Reimbursement aligned with AHIP and CMS initiatives to help combat the opioid epidemic
ELMSFORD, NY / ACCESSWIRE / March 25, 2019 / NanoVibronix, Inc., (NASDAQ: NAOV), a medical device company utilizing the Company's proprietary and patented low intensity surface acoustic wave (SAW) technology, today announced that it has begun receiving reimbursement approvals for PainShield® in the United States-market through commercial and workman's compensation companies, in connection with American Health Insurance Plans (AHIP) and Centers for Medicare & Medicaid Services (CMS) programs designed to combat the opioid epidemic.
"AHIP is the largest and most active national association for healthcare coverage companies and CMS controls nearly all government healthcare payments," said Brian Murphy, CEO of NanoVibronix. "Both AHIP and CMS have created and are mandating the use of Pain Management Plans, which encourage new technologies to address pain management. Working with insurance companies, in connection with AHIP and CMS, we have been able to secure approval and reimbursement for the use of the PainShield® technology based upon the proven effectiveness of PainShield®."
"We are pleased with the market response to PainShield® by providers, who seek to provide effective alternative treatments, and payors, who are eager to assist with the early adoption of those treatments given the magnitude of the prescription opioid crisis in the U.S., which the Centers for Disease Control and Prevention recently reported at $78.5 billion annually," continued Murphy. "The speed in which we secured reimbursement for PainShield® is extremely gratifying and further validates the overall market need and acceptance of our product, which is supported by strong clinical data. With PainShield®, we have been able to pair a highly effective treatment modality with a corresponding national initiative to address the opioid crisis. We are well positioned to provide vital and safe treatments to patients, while assisting payors and providers to comply with new regulations."
NanoVibronix Inc. (NASDAQ: NAOV) is a medical device company headquartered in Elmsford, NY with research and development in Nesher, Israel, that is focused on developing medical devices utilizing its proprietary and patented low intensity surface acoustic wave technology. The company's 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.
SOURCE: NanoVibronix, Inc.