NanoVibronix Announces Expanded CMS Reimbursement Approval for PainShield
NanoVibronix, Inc. (NASDAQ: NAOV) has announced a significant milestone as the U.S. CMS has added its PainShield device to the Durable Medical Equipment (DME) reimbursement schedule. This approval allows reimbursement under a unique HCPCS code K1004 for low-frequency ultrasonic diathermy treatment at home. NanoVibronix anticipates increased demand and further market penetration due to this change, which enhances its ability to distribute PainShield more broadly. CEO Brian Murphy highlighted the potential for expanding their traditional healthcare market presence.
- PainShield is now reimbursable under CMS DME schedule, expanding market access.
- Unique HCPCS code K1004 established for PainShield enhances competitive edge.
- Anticipated increase in demand with immediate rise in orders post-approval.
- None.
PainShield Added to DME Schedule for Reimbursement as a Device, Enhances Providers’ Ability to Dispense PainShield, Significantly Expands Addressable Market
ELMSFORD, N.Y., April 26, 2021 (GLOBE NEWSWIRE) -- NanoVibronix, Inc., (NASDAQ: NAOV), a medical device company that produces the UroShield®, PainShield® and WoundShield® Surface Acoustic Wave (SAW) Portable Ultrasonic Therapeutic Devices, today announced that the U.S. Centers for Medicare and Medicaid Services (CMS) has expanded its reimbursement approval of the company’s PainShield™ product by adding the device to its Durable Medical Equipment (DME) schedule.
Effective immediately, PainShield is reimbursable as an approved medical device under a unique reimbursement code assigned by CMS for low frequency ultrasonic diathermy treatment specifically for home use. The product is currently the only device approved for reimbursement under the unique HCPCS code K1004, which was established through the company’s efforts and work with CMS. Visit here for additional information.
“Receiving CMS approval for reimbursement under the DME schedule is a breakthrough milestone in our efforts to fully commercialize our PainShield product and reach the broader, more traditional healthcare market,” stated Brian Murphy, CEO of NanoVibronix. “This approval expands the original CMS approval to include reimbursement as a device for the many millions of beneficiaries enrolled in Medicare and paves the way for expanded distribution by removing the limitations that we have been operating under until now. We believe that demand has been building due to providers anticipating the device being added to the reimbursement schedule. We began experiencing an increase in orders for the device almost immediately and are prepared to meet the higher demand.”
About NanoVibronix, Inc.
NanoVibronix, Inc. (NASDAQ: NAOV) is a medical device company headquartered in Elmsford, New York, with research and development in Nesher, Israel, focused on developing medical devices utilizing its patented low intensity surface acoustic wave (SAW) technology. The proprietary technology allows for the creation of low-frequency ultrasound waves that can be utilized for a variety of medical applications, including for disruption of biofilms and bacterial colonization, as well as for pain relief. The devices can be administered at home without the assistance of medical professionals. The Company’s primary products include PainShield®, UroShield® and WoundShield®, all of which are portable devices suitable for administration at home without assistance of medical professionals. Additional information about NanoVibronix is available at: www.nanovibronix.com.
Forward-looking Statements
This press release contains “forward-looking statements.” Such statements may be preceded by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company’s control, and cannot be predicted or quantified; consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with: (i) the geographic, social and economic impact of COVID-19 on the Company’s ability to conduct its business and raise capital in the future when needed, (ii) market acceptance of our existing and new products or lengthy product delays in key markets; (iii) negative or unreliable clinical trial results; (iv) inability to secure regulatory approvals for the sale of our products; (v) intense competition in the medical device industry from much larger, multinational companies,; (vi) product liability claims; (vii) product malfunctions; (viii) our limited manufacturing capabilities and reliance on subcontractor assistance; (ix) insufficient or inadequate reimbursements by governmental and/or other third party payers for our products; (x) our ability to successfully obtain and maintain intellectual property protection covering our products; (xi) legislative or regulatory reform impacting the healthcare system in the U.S. or in foreign jurisdictions; (xii) our reliance on single suppliers for certain product components, (xiii) the need to raise additional capital to meet our future business requirements and obligations, given the fact that such capital may not be available, or may be costly, dilutive or difficult to obtain; (xiv) our conducting business in foreign jurisdictions exposing us to additional challenges, such as, e.g., foreign currency exchange rate fluctuations, logistical and communications challenges, the burden and cost of compliance with foreign laws, and political and/or economic instabilities in specific jurisdictions; and (xv) market and other conditions. More detailed information about the Company and the risk factors that may affect the realization of forward looking statements is set forth in the Company’s filings with the Securities and Exchange Commission (SEC), including the Company’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC’s web site at: http://www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events, or otherwise, except as required by law.
FAQ
What does the CMS approval mean for NanoVibronix's PainShield?
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