NeuroStar® Launches Better Me Provider Program Nationwide
Neuronetics (NASDAQ: STIM) has launched the Better Me Provider (BMP) program nationwide, setting new standards for patient care in the mental health industry. The program, developed with TMS medical experts, aims to improve treatment accessibility for conditions like MDD, OCD, and anxious depression. During its pilot phase, BMP improved response times by 6.4x and enabled providers to treat 58% more patients. It also sped up patient engagement, achieving 3.6x more motor threshold determinations. Currently, 300 sites are active, with 125 more preparing to join.
- Nationwide launch of the Better Me Provider program.
- 6.4x improvement in 24-hour follow-ups during pilot phase.
- 58% increase in patients treated by providers with advanced training.
- 3.6x increase in motor threshold determinations.
- 300 active sites with 125 additional sites committed to joining.
- None.
Insights
The launch of the Better Me Provider (BMP) program by Neuronetics represents a significant step forward in the mental health industry. The initiative focuses on improving the accessibility and quality of Transcranial Magnetic Stimulation (TMS) therapy, which is an emerging treatment for major depressive disorder (MDD), obsessive-compulsive disorder (OCD) and anxious depression. The reported improvement in follow-up response times and patient treatment metrics suggests a substantial enhancement in patient care standards.
From a medical standpoint, the advanced training provided through NeuroStar University (NSU) allows practitioners to leverage the latest clinical techniques, thereby increasing patient engagement and treatment efficacy. The accelerated patient engagement metrics, such as the 3.6x increase in motor threshold determinations, indicate that more patients are receiving timely and effective care. This could potentially result in better clinical outcomes, making TMS therapy more appealing to healthcare providers and patients alike.
In the broader context of mental health treatments, the BMP program’s emphasis on comprehensive care standards could become a model for other therapies and providers, setting a new benchmark in the industry. Enhanced training and patient access make TMS therapy a more feasible option for a larger segment of the population, potentially leading to wider adoption and integration into mainstream mental health treatment protocols.
Neuronetics’ introduction of the BMP program is likely to have a favorable impact on its financial performance. The program's emphasis on improving provider efficiency and patient care directly translates to higher patient throughput and increased adoption of NeuroStar TMS Therapy. The metrics from the pilot phase, such as the 6.4x improvement in follow-up response times and the 58% increase in patient treatment rates among trained providers, suggest that the BMP program can substantially boost revenue streams.
For investors, the key takeaway is the scalability of the BMP program. With 300 active sites and 125 more committed providers, the potential for revenue growth is substantial. Moreover, the focus on rapid patient engagement and treatment initiation can improve cash flow and reduce the time to revenue recognition. This enhanced operational efficiency could lead to better financial stability and growth prospects for Neuronetics.
In the long term, the BMP program could also serve as a differentiator in a competitive market, positioning Neuronetics as a leader in the mental health technology space. This competitive edge could attract more investors and increase stock valuations, provided that the company continues to demonstrate positive results from the program.
The BMP program’s launch taps into a growing market demand for innovative mental health treatments. With an estimated 29 million people in the U.S. suffering from MDD, OCD and anxious depression, the market potential for TMS therapy is considerable. The BMP program aligns well with current trends favoring personalized and efficient mental health care, which is increasingly valued by patients and providers.
By establishing rigorous standards and improving treatment accessibility, Neuronetics is addressing a significant gap in the mental health care market. The success reported during the pilot phase, including the fivefold reduction in time from initial interest to motor threshold determination, highlights the program’s efficiency and appeal. Faster patient onboarding and enhanced treatment uptake can significantly improve patient satisfaction and outcomes, driving demand for NeuroStar TMS Therapy.
The program’s potential to set new industry benchmarks may also influence competitive dynamics, encouraging other providers to adopt similar standards and enhancing the overall quality of care in the industry. This could lead to broader acceptance and insurance coverage for TMS therapy, further expanding Neuronetics’ market reach.
The first and only TMS company to establish comprehensive standards for patient care and responsiveness in the mental health industry
MALVERN, Pa., July 01, 2024 (GLOBE NEWSWIRE) -- Neuronetics, Inc. (NASDAQ: STIM), a medical technology company focused on designing, developing, and marketing products that improve the quality of life for patients who suffer from neurohealth disorders, announced the national launch of the Better Me Provider (BMP) program, pioneering new standards in patient care and responsiveness to improve treatment accessibility within the mental health industry. The providers participating in the program are committed to rigorous standards, developed in collaboration with a network of TMS medical experts.
