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Therma Bright's Venowave VW5 Secures Permanent HCPCS Code E0683 from U.S. DHHS's Centers for Medicare & Medicaid Services
The device becomes the first-of-its-kind Durable Medical Equipment to receive a new HCPCS Level I...
About this update from Therma Bright Inc.
[{"type":"text","content":"Therma Bright's Venowave VW5 Secures Permanent HCPCS Code E0683 from U.S. DHHS's Centers for Medicare & Medicaid ServicesThe device becomes the first-of-its-kind Durable Medical Equipment to receive a new HCPCS Level II designationCompany looks to provide a U.S. sales update in the coming weekToronto, Ontario--(Newsfile Corp. - August 19, 2024) - Therma Bright Inc. (TSXV: THRM) (OTCQB: TBRIF) (FSE: JNX) (\"Therma\" or the \"Company\"), a developer and investment partner in a wide range of leading-edge, proprietary diagnostic and medical device technologies, is pleased to announce that it's Venowave VW5 has received the permanent Healthcare Common Procedure Coding System (HCPCS) code from the U.S. Department of Health & Human Services' Centers for Medicare and Medicaid Services (CMS) on August 16, 2024.Per an official announcement by CMS, the Company received the new Venowave VW5 permanent HCPCS Level II code E0683 for this first-of-its-kind solution, as well as CMS pricing determination. The details of the proposed items were outlined and reviewed on Wednesday, May 29, 2024, during CMS's First Biannual 2024 Healthcare Common Procedure Coding System (HCPCS) Public Meeting.The Venowave VW5 will have a complete patient buyout option for a pair of Venowave devices with a capped reimbursement of $1199. Alternatively, it can be rented with a capped rental fee reimbursement of $78.05 per month, with a total capped rental reimbursement payment of $819.55 for 13 months of continuous use. After the 13th rental payment, the patient will take over ownership of the Venowave VW5.\"We're pleased that the Centers for Medicare and Medicaid has approved our permanent code request, as well as the reimbursement pricing and the new HCPCS Level II designation for our Venowave VW5 device,\" shared Rob Fia, CEO of Therma Bright. \"As shared in several of our recent press announcements, the CDC estimates that over 900,000 U.S. citizens suffer from deep vein thrombosis (DVT) and MarketDigit's research projected this disease will 'reach USD 1.5 Billion by 2032'on a global market value perspective. And DVT is only one (1) medical condition area out of ten (10) circulatory issues that the permanent code will cover, which is very exciting!\"There are ten (10) indications for the Venowave VW5 use, which include:Prevention of deep vein thrombosis (DVT...