across Central Florida, with 15 providers. PRC Alliance Pain Relief Centers is a family of pain management specialists who are dedicated to relieving pain through exceptional and compassionate care.
Adoption of the technology follows a successful evaluation by Dr. Sanjay Bakshi, MD, a pain management physician and CEO of PRC Alliance Pain Relief Centers in Ormond Beach, Florida. Dr. Bakshi has been practicing for over 30 years and is triple board certified in anesthesia and pain management. Dr Bakshi completed his training in pain management at Johns Hopkins Hospital and subsequently worked there as an attending physician.
Dr. Sanjay Bakshi completed numerous cases using the CompuFlo Epidural system, in which he reported
Dr. Sanjay Bakshi stated, “Following a thorough evaluation, I am highly supportive of Milestone’s CompuFlo instrument for enhancing both the speed and safety of Epidural Steroid Injection (ESI) procedures. In addition to its ease of use, the system provides both audible and visual feedback, including real-time confirmation of epidural placement, which minimizes the risk of intraoperative cerebral fluid leakage and trauma to underlying nerve roots. In turn, this enhances both the speed and safety of the procedure. I am delighted to incorporate Milestone’s CompuFlo within my clinic, which will ultimately provide a better experience for my patients.”
Arjan Haverhals, CEO and president of Milestone Scientific, stated, “We are delighted by the recent adoption of our technology within the first location of PRC Alliance Pain Relief Centers, illustrating our progress in advancing sales of our CompuFlo Epidural system within pain clinics across the U.S. The decision by physicians such as Dr. Bakshi to use CompuFlo demonstrates the clinical utility and benefit of the technology, and we believe that the increasing adoption will support our broader reimbursement strategy. Notably, we have now submitted claims for over 140 patient procedures using CPT 0777T, all of which have been successfully accepted by payor systems for processing.”
About Milestone Scientific Inc.
Milestone Scientific Inc. (MLSS), a technology-focused medical research and development company that patents, designs and develops innovative injection technologies and instruments for medical, dental and cosmetic applications. Milestone Scientific’s computer-controlled systems are designed to make injections precise, efficient and increase the overall patient comfort and safety. Their proprietary DPS Dynamic Pressure Sensing Technology® instruments is the platform to advance the development of next-generation devices, regulating flow rate and monitoring pressure from the tip of the needle, through platform extensions of subcutaneous drug delivery, including local anesthetic. To learn more, view the MLSS brand video or visit milestonescientific.com.
Safe Harbor Statement
This press release contains forward-looking statements regarding the timing and financial impact of Milestone's ability to implement its business plan, expected revenues, timing of regulatory approvals and future success. These statements involve a number of risks and uncertainties and are based on assumptions involving judgments with respect to future economic, competitive and market conditions, future business decisions and regulatory developments, all of which are difficult or impossible to predict accurately and many of which are beyond Milestone's control. Some of the important factors that could cause actual results to differ materially from those indicated by the forward-looking statements are general economic conditions, failure to achieve expected revenue growth, changes in our operating expenses, adverse patent rulings, FDA or legal developments, competitive pressures, changes in customer and market requirements and standards, and the risk factors detailed from time to time in Milestone's periodic filings with the Securities and Exchange Commission, including without limitation, Milestone's Annual Report for the year ended December 31, 2022. The forward-looking statements in this press release are based upon management's reasonable belief as of the date hereof. Milestone undertakes no obligation to revise or update publicly any forward-looking statements for any reason.
Contact: David Waldman or Natalya Rudman
Crescendo Communications, LLC
Email: mlss@crescendo-ir.com
Tel: 212-671-1020
FAQ
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