ReWalk Robotics Receives Medicare Provider Certification
ReWalk Robotics, Ltd. (RWLK) received Medicare Provider certification from the Centers for Medicare & Medicaid Services, allowing direct billing for its Personal Exoskeleton. This certification is effective in most U.S. states, following the issuance of the HCPCS Level II Code K1007 for the ReWalk 6.0 Exoskeleton system, effective October 1, 2020. CEO Larry Jasinski highlighted the importance of this step for improving access to their technology. The company aims to pursue in-network status with private insurers to further enhance access for users.
- Medicare Provider certification enabling direct billing for the ReWalk Personal Exoskeleton.
- Effective in most U.S. states, enhancing market accessibility.
- The HCPCS Level II Code K1007 reinforces the legitimacy of the ReWalk 6.0 Exoskeleton.
- Accreditation does not guarantee coverage policies, posing potential access issues.
- The need for further evaluation of pathways to align accreditation with provider policies.
MARLBOROUGH, Mass., Oct. 20, 2020 /PRNewswire/ -- ReWalk Robotics, Ltd. (Nasdaq: RWLK) ("ReWalk" or the "Company"), a manufacturer of robotic medical devices for individuals with lower limb disabilities, today announced that the Centers for Medicare & Medicaid Services ("CMS") authorized the Company as a Medicare Provider. With this certification, the Company can now bill Medicare directly for procurement of its ReWalk Personal Exoskeleton for Medicare beneficiaries and is now listed in the Medicare.gov Supplier Directory.
"As proud pioneers in this industry, gaining Provider status is an important next step for improving access to our Personal Exoskeleton," said Larry Jasinski, ReWalk CEO. "However, accreditation does not guarantee coverage policies, so the Company is evaluating pathways and opportunities to adjoin accreditation with provider policies to get our Personal Exoskeleton to more members of the spinal cord injury community."
This certification follows the July issuance of the CMS Healthcare Common Procedure Coding System ("HCPCS") Level II Code K1007 for the ReWalk 6.0 Exoskeleton system. The July issuance established the first such code for an exoskeleton medical device, which became effective on October 1, 2020. This certification is immediately effective in the majority of U.S. states, and the Company is working through additional administrative tasks to achieve accreditation in most of the remaining states.
As the HCPCS code goes into effect, ReWalk will pursue in-network status with private insurance companies. This will open access to individuals who do not have out-of-network Durable Medical Equipment benefits and/or those who have high out of pocket costs with out-of-network providers.
For more information, please visit www.rewalk.com.
About ReWalk Robotics Ltd.
ReWalk Robotics Ltd. develops, manufactures and markets wearable robotic exoskeletons for individuals with lower limb disabilities as a result of spinal cord injury or stroke. ReWalk's mission is to fundamentally change the quality of life for individuals with lower limb disability through the creation and development of market leading robotic technologies. Founded in 2001, ReWalk has headquarters in the United States, Israel and Germany. For more information on the ReWalk systems, please visit www.rewalk.com.
ReWalk® is a registered trademark of ReWalk Robotics Ltd. in Israel and the United States.
ReStore® is a registered trademark of ReWalk Robotics Ltd. in Europe and an allowed trademark in the United States.
Forward-Looking Statements
In addition to historical information, this press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the U.S. Securities Act of 1933, and Section 21E of the U.S. Securities Exchange Act of 1934. Such forward-looking statements may include projections regarding ReWalk's future performance and other statements that are not statements of historical fact and, in some cases, may be identified by words like "anticipate," "assume," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "future," "will," "should," "would," "seek" and similar terms or phrases. The forward-looking statements contained in this press release are based on management's current expectations, which are subject to uncertainty, risks and changes in circumstances that are difficult to predict and many of which are outside of ReWalk's control. Important factors that could cause ReWalk's actual results to differ materially from those indicated in the forward-looking statements include, among others: ReWalk's management's conclusion, and its independent registered public accounting firm's statement in its opinion relating to its consolidated financial statements for the fiscal year ended December 31, 2019, that there is a substantial doubt as to the Company's ability to continue as a going concern; the current COVID-19 pandemic has adversely affected and may continue to affect adversely business and results of operations; ReWalk's ability to have sufficient funds to meet certain future capital requirements, which could impair the Company's efforts to develop and commercialize existing and new products; ReWalk's ability to maintain compliance with the continued listing requirements of the Nasdaq Capital Market and the risk that its ordinary shares will be delisted if it cannot do so; ReWalk's ability to establish a pathway to commercialize its products in China; ReWalk's ability to maintain and grow its reputation and the market acceptance of its products; ReWalk's ability to achieve reimbursement from third-party payors for its products; ReWalk's limited operating history and its ability to leverage its sales, marketing and training infrastructure; ReWalk's expectations as to its clinical research program and clinical results; ReWalk's expectations regarding future growth, including its ability to increase sales in its existing geographic markets and expand to new markets; ReWalk's ability to obtain certain components of its products from third-party suppliers and its continued access to its product manufacturers; ReWalk's ability to repay its secured indebtedness; ReWalk's ability to improve its products and develop new products; ReWalk's compliance with medical device reporting regulations to report adverse events involving the Company's products, which could result in voluntary corrective actions or enforcement actions such as mandatory recalls, and the potential impact of such adverse events on ReWalk's ability to market and sell its products; ReWalk's ability to gain and maintain regulatory approvals; ReWalk's expectations as to the results of, and the Food and Drug Administration's potential regulatory developments with respect to its mandatory 522 postmarket surveillance study; ReWalk's ability to maintain adequate protection of its intellectual property and to avoid violation of the intellectual property rights of others; the risk of a cybersecurity attack or breach of the Company's IT systems significantly disrupting its business operations; the impact of substantial sales of the Company's shares by certain shareholders on the market price of the Company's ordinary shares; ReWalk's ability to use effectively the proceeds of its offerings of securities; the risk of substantial dilution resulting from the periodic issuances of ReWalk's ordinary shares; the impact of the market price of the Company's ordinary shares on the determination of whether it is a passive foreign investment company; and other factors discussed under the heading "Risk Factors" in ReWalk's annual report on Form 10-K for the year ended December 31, 2019 filed with the SEC and other documents subsequently filed with or furnished to the SEC. Any forward-looking statement made in this press release speaks only as of the date hereof. Factors or events that could cause ReWalk's actual results to differ from the statements contained herein may emerge from time to time, and it is not possible for ReWalk to predict all of them. Except as required by law, ReWalk undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise.
View original content to download multimedia:http://www.prnewswire.com/news-releases/rewalk-robotics-receives-medicare-provider-certification-301155322.html
SOURCE ReWalk Robotics Ltd.
FAQ
What is ReWalk Robotics' recent Medicare Provider certification about?
When did the HCPCS Level II Code K1007 for ReWalk's exoskeleton take effect?
How does the Medicare certification affect ReWalk Robotics' business?
What are the challenges ReWalk Robotics faces after receiving Medicare accreditation?
