Myomo Announces First Private Payer Contracts for MyoPro In-network Coverage
Myomo (NYSE American: MYO) has secured its first private insurance contracts for in-network coverage of MyoPro with Blue Cross Blue Shield of Massachusetts and Paradigm. These contracts will enable MyoPro to be provided to patients covered by private insurance on an in-network basis, serving approximately 3 million covered lives. This development follows existing Medicare Part B coverage and represents a significant step toward establishing MyoPro as a standard of care for patients with neurological disorders and upper-limb paralysis.
Myomo (NYSE American: MYO) ha ottenuto i suoi primi contratti di assicurazione privata per la copertura in rete di MyoPro con Blue Cross Blue Shield del Massachusetts e Paradigm. Questi contratti permetteranno a MyoPro di essere fornito a pazienti coperti da assicurazione privata su base in rete, servendo circa 3 milioni di vite coperte. Questo sviluppo segue la copertura esistente di Medicare Parte B e rappresenta un passo significativo verso l'istituzione di MyoPro come standard di cura per i pazienti con disturbi neurologici e paralisi degli arti superiori.
Myomo (NYSE American: MYO) ha asegurado sus primeros contratos de seguro privado para la cobertura en red de MyoPro con Blue Cross Blue Shield de Massachusetts y Paradigm. Estos contratos permitirán que MyoPro se proporcione a pacientes cubiertos por seguros privados en una base de red, atendiendo aproximadamente a 3 millones de vidas cubiertas. Este desarrollo sigue la cobertura existente de Medicare Parte B y representa un paso significativo hacia el establecimiento de MyoPro como un estándar de atención para pacientes con trastornos neurológicos y parálisis de extremidades superiores.
Myomo (NYSE American: MYO)는 매사추세츠 청교도 건강보험 및 패러다임과의 네트워크 내 MyoPro에 대한 첫 번째 민간 보험 계약을 체결했습니다. 이러한 계약은 MyoPro가 민간 보험에 가입된 환자에게 네트워크 기반으로 제공될 수 있도록 하여 약 300만 명의 피보험자에게 서비스를 제공합니다. 이 개발은 기존 메디케어 파트 B 보장을 따르며, 신경 장애 및 상지 마비 환자에게 MyoPro를 치료 표준으로 수립하기 위한 중요한 단계입니다.
Myomo (NYSE American: MYO) a conclu ses premiers contrats d'assurance privée pour la couverture en réseau de MyoPro avec Blue Cross Blue Shield du Massachusetts et Paradigm. Ces contrats permettront à MyoPro d'être fourni aux patients couverts par une assurance privée sur une base de réseau, touchant environ 3 millions de vies couvertes. Ce développement fait suite à la couverture existante de Medicare Partie B et représente une étape significative vers l'établissement de MyoPro comme standard de soins pour les patients atteints de troubles neurologiques et de paralysie des membres supérieurs.
Myomo (NYSE American: MYO) hat seine ersten privaten Versicherungsverträge für die In-Network-Abdeckung von MyoPro mit Blue Cross Blue Shield von Massachusetts und Paradigm gesichert. Diese Verträge ermöglichen es, MyoPro Patienten, die durch private Versicherungen abgedeckt sind, auf Basis des In-Network-Angebots zur Verfügung zu stellen und bedienen rund 3 Millionen Versicherte. Diese Entwicklung folgt der bestehenden Medicare Teil B Abdeckung und stellt einen bedeutenden Schritt dar, um MyoPro als Standardbehandlung für Patienten mit neurologischen Erkrankungen und Lähmungen der oberen Extremitäten zu etablieren.
- Secured first in-network contracts with major private insurers
- Access to approximately 3 million covered lives through new contracts
- Expansion of coverage beyond existing Medicare Part B
- None.
Insights
This partnership marks a significant milestone in Myomo's commercialization strategy. Securing in-network coverage with Blue Cross Blue Shield of Massachusetts and Paradigm, covering approximately 3 million lives, substantially improves market access and revenue potential. The inclusion in private insurance networks typically leads to:
- Streamlined reimbursement processes
- Reduced administrative costs
- Higher patient adoption rates
- More predictable revenue streams
Building on existing Medicare Part B coverage, these first private payer contracts validate MyoPro's clinical value proposition and could accelerate additional insurance partnerships. For a company with a market cap of
Securing these inaugural private payer contracts represents a important inflection point for MyoPro's market positioning. The agreement with Paradigm is particularly strategic as it opens access to the workers' compensation market - a segment with typically higher reimbursement rates and fewer approval hurdles. This development strengthens MyoPro's path toward becoming a standard of care in upper extremity rehabilitation, which could drive significant market expansion beyond the current addressable market. The combination of Medicare Part B and private insurance coverage creates a robust foundation for sustainable growth in patient access and adoption.
Blue Cross Blue Shield of
These new contracts are with Blue Cross Blue Shield of
“Entry into these first in-network payer contracts represents a key milestone for Myomo and an expansion of coverage for patients suffering from neurological disorders and upper-limb paralysis,” said Harry Kovelman, M.D., Myomo’s chief medical officer. “We are continuing our outreach to other private payers and I’m encouraged by the reception we’ve received to date. With coverage for the MyoPro now provided by Medicare Part B, and commercial insurers and specialty care management organizations starting to enter into contracts with us, we believe the MyoPro is on its way toward becoming the standard of care for those suffering with permanent upper extremity impairment who want to regain their ability to perform activities of daily living.”
About Blue Cross Blue Shield of
Blue Cross Blue Shield of
About Paradigm
Paradigm is an accountable specialty care management organization focused on improving the lives of people with complex injuries and diagnoses. The company has been a pioneer in value-based care since 1991 and has an exceptional track record of generating the very best outcomes for patients, payers and providers. Deep clinical expertise is the foundation for every part of Paradigm’s business: risk-based clinical solutions, case management, specialty networks, home health, shared decision support and payment integrity programs.
About Myomo
Myomo, Inc. is a wearable medical robotics company that offers improved arm and hand function for those suffering from neurological disorders and upper-limb paralysis. Myomo develops and markets the MyoPro product line. MyoPro is a powered upper-limb orthosis designed to support the arm and restore function to the weakened or paralyzed arms of certain patients suffering from CVA stroke, brachial plexus injury, traumatic brain or spinal cord injury or other neuromuscular disease or injury. It is currently the only marketed device in the
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For Myomo:
ir@myomo.com
Investor Relations:
Kim Sutton Golodetz
Alliance Advisors IR
kgolodetz@allianceadvisors.com
212-838-3777
Source: Myomo, Inc.
FAQ
What insurance companies now provide in-network coverage for Myomo's MyoPro device?
How many lives are covered under Myomo's new insurance contracts?
What types of patients can benefit from Myomo's MyoPro coverage?
Does Medicare cover Myomo's MyoPro device?
