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Verrica Pharmaceuticals Receives Permanent J-Code (J7354) for YCANTH™ from Centers for Medicare and Medicaid Services
WEST CHESTER, Pa., Jan. 29, 2024 (GLOBE NEWSWIRE) -- Verrica Pharmaceuticals Inc. (“Verrica” or “the Company”) (Nasdaq: VRCA), a dermatology therapeutics
About this update from Verrica Pharmaceuticals Inc.
[{"type":"text","content":"WEST CHESTER, Pa., Jan. 29, 2024 (GLOBE NEWSWIRE) -- Verrica Pharmaceuticals Inc. (“Verrica” or “the Company”) (Nasdaq: VRCA), a dermatology therapeutics company developing medications for skin diseases requiring medical interventions, today announced that the Centers for Medicare & Medicaid Services (CMS) has issued a permanent J-Code (J7354) for YCANTH™, which is the only FDA-approved treatment for molluscum contagiosum. Under the Healthcare Common Procedure Coding System (HCPCS) process, the J-Code for YCANTH™ will become fully published April 1, 2024. “By securing a permanent J-Code for YCANTH, we have successfully reached a critical milestone in our commercial strategy that we expect will help us accelerate YCANTH utilization among the U.S. Medicaid and Medicare patient populations,” said Ted White, President and Chief Executive Officer of Verrica Pharmaceuticals. “In addition to greater patient access, we also anticipate a permanent J-Code will result in a more streamlined billing and reimbursement process for YCANTH.” J-codes are a type of HCPCS Level II code commonly used to designate non-orally administered drugs and other medical devices. J-codes help determine how managed care organizations reimburse medical providers for products and services. Inaccurately reporting medical services can cause insurance complications and make it harder to get rebates. J-codes allow providers to use the same code across all payers for reimbursement. Using a standardized code reduces the risk of billing errors and allows companies to receive pass-through payments through government-sponsored healthcare plans.1 1 Source: https://practiceforces.com/blog/what-are-j-codes-medical-billing/ About YCANTH™ YCANTH™ is a proprietary drug-device combination product that contains a GMP-controlled formulation of cantharidin delivered via a single-use applicator that allows for precise topical dosing and targeted administration for the treatment of molluscum. YCANTH™ is the first product approved by the FDA to treat molluscum — a common, highly contagious skin disease that affects an estimated six million people in the United States, primarily children. Please visit YCANTHPro.com for additional information. In addition, Verrica has successfully completed a Phase 2 study of VP-102 for the treatment of common warts and a Phase 2 study of VP-102 for the...