Healthcare Industry News: ultrasound
News Release - November 18, 2019
NanoVibronix PainShield(R) Device Receives Unique Reimbursement Code from Centers for Medicare and Medicaid (CMS)Significantly Increases Marketability
ELMSFORD, N.Y., Nov. 18, 2019 -- (Healthcare Sales & Marketing Network) -- NanoVibronix, Inc., (NASDAQ: NAOV), a medical device company that produces the PainShield® Surface Acoustic Wave (SAW) Portable Ultra Sonic therapeutic device, today announced that the Centers for Medicare and Medicaid (CMS) has assigned a unique, Level II product reimbursement code under the Healthcare Common Procedure Coding System (HCPCS) for use in 2020. HCPCS code K1004 will help facilitate reimbursement for the use of PainShield.
Brian Murphy, Chief Executive Office of NanoVibronix, stated, "Establishment of a unique reimbursement code from CMS further validates the value of our PainShield device and is an important milestone in our reimbursement strategy to increase access to the product. The technology specific code allows us to differentiate Painshield from other products for pain management, regardless of scientific studies, proven efficacy or patient outcomes, and it substantially increases our ability to obtain payment with worker's compensation and private insurance providers for its use."
"We continue to believe PainShield can play a critical role in opioid-free pain management given its unique features and the additional benefits it provides as patients and providers continue to search for effective alternatives to pharmaceuticals for pain management," continued Murphy.
NanoVibronix Inc. (NASDAQ: NAOV) is a medical device company headquartered in Elmsford, New York, with research and development in Nesher, Israel, which is focused on developing medical devices utilizing its proprietary and patented low intensity surface acoustic wave (SAW) technology. This technology allows for the creation of low-frequency ultrasound waves that can be utilized for a variety of medical applications, including the disruption of biofilms and bacteria colonization, as well as providing pain relief. The devices can be administered at home without the assistance of medical professionals. The Company's primary products include PainShield®, UroShield™ and WoundShield™. Additional information about the Company is available at: www.nanovibronix.com.
This press release contains "forward-looking statements." Such statements may be preceded by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential" or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company's control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) market acceptance of our existing and new products or lengthy product delays in key markets; (ii) negative or unreliable clinical trial results (iii) an inability to secure regulatory approvals for the sale of our products, (iv) intense competition in the medical device industry from much larger, multinational companies, (v) product liability claims, (vi) product malfunctions, (vii) our limited manufacturing capabilities and reliance on subcontractors for assistance, (viii) insufficient or inadequate reimbursement by governmental and other third party payers for our products, (ix) our efforts to successfully obtain and maintain intellectual property protection covering our products, which may not be successful, (x) legislative or regulatory reform of the healthcare system in both the U.S. and foreign jurisdictions, (xi) our reliance on single suppliers for certain product components, (xii) the fact that we will need to raise additional capital to meet our business requirements in the future and that such capital may not be available, or may be costly, dilutive or difficult to obtain and (xiii) the fact that we conduct business in multiple foreign jurisdictions, exposing us to foreign currency exchange rate fluctuations, logistical and communications challenges, burdens and costs of compliance with foreign laws and political and economic instability in each jurisdiction. More detailed information about the Company and the risk factors that may affect the realization of forward looking statements is set forth in the Company's filings with the Securities and Exchange Commission (SEC), including the Company's Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC's web site at http://www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.
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