Therma Bright's Distribution Partners Achieve 100% HCPCS Code Reimbursement In Under 60 Days
Therma Bright announces successful Medicare and Medicaid HCPCS Level II code reimbursements for its Venowave VW5 device through U.S. distribution partners within 60 days. Out of 110 units deployed in pilot tests since October 1, 2024, 25 units have received full reimbursement through commercial health networks or Medicare/Medicaid.
The Venowave VW5, qualifying for reimbursement under 10 medical indications, is a battery-operated peristaltic pump enhancing vascular and lymphatic flow in lower limbs. The FDA-designated Durable Medical Equipment device operates on a rechargeable battery and allows treatment during activity.
The company has begun discussions regarding sales roadmap and manufacturing schedules with distributors, while terminating previously announced private placement financings from September 27, 2024.
Therma Bright annuncia rimborsi di successo per il codice HCPCS di Medicare e Medicaid per il suo dispositivo Venowave VW5 attraverso partner distributori negli Stati Uniti nell'arco di 60 giorni. Su 110 unità distribuite nei test pilota a partire dal 1 ottobre 2024, 25 unità hanno ricevuto rimborso completo attraverso reti sanitarie commerciali o Medicare/Medicaid.
Il Venowave VW5, qualificabile per il rimborso sotto 10 indicazioni mediche, è una pompa peristaltica a batteria che migliora il flusso vascolare e linfatico negli arti inferiori. Il dispositivo, designato come Equipaggiamento Medico Durevole dalla FDA, funziona con una batteria ricaricabile e consente il trattamento durante l'attività fisica.
L'azienda ha avviato discussioni riguardo alla mappa di vendita e ai programmi di produzione con i distributori, mentre ha interrotto i finanziamenti di collocamento privato precedentemente annunciati dal 27 settembre 2024.
Therma Bright anuncia reembolsos exitosos para el código HCPCS de Medicare y Medicaid para su dispositivo Venowave VW5 a través de socios de distribución en EE. UU. en 60 días. De 110 unidades desplegadas en pruebas piloto desde el 1 de octubre de 2024, 25 unidades han recibido reembolso completo a través de redes de salud comerciales o Medicare/Medicaid.
El Venowave VW5, que califica para reembolso bajo 10 indicaciones médicas, es una bomba peristáltica a batería que mejora el flujo vascular y linfático en las extremidades inferiores. El dispositivo, designado como Equipo Médico Duradero por la FDA, funciona con una batería recargable y permite el tratamiento durante la actividad.
La empresa ha comenzado discusiones sobre la hoja de ruta de ventas y los cronogramas de fabricación con los distribuidores, mientras termina los financiamientos de colocación privada anunciados anteriormente desde el 27 de septiembre de 2024.
Therma Bright는 미국 유통 파트너를 통해 Venowave VW5 장치에 대한 Medicare 및 Medicaid HCPCS II 수준 코드의 성공적인 상환을 발표했습니다. 2024년 10월 1일 이후 파일럿 테스트에서 배포된 110대 중 25대가 상업 건강 네트워크 또는 Medicare/Medicaid를 통해 전체 상환을 받았습니다.
Venowave VW5는 10개 의학적 적응증에 따라 상환 자격이 있으며, 하체의 혈관 및 림프 흐름을 개선하는 배터리 작동의 연동 펌프입니다. FDA에서 내구성 있는 의료장비로 지정된 이 장치는 재충전 가능한 배터리로 작동하며 활동 중 치료를 가능하게 합니다.
회사는 유통업체와의 판매 로드맵 및 제조 일정에 대한 논의를 시작했으며, 2024년 9월 27일에 발표된 사모 펀딩을 종료했습니다.
Therma Bright annonce des remboursements réussis du code HCPCS de niveau II de Medicare et Medicaid pour son dispositif Venowave VW5 par l'intermédiaire de partenaires distributeurs aux États-Unis dans les 60 jours. Sur 110 unités déployées lors d'essais pilotes depuis le 1er octobre 2024, 25 unités ont reçu un remboursement total via des réseaux de santé commerciaux ou Medicare/Medicaid.
Le Venowave VW5, éligible au remboursement sous 10 indications médicales, est une pompe péristaltique fonctionnant sur batterie qui améliore le flux vasculaire et lymphatique dans les membres inférieurs. Cet appareil désigné comme Équipement Médical Durable par la FDA fonctionne avec une batterie rechargeable et permet le traitement pendant l'activité.
L'entreprise a entamé des discussions concernant la feuille de route des ventes et les calendriers de fabrication avec des distributeurs, tout en mettant fin aux financements privés annoncés précédemment en date du 27 septembre 2024.
Therma Bright gibt erfolgreiche Erstattungen des HCPCS Level II Codes von Medicare und Medicaid für sein Gerät Venowave VW5 über US-Vertriebspartner innerhalb von 60 Tagen bekannt. Von 110 Einheiten, die seit dem 1. Oktober 2024 in Pilotversuchen eingesetzt wurden, haben 25 Einheiten eine volle Erstattung über kommerzielle Gesundheitsnetzwerke oder Medicare/Medicaid erhalten.
