NeuroOne® Granted Approval of ICD-10 Procedure Code for sEEG RF Ablation
NeuroOne announced that the CMS has approved a new ICD-10-PCS code for its OneRF™ Ablation procedure, effective October 1, 2024. This code, 00503Z4, facilitates hospital reporting of inpatient procedures using the FDA-cleared OneRF™ Ablation system, aimed at creating RF lesions for neurosurgical operations. CEO Dave Rosa highlighted that this approval is key to increasing the recognition and utilization of their technology, potentially reducing hospital stays and adverse events. NeuroOne's product portfolio includes the Evo® cortical and sEEG electrode lines for brain mapping and RF ablation, with the brain ablation market estimated to exceed $100M globally.
- CMS approved new ICD-10-PCS code 00503Z4 for NeuroOne's OneRF™ Ablation procedure.
- Effective date for the new code is October 1, 2024.
- The OneRF™ Ablation system has FDA 510(k) clearance.
- Potential for broader market acceptance and utilization.
- Brain ablation market estimated at over $100M globally.
- None.
Insights
The approval of a new ICD-10 procedure code for NeuroOne's OneRF™ Ablation System signifies a substantial step forward for the company. This development will likely enhance the adoption and recognition of the device within the healthcare system. The code facilitates standardized billing and documentation, potentially leading to increased usage by healthcare providers.
The OneRF™ Ablation System's ability to perform minimally invasive procedures using Stereoelectroencephalographic (sEEG) guidance is particularly notable. This method allows for precise targeting of neurological tissues, minimizing collateral damage and thereby enhancing patient safety. These factors are important for broader acceptance in clinical settings, where safety and reliability are paramount.
The ICD-10 code increases transparency and can support more extensive clinical studies and data collection, leading to a deeper understanding of the device's efficacy and safety over time. As the healthcare sector increasingly prioritizes cost-efficiency and outcome-based treatments, the OneRF™ system's potential to reduce hospital stays and the number of surgeries positions it well for adoption.
From a financial perspective, the CMS approval of a specific ICD-10-PCS code for NeuroOne’s OneRF™ Ablation System can significantly impact the company’s revenue streams. This procedural code allows for clear documentation and billing, facilitating smoother reimbursement processes. Hospitals and clinics are more likely to adopt new technologies when they know they will be reimbursed through established coding systems.
Moreover, with the
However, it's essential to maintain a cautious outlook on immediate financial impacts. The benefits of the new code will unfold gradually as hospitals integrate the OneRF™ system into their practices. Also, ongoing clinical validation and market education will be necessary to realize the revenue potential fully.
ICD-10-PCS code for first to market, FDA-cleared thin-film, sEEG-guided RF ablation system effective October 1, 2024
Specific procedure code positions OneRF™ Ablation System for broader adoption and awareness throughout the healthcare system
EDEN PRAIRIE, Minn., June 20, 2024 (GLOBE NEWSWIRE) -- NeuroOne Medical Technologies Corporation (Nasdaq: NMTC) (“NeuroOne” or the “Company”), a medical technology company focused on improving surgical care options and outcomes for patients suffering from neurological disorders, today announced that the Centers for Medicare and Medicaid Services (CMS) has approved and granted a new ICD-10-PCS (International Classification of Diseases, 10th Revision, Procedure Coding System) code for the OneRF™ Ablation procedure. The new code is 00503Z4 Destruction of Brain Using Stereoelectroencephalographic Radiofrequency Ablation, Percutaneous Approach. This code allows hospital reporting of inpatient procedures that are performed using the OneRF™ Ablation system, which has FDA 510(k) clearance for creation of radiofrequency (“RF”) lesions in nervous tissue for functional neurosurgical procedures. ICD-10-PCS codes play a critical role in the healthcare system, ensuring efficient and accurate documentation, billing, and analysis. The code goes into effect beginning October 1, 2024.
“We are pleased that CMS has provided an ICD-10-PCS code that describes our OneRF procedure, which we believe will drive better recognition of our technology and greater utilization within the healthcare system,” said Dave Rosa, CEO of NeuroOne. “In our view, CMS approval of our new code is a critical step in facilitating broader market acceptance of our technology’s potential to reduce hospital stays, numbers of surgeries, and adverse events, while offering enhanced patient safety.”
The OneRF™ Ablation System is NeuroOne’s first device with a therapeutic indication and its third FDA 510(k)-cleared device. NeuroOne now boasts a full line of thin film electrode technology to address patients requiring diagnostic brain mapping procedures as well as RF ablation using the same sEEG electrode. In addition to the OneRF™ Ablation System, NeuroOne’s other FDA-cleared devices include the Evo® cortical and sEEG electrode product lines which are used primarily for stimulation, recording and monitoring of electrical activity in the brain for less than 30 days.
NeuroOne estimates the current brain ablation market to be at least
About NeuroOne
NeuroOne Medical Technologies Corporation is a developmental stage company committed to providing minimally invasive and hi-definition solutions for EEG recording, brain stimulation and ablation solutions for patients suffering from epilepsy, Parkinson's disease, dystonia, essential tremors, chronic pain due to failed back surgeries and other related neurological disorders that may improve patient outcomes and reduce procedural costs. The Company may also pursue applications for other areas such as depression, mood disorders, pain, incontinence, high blood pressure, and artificial intelligence. For more information, visit www.nmtc1.com.
Forward Looking Statements
This press release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Except for statements of historical fact, any information contained in this press release may be a forward–looking statement that reflects NeuroOne’s current views about future events and are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. In some cases, you can identify forward–looking statements by the words or phrases "may," "might," "will," "could," "would," "should," "expect," "intend," "plan," "objective," "anticipate," "believe," "estimate," "predict," "project," "potential," "target," "seek," "contemplate," "continue, "focused on," "committed to" and "ongoing," or the negative of these terms, or other comparable terminology intended to identify statements about the future. Forward–looking statements may include statements regarding the ability of the ICD-10-PCS code to drive better recognition of our technology and greater utilization within the healthcare system, and facilitate broader market acceptance, and the ability of the OneRF Ablation System to reduce hospital stays, reduce the number of surgeries, or reduce adverse events, business strategy, market size, potential growth opportunities, and future operations. Although NeuroOne believes that we have a reasonable basis for each forward-looking statement, we caution you that these statements are based on a combination of facts and factors currently known by us and our expectations of the future, about which we cannot be certain. Our actual future results may be materially different from what we expect due to factors largely outside our control, including risks that our partnerships may not facilitate the commercialization or market acceptance of our technology; whether due to supply chain disruptions, labor shortages, risks that our technology will not perform as expected based on results of our pre-clinical and clinical trials; risks related to uncertainties associated with the Company's capital requirements to achieve its business objectives and ability to raise additional funds: the risk that we may not be able to secure or retain coverage or adequate reimbursement for our technology; uncertainties inherent in the development process of our technology; risks related to changes in regulatory requirements or decisions of regulatory authorities; that we may not have accurately estimated the size and growth potential of the markets for our technology; risks related to our ability to protect our intellectual property rights; and other risks, uncertainties and assumptions, including those described under the heading "Risk Factors" in our filings with the Securities and Exchange Commission. These forward–looking statements speak only as of the date of this press release and NeuroOne undertakes no obligation to revise or update any forward–looking statements for any reason, even if new information becomes available in the future.
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FAQ
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