“The Better Me Provider Program is an approach that considers the entire patient journey, providing an optimal experience to get the help they need faster,” stated Keith J. Sullivan, President and CEO of Neuronetics, Inc. “We are excited for more NeuroStar providers to participate in the program and continue to make our life-changing treatment more accessible to the 29 million people suffering from MDD, OCD, and anxious depression.”
During the pilot phase, the BMP program demonstrated remarkable success by significantly enhancing provider efficiency and responsiveness, thus improving the experience for NeuroStar patients.
- Improved response times: Participating practices raised the bar for response times, achieving up to a 6.4x improvement in 24-hour follow-ups compared to non-BMP providers.
- Advanced training: Through advanced clinical training at NeuroStar University (NSU), participants learned the latest techniques for building patient awareness and treating patients with NeuroStar, allowing these attendees to treat
58% more patients on average than their non-attendee counterparts, ensuring that more patients in need receive potentially life-changing therapy. - Swiftly addressed interested patients: The program also significantly accelerated patient engagement, reducing the time from initial interest to motor threshold (MT) determination fivefold compared to the previous year. This led to 3.6x more MT determinations, which has the potential to transform more patients' lives.
“Being part of the Better Me Provider program means not only upholding proven standards but also contributing to a collective effort to address the pressing mental health challenges our society faces,” said Dr. Melissa Fickey, Founder of Embracing Life Wellness Center.
The BMP program, a comprehensive commercial initiative, is nationally available today where NeuroStar Practice Development Managers will continue to collaborate with NeuroStar practices to help them meet the qualifying criteria and enroll in the program. There are currently 300 active sites in the program, with over 125 more committed to adhering to the standards in anticipation of the national rollout in July. For more information about NeuroStar TMS Therapy, please visit www.neurostar.com.
About the NeuroStar Better Me Provider Program
Better Me Provider Program is a comprehensive commercial initiative to support practices committed to rigorous standards, developed in collaboration with a network of TMS medical experts. The Better Me Providers are practices committed to meeting the following patient care and responsiveness standards, developed in collaboration with medical experts: performing TMS therapy exclusively with NeuroStar, attending NeuroStar University; ensuring prompt response times by a dedicated NeuroStar coordinator; advising patients about the benefits of a full course of NeuroStar treatment; and optimizing websites and social media content to educate patients.
This material is for informational purposes only and is not intended to constitute clinical advice. Neuronetics, Inc. is not a medical provider, does not provide medical or clinical advice, and does not recommend or endorse any medical provider or specific health care service through the Better Me Provider Program. This material is not a substitute for professional medical advice, diagnosis, or treatment. If you are having an emergency, please call 911, or if you are having a mental health emergency, please call 988 or 800-273-8255. Always seek the advice of your physician or other qualified health care provider with any questions you may have regarding a medical condition or treatment and before undertaking a new health care regimen, and never disregard professional medical advice or delay in seeking it because of this content.
Clinical evidence demonstrates superior outcomes for patients who complete a course of NeuroStar therapy compared to those who do not complete treatment. However, the actual number of sessions performed is subject to the medical judgment of the prescribing provider. The number of treatment sessions performed is not a selection criterion for entry into the Better Me Provider Program and will not be used as a basis to remove a provider from the Better Me Provider Program.
About Neuronetics
Neuronetics, Inc. believes that mental health is as important as physical health. As a global leader in neuroscience, Neuronetics is redefining patient and physician expectations with its NeuroStar Advanced Therapy for Mental Health. NeuroStar is a non-drug, noninvasive treatment that can improve the quality of life for people suffering from neurohealth conditions when traditional medication hasn’t helped. NeuroStar is indicated for the treatment of depressive episodes and for decreasing anxiety symptoms for those who may exhibit comorbid anxiety symptoms in adult patients suffering from MDD and who failed to achieve satisfactory improvement from previous antidepressant medication treatment in the current episode. It is also FDA-cleared as an adjunct for adults with obsessive-compulsive disorder and for adolescent patients aged 15-21 with MDD. NeuroStar Advanced Therapy is the leading TMS treatment for MDD in adults with over 6.4 million treatments delivered. Neuronetics is committed to transforming lives by offering an exceptional treatment that produces extraordinary results. For safety and prescribing information, visit www.neurostar.com.
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