Myomo Receives Medicare Part B Reimbursement for First MyoPro Claims
August 25, 2023 at 01:49 pm
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BOSTON - Myomo, Inc. (NYSE American: MYO) ('Myomo' or the 'Company'), a wearable medical robotics company that offers increased functionality for those suffering from neurological disorders and upper-limb paralysis, today announced that it has received payments for two claims submitted for MyoPro arm braces provided to Medicare fee-for-service beneficiaries.
Myomo recently delivered the custom-fabricated MyoPro braces to these two patients. After review of the medical documentation, one of Medicare's billing contractors, referred to as a DME MAC, has covered and paid for these two claims. Because MyoPro currently is in the durable medical equipment (DME) rental benefit category, these payments were paid under the capped rental program, which reimburses for devices over 13 months.
In June of this year, the Centers for Medicare & Medicaid Services (CMS) issued a proposed rule that codifies the definition of a brace and includes orthoses/braces such as the MyoPro. Public comments are due by August 29, 2023. If the proposed rule is finalized as proposed, MyoPro braces provided to Medicare Part B beneficiaries will be paid on a lump sum basis, as other braces are currently reimbursed. The timing to finalize this new rule and the publication of an allowable fee are dependent on CMS's internal process and any future public meetings on this subject. Paul R. Gudonis, Myomo's chairman and CEO, stated, 'This is a positive step forward as we have been working collaboratively with the CMS staff and DME MAC medical directors to enable Medicare Part B beneficiaries to have access to the MyoPro if it is medically necessary for them. We are pleased to see appropriate coverage and payment for these valuable braces that increase the quality of life and improve health outcomes for those impaired due to stroke and other neurological conditions.'
Myomo has additional MyoPro claims currently under review by the DME MACs. The company will continue to work with CMS and the DME MACs to allow Medicare Part B beneficiary access to the MyoPro and will keep patients and other interested stakeholders informed on our progress in the coming months.
About Myomo, Inc.
Myomo, Inc. is a wearable medical robotics company that offers improved arm and hand function for those suffering from neurological disorders and upper limb paralysis. Myomo develops and markets the MyoPro product line. MyoPro is a powered upper limb orthosis designed to support the arm and restore function to the weakened or paralyzed arms of patients suffering from CVA stroke, brachial plexus injury, traumatic brain or spinal cord injury, ALS or other neuromuscular disease or injury. It is currently the only marketed device that, sensing a patient's own EMG signals through non-invasive sensors on the arm, can restore an individual's ability to perform activities of daily living, including feeding themselves, carrying objects and doing household tasks. Many are able to return to work, live independently and reduce their cost of care. Myomo is headquartered in Boston, Massachusetts, with sales and clinical professionals across the U.S. and Germany, and other representatives internationally.
Myomo, Inc. is a wearable medical robotics company that offers improved arm and hand function for those suffering from neurological disorders and upper-limb paralysis. It develops and markets the MyoPro product line. MyoPro is a powered upper-limb orthosis designed to support the arm and restore function to the weakened or paralyzed arms of certain patients suffering from CVA stroke, brachial plexus injury, traumatic brain or spinal cord injury, ALS or other neuromuscular disease or injury. MyoPro senses a patientâs own electromyography (EMG) signals through non-invasive sensors on the arm, and can restore an individualâs ability to perform activities of daily living, including feeding themselves, carrying objects and doing household tasks. It provides devices directly to patients and bill their insurance companies directly. It also sells its products through various other sales channels, including through orthotics and prosthetics providers, the veteranâs administration, and others.
MYOMO, INC. 
