Full Press Release Details
Comments on Reports that American Medical Association s CPT Editorial Panel
will Establish a Category I CPT Code for Nerve Conduction Studies Performed
with Pre-configured Electrode Arrays
Mass. (BUSINESS WIRE) January 27, 2009 NeuroMetrix, Inc. (Nasdaq:
NURO), a science-based medical device company advancing patient care through
the development and marketing of innovative medical device products that aid
physicians in the assessment and treatment of diseases and injuries of
peripheral nerves, and that provide regional anesthesia and pain control,
commented today on reports that the American Medical Association (AMA) CPT
Editorial Panel will establish a Category I CPT code for nerve conduction
studies performed with pre-configured electrode arrays, such as are utilized by
NeuroMetrix s NC-stat System.
NeuroMetrix is pleased to see reports that the
CPT Editorial Panel, after nearly two years of consideration, has determined
that nerve conduction studies performed using pre-configured electrode arrays
warrants its own CPT Category I code. We
thank the many specialty societies that came together at the October 2008
CPT Editorial Panel meeting to reach this consensus, said Shai N. Gozani, M.D., Ph.D, NeuroMetrix s
NeuroMetrix invented and developed the concept of
pre-configured electrode arrays for nerve conduction studies. We are the clear market leader in providing
equipment and consumables for these types of nerve conduction studies. The NeuroMetrix NC-stat System has been on
the market since 1999 and is used by over 15,000 physicians to assess patients
for common clinical conditions such as carpal tunnel syndrome, diabetic
neuropathy, and sciatica. Over 1.5 million
patients have been evaluated with the NC-stat System. NeuroMetrix presently markets pre-configured
electrode arrays for 6 commonly tested nerves.
Dr. Gozani added, This CPT code, when
issued, may improve our NC-stat customer s ability to submit claims efficiently
and for these claims to be processed expeditiously. We believe that use of this
new CPT code may streamline the process for obtaining reimbursement for nerve
conduction studies performed using the NC-stat System.
Company expects that the new code will be published in the Federal Register in
the Fall of 2009 for implementation January 1, 2010.
developing new and revised Category I CPT codes the CPT Editorial Panel
requires, among other things:
the service/procedure receive approval from the Food and Drug Administration
(FDA) for the specific use of devices or drugs;
the service/procedure is performed across the country in multiple locations;
many physicians or other health care professionals perform the
service/procedure; and
the clinical efficacy of the service/procedure has been well established and
a decision of the CPT Editorial Panel, specialty societies conduct surveys of
member physicians who perform the service described by the new code to
establish recommendations for the work Relative Value Units (RVUs) and the
direct practice expense inputs for the new code. These RVUs are based on the
amount of time a service takes to perform and the intensity of that
as compared to other procedures across specialties. The consensus recommendations are then
forwarded to the AMA / Specialty Society Relative Value Scale Update Committee
(RUC) where they will be accepted or modified. The RUC s recommendations are
forwarded to the Centers for Medicare & Medicaid Services (CMS), which
typically accepts over 95% of RUC recommendations. CMS determines the practice
expense and professional liability RVUs and then publishes the final RVUs in
the Federal Register usually in October for implementation January 1
the next year. The amount of
reimbursement from Medicare that physicians will receive for performing
the described service is then based on these final RVUs. More information about CPT codes and the
process of establishing those codes is available at the AMA s website:
is a science-based medical device company advancing patient care through the
development and marketing of innovative medical device products that aid
physicians in the assessment and treatment of diseases and injuries of
peripheral nerves, and that provide regional anesthesia and pain control. To
date, our focus has been primarily on the assessment of neuropathies.
Neuropathies affect the peripheral nerves and parts of the spine and are
frequently caused by or associated with carpal tunnel syndrome, diabetes,
sciatica, and other clinical disorders. We market systems for the performance
of nerve conduction studies and needle electromyography procedures.
product pipeline includes a system designed to precisely deliver pharmacologic
agents such as anesthetics and corticosteroids in close proximity to nerves ( perineurally )
for regional anesthesia, pain control and the treatment of focal neuropathies
such as carpal tunnel syndrome. We are also developing products for
intra-operative peripheral nerve assessment and monitoring, and a
neurostimulation based product that promotes nerve fiber regeneration for the
treatment of acute nerve injuries such as those resulting from lacerations or
other forms of trauma.
statements contained in this press release include forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, including, without limitation, statements regarding NeuroMetrix s or
its management s expectations, hopes, beliefs, intentions or strategies
regarding the future. The words believe,
may, will, estimate, continue, anticipate, intend, expect, plan,
hope and similar expressions may identify forward-looking statements, but the
absence of these words does not mean that a statement is not
forward-looking. The forward-looking
statements contained in this press release are based on NeuroMetrix s current
expectations and beliefs concerning future developments and their potential
effects on it. There can be no assurance
that future developments affecting NeuroMetrix will be those that NeuroMetrix
has anticipated. These forward-looking
statements involve a number of risks, uncertainties (some of which are beyond
NeuroMetrix s control) or other assumptions that may cause actual results or
performance to be materially different from those expressed or implied by these
forward-looking statements. These risks
and uncertainties include, but are not limited to, risks and uncertainties
associated with: the AMA CPT Editorial Panel process, including the possibility
that this Panel reconsiders its decision regarding the establishment of a
Category I CPT code for nerve conduction studies performed with pre-configured
electrode arrays prior to its publication; the process for establishing the
reimbursement amount under this new Category I CPT code, including the
possibility that the amount determined may be lower than the reimbursement