NANOVIBRONIX ENTERS WORKER’S COMPENSATION MARKET THROUGH AGREEMENT WITH ORCHID MEDICAL
NanoVibronix, Inc. (NASDAQ: NAOV) has signed a Provider Participation Agreement with Orchid Medical, enhancing access to its PainShield® product for workers' compensation beneficiaries. This partnership marks NanoVibronix's entry into the workers' compensation market, streamlining reimbursement for eligible patients. Under the two-year agreement, the company will provide initial supply kits at a fixed price, with annual renewals. PainShield is designed for pain management and is suitable for home or clinical use, offering benefits such as faster recovery times and increased safety.
- Entered the workers' compensation market via a partnership with Orchid Medical.
- Facilitates reimbursement for PainShield, increasing its accessibility for eligible patients.
- Potential to replicate similar agreements with other payers, broadening market reach.
- None.
Signs Provider Participation Agreement with a Leading, National Payer;Increases Access to PainShield® for Eligible Beneficiaries Covered Under a Worker’s Comp Plan
Elmsford, NY, Sept. 29, 2021 (GLOBE NEWSWIRE) -- NanoVibronix, Inc., (NASDAQ: NAOV), a healthcare device company that produces the UroShield® and PainShield® Surface Acoustic Wave (SAW) Portable Ultrasonic Therapeutic Devices, today announced it has entered the worker’s compensation market with the signing of a Provider Participation Agreement with Orchid Medical, a national provider of integrated ancillary and surgical cost containment solutions specifically for the workers’ compensation industry. The agreement facilitates the reimbursement of the company’s PainShield® product for eligible patients receiving benefits under a worker’s compensation plan making it easier for plan beneficiaries to obtain the product for the treatment of pain.
Brian Murphy, CEO of Nanovibronix, stated, “Signing this agreement with a national worker’s comp payer serves as our first entrée into the worker’s compensation market and clears the way for easier access to PainShield for the management of pain resulting from work-related injuries. Orchid Medical is an established, reputable payer with a broad network of worker’s comp plans, Case Managers and Insurance Carriers that it supports. This agreement reinforces the applicability of PainShield and opens the door for us to replicate similar arrangements with additional payers and further extend reimbursable access for many thousands of eligible beneficiaries.”
Under the terms of the two-year agreement, NanoVibronix will supply PainShield initial supply kits and disposables to Orchid Medical at a fixed price. The agreement will automatically renew each year.
PainShield is an ultrasound device that delivers a localized ultrasound effect to treat pain and induce soft tissue healing in a targeted area, while keeping the level of ultrasound energy at a safe and consistent level. Its range of applications includes acute and chronic pain resolution through its many mechanisms of action. The product has broad applications for sports injuries. PainShield can be used by patients at home or work or in a clinical setting and can be used even while the patient is sleeping. Patient benefits include ease of application and use, faster recovery time, high compliance, and increased safety and efficacy over existing devices that rely on higher-frequency ultrasound.
About Orchid Medical
For nearly 20 years, Orchid Medical has been a leading, national provider of ancillary and surgical cost containment solutions specifically designed for workers’ compensation industry. The company offers a broad range of medical management services including durable medical equipment (DME) and supplies, orthotics and prosthetics, home healthcare, complex care, home and vehicle modifications, diagnostic imaging, physical medicine, transportation and language, Surgical Cost Containment Program®, long-term care, and urinary drug monitoring. Our clients include insurance carriers, government agencies, third party administrators, managed care organizations and self-insured employers.
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® and UroShield®, 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 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 is the significance of NanoVibronix's partnership with Orchid Medical?
How does the Provider Participation Agreement affect PainShield's market presence?
What are the terms of the agreement between NanoVibronix and Orchid Medical?
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What are the benefits of using PainShield for patients?
