Full Press Release Details
Claims remitted for payment by all four billing regions; O&P providers beginning to receive reimbursement at published rates
BOSTON (May 6, 2024) – Myomo, Inc. (NYSE American: MYO), 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), through their regional contractors known as the DME MACs, have remitted and paid lump sum reimbursements to the Company and are beginning to reimburse orthotics and prosthetics (O&P) providers for MyoPros delivered to Medicare Part B beneficiaries.
The amounts paid were based on the fees published by CMS for the Company’s Healthcare Common Procedures Coding System (HCPCS) codes L8701 and L8702, which became effective on April 1, 2024. All four regional DME MACs have remitted lump sum reimbursements, and payments have been received for a number of patients of the Company and O&P providers based on the published fee schedule.
About Myomo
Myomo, Inc. is a wearable medical robotics company that offers improved arm and hand function for those suffering from neurological disorders and upper-limb paralysis. Myomo develops and markets the MyoPro product line — a powered upper-limb orthosis designed to support the arm and restore function to the weakened or paralyzed arms of patients suffering from CVA stroke, brachial plexus injury, traumatic brain or spinal cord injury, ALS, or other neuromuscular disease or injury.
It is currently the only marketed device in the U.S. that, sensing a patient’s own EMG signals through non-invasive sensors on the arm, can restore an individual’s ability to perform activities of daily living, including feeding themselves, carrying objects, and doing household tasks. Many are able to return to work, live independently, and reduce their cost of care.
Myomo is headquartered in Boston, Massachusetts, with sales and clinical professionals across the U.S. and representatives internationally. For more information, visit www.myomo.com .