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Public Meeting Scheduled for November 29, 2023
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 (CMS) posted a proposed Medicare Durable Medical Equipment, Prosthetics, Orthotics, and Supplies (DMEPOS) fee schedule payment rate for the MyoPro® to be discussed at CMS' bi-annual Healthcare Common Procedure Coding System (HCPCS) Public Meeting, scheduled for November 29, 2023.
CMS has proposed fee schedule rates for the two HCPCS codes describing the MyoPro, L8701, which is our Motion W device, and L8702, which is our Motion G device, of $31,745.42 and $62,457.28, respectively. On November 1, 2023, CMS published its final rule that classifies the MyoPro as a brace and will enable reimbursement on a lump sum basis once the rule becomes effective on January 1, 2024.
"We're pleased to see the process moving forward to determine a national fee schedule rate from CMS for the MyoPro," stated Paul R. Gudonis, Myomo's Chairman and CEO. "This is an important milestone for the Company and an important step in facilitating access to the MyoPro for qualified Medicare Part B beneficiaries with long-term muscular weakness or partial paralysis."
The preliminary payment determinations published by CMS for discussion at the public meeting are only proposed fee schedule rates. The Company cannot provide any assurance that these rates will be finalized and published in their current amounts, or at all.
Posted In: MYO
