THE CPT CODE ESTABLISHES A STANDARD REIMBURSEMENT PATHWAY FOR THIS NEW PROCEDURE WHICH IS PERFORMED WITH THE COMPANY'S AXON® THERAPY SYSTEM
SAN DIEGO, June 29, 2022 /PRNewswire/ -- NeuraLace Medical, (www.neuralacemedical.com), the developer and manufacturer of the Axon® Therapy device, is pleased to announce that the American Medical Association (AMA) has approved new Current Procedural Terminology (CPT) codes for Transcutaneous Magnetic Nerve Stimulation, a therapy which can help clinicians to treat patients with chronic neuropathic pain. The new CPT codes will become effective on January 1, 2023, at which time providers can report the code(s) when performing the Axon Therapy procedure on patients across the United States.
The Axon Therapy System is FDA-cleared and enables non-invasive, non-addictive rapid treatment of chronic neuropathic pain often associated with post-trauma, post-surgery and related causes. "This is an important reimbursement milestone for providers who utilize this new treatment option for their patients," commented Keith Warner, CEO, NeuraLace Medical. "A specific CPT code will enable data collection specific to the use of the Axon Therapy and facilitate reimbursement with payers to enable wider access to the innovative Axon Therapy."
CPT codes are granted and regulated by the AMA CPT Editorial Panel and are widely used by government payers, including Medicare and Medicaid, and commercial health plans to describe healthcare services and procedures for reimbursement. The release of these new codes represents a major reimbursement milestone as hospitals and physicians across the US will be able to submit claims directly related to the service. Ultimately, the creation of these CPT codes will be a significant step in potentially enabling millions of patients access to the innovative Axon technology for the care and management of chronic neuropathic pain.
"Axon Device Therapy is an exciting treatment for chronic neuropathic pain, and we are thrilled to be leading the first randomized controlled trial of this promising therapy" said Leonardo Kapural MD, of the Carolina Pain Clinic in Winston-Salem, North Carolina. "We are optimistic that our practice and our patients can benefit from Axon Therapy and look forward to completing this multicenter study".
The new Category III CPT codes will allow reporting patient treatment with transcutaneous magnetic stimulation of peripheral nerve by focused low frequency electromagnetic pulses and will become effective on January 1, 2023.
The Axon Device was FDA cleared in June of 2021 and is gaining utilization in the US while NeuraLace Medical seeks to complete its ongoing randomized studies, in concert with raising its Series B financing round, which is ongoing.
Privately held NeuraLace Medical, Inc., headquartered in San Diego, Calif., is committed to leading the charge in non-invasive chronic neuropathic pain management and sustainable relief. Our mission to end chronic pain inspired us to develop Axon Therapy, with the goal of being the first non-invasive, non-addictive way to effectively treat chronic nerve pain. With its unique product portfolio, protected by proprietary patents and patent applications, NeuraLace Medical is well positioned to establish a leadership position in the medical device market. For more information, please visit www.neuralacemedical.com.
Contact: Mike Houlihan at [email protected]
SOURCE Neuralace Medical, Inc.