Business
Therma Bright Expands U.S. Distribution of Venowave Device to Increase Sales Under Temporary CPT(R) & HCPCS Codes
Toronto, Ontario--(Newsfile Corp. - May 25, 2023) - Therma Bright Inc. (TSXV: THRM) (OTCQB: TBRIF...
About this update from Therma Bright Inc.
[{"type":"text","content":"Therma Bright Expands U.S. Distribution of Venowave Device to Increase Sales Under Temporary CPT(R) & HCPCS CodesToronto, Ontario--(Newsfile Corp. - May 25, 2023) - Therma Bright Inc. (TSXV: THRM) (OTCQB: TBRIF) (\"Therma\" or the \"Company\"), developer and partner in a wide-range of leading-edge, proprietary diagnostic and medical device technologies, is pleased to announce that the Company is working with its U.S distributor network on expanding sales of Venowave under the nine (9) temporary Current Procedural Terminology (CPT®) and Healthcare Common Procedure Coding System (HCPCS) codes issued by the Centers for U.S. Medicare and U.S. Medicaid Services for patient reimbursements. As previously announced on April 14, 2023, Therma Bright successfully secured reimbursement for a pair of Venowave devices for up to $1050.00 USD per patient, this represents a significant milestone for Therma Bright as it was the first time Therma Bright received reimbursement for its Venowave product through the Medicare and Medicaid program in the United States. The temporary codes offer significant commercial importance, as Therma Bright's network of distributors across the United States are gearing for a major launch. \"The global compression therapy equipment market in terms of revenue was estimated to be worth $3.7B in 2022 and expected to reach $4.9B by 2027 at a CAGR of 5.5% from 2022 to 2027\" according to Markets to Markets Research.\"Last week I was in the U.S. expanding our Venowave distribution network and I am pleased to announce that our distributors are eager to pursue sales through these temporary codes,\" shared Rob Fia, CEO of Therma Bright. \"With the market revenues estimated at $3.7B in 2022, our innovative Venowave device is set to capture a share of this large market with these Medicaid and Medicare reimbursement codes. Venowave offers patients and medical practitioners a great compression therapy solution with advantages over the current technology in the marketplace. This is a great step forward for Therma Bright and will further power sales of Venowave through the Company's U.S. distribution network.\"In late 2022, Venowave secured nine (9) temporary CPT®/HCPCS codes for a variety of circulatory diseases, including: (i) deep vein thrombosis (DVT), (ii) primary thrombosis, (iii) post thrombotic syndrome (PTS), (i...