Benzinga | Sep 15, 2020 04:09PM EDT

Myomo Announces HHS Has Authorized Co. To Be A Medicare Provider

Authorization by Centers for Medicare & Medicaid Services Is One More Important Step

Myomo, Inc. (NYSE: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 the Centers for Medicare & Medicaid Services under the U.S. Department of Health and Human Services has authorized the Company to be a Medicare Provider. Myomo is now included in the Medicare Supplier Directory at Medicare.gov, and this designation enables Myomo to bill Medicare directly when it delivers its MyoPro powered orthosis in 39 states plus D.C. The Company is working to complete the requirements in the remaining states.

Micah Mitchell, Myomo's Chief Commercial Officer, said "This certification is very important to Myomo. Not only does it allow us to bill Medicare directly in the future, it also opens the door to applying for in-network contracted coverage from many private commercial insurance companies as well as state Medicaid plans."

Paul R. Gudonis, Myomo CEO, said "Today, reimbursement for the MyoPro orthosis is approved on a case-by-case basis by many Medicare Advantage plans, state Blue Cross / Blue Shield plans, certain Medicaid and commercial insurance plans, worker's compensation plans, and the Veterans Administration. Obtaining broader coverage would allow us to potentially better serve the qualifying beneficiaries of Medicare and other plans who suffer a paralyzed or weakened arm caused by stroke or nerve injury. I want to emphasize that we have not yet received coverage or reimbursement terms from CMS, and in fact there is no guarantee those terms will be forthcoming soon, but Provider status is an important step following on to our receiving Healthcare Common Procedure Coding System (HCPCS) codes from CMS last year. We will continue to advocate for MyoPro coverage to help appropriate candidates obtain this useful technology for use at home, at work, and in school."