Das Venowave VW5 qualifiziert sich für Erstattungen unter 10 medizinischen Indikationen und ist eine batteriebetriebene peristaltische Pumpe, die den Gefäß- und Lymphfluss in den unteren Gliedmaßen verbessert. Das von der FDA als langlebige medizinische Ausrüstung eingestufte Gerät arbeitet mit einem wiederaufladbaren Akku und ermöglicht die Behandlung während der Aktivität.
Das Unternehmen hat Gespräche über den Verkaufsplan und die Produktionszeitpläne mit Distributoren aufgenommen und die zuvor angekündigten privaten Platzierungsfinanzierungen vom 27. September 2024 eingestellt.
- Achieved 100% success rate in securing Medicare/Medicaid reimbursement codes within 60 days
- 25 out of 110 deployed units have already received full reimbursement
- Device qualifies for reimbursement under 10 medical indications
- Only 22.7% of deployed units (25 out of 110) have received reimbursement so far
- Termination of previously announced private placement financings
Distributors' medical partner networks impressed with Venowave device, speed of Medicare/Medicaid processing and prepare roadmaps to drive sales
Toronto, Ontario--(Newsfile Corp. - December 5, 2024) - Therma Bright Inc. (TSXV: THRM) (OTCQB: TBRIF) (FSE: JNX) ("Therma" or the "Company"), a developer and investment partner specializing in advanced diagnostic and medical device technologies, is pleased to announce that its nationwide U.S. distribution partners, along with several prospective new partners, have successfully secured Medicare and Medicaid HCPCS Level II code reimbursements within a 60-day timeframe.
Since October 1, 2024, more than 110 Venowave VW5 units have been deployed to patients across the U.S. in various pilot tests. To date, 25 of these units have received full reimbursement through either commercial health network payors or Medicare and Medicaid. The Company and its distribution partners anticipate further reimbursement success for the remaining 85 pilot-test units in the short term. Based on the current results, the Company has begun discussions around the Venowave sales road map, delivery and manufacturing schedules with its distributors.
"We've heard from our U.S. national distributors, and several other potential partners, who are pleased with the speed of the CMS reimbursements on the Venowave VW5 which has met their expectations." shared Rob Fia, CEO of Therma Bright. "Our distribution partners shared that typically brand new HCPCS Level II codes tend to take time processing through the Medicare and Medicaid system, however, our code was processed efficiently within a 60-day time frame. They expect future reimbursement to take less time, as the code becomes more established in the Medicare and Medicaid system. This is a great milestone for all involved, and we're now progressing forward in ramping up our commercialization efforts with these distribution partners."
The Venowave VW5, which qualifies for Medicare and Medicaid HCPCS code reimbursement under 10 medical indications, is a compact, battery-operated peristaltic pump designed to enhance vascular and lymphatic flow in the lower limbs. When strapped below the knee, the device generates a wave-form motion that compresses the calf, promoting upward displacement of venous and lymphatic fluid. Powered by a single rechargeable 1.5V NiMH AA battery, the FDA-designated Durable Medical Equipment (DME) device allows users to receive treatment while staying active. The Venowave VW5 is built for durability and supports repeated use across multiple patients.
The Company also wishes to announce that it has terminated the private placement financings previously announced on September 27, 2024.
About Therma Bright Inc.
Therma Bright is a developer and partner in a wide range of leading edge, proprietary diagnostic and medical device technologies focused on providing consumers and medical professionals with quality, innovative solutions that address some of today's most important medical and healthcare challenges. Therma Bright Inc. trades on the (TSXV: THRM) (OTCQB: TBRIF) (FSE: JNX). Visit: www.thermabright.com.
Therma Bright Inc.
Rob Fia, CEO
rfia@thermabright.com
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FORWARD-LOOKING STATEMENTS
Certain statements in this news release constitute "forward-looking" statements. These statements relate to future events such as future sales of Venowave and related technology as described in the news release. All such statements involve substantial known and unknown risks, uncertainties and other factors which may cause the actual results to vary from those expressed or implied by such forward-looking statements. Forward-looking statements involve significant risks and uncertainties, they should not be read as guarantees of future performance or results, and they will not necessarily be accurate indications of whether such results will be achieved. Actual results could differ materially from those anticipated due to several factors and risks. Although the forward-looking statements contained in this news release are based upon what management of the Company believes are reasonable assumptions on the date of this news release, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements whether because of new information, future events or otherwise, except as required under applicable securities regulations.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/232562
FAQ
How many Venowave VW5 units has Therma Bright (TBRIF) deployed in US pilot tests since October 1, 2024?
How many Venowave VW5 units have received full reimbursement for Therma Bright (TBRIF)?
What is the reimbursement timeline for Therma Bright's (TBRIF) Venowave VW5 HCPCS Level II codes?
