ReWalk Robotics (Nasdaq:RWLK) announced that the Centers for Medicare & Medicaid Services (CMS) finalized a rule benefitting its exoskeleton technology.
Earlier this year, CMS released a proposal aiming to establish new regulatory definition of “brace.” Adding the definition of brace would expedite coverage and payment for newer technology and powered devices, according to CMS. This potentially enables faster access to the newer technologies, like those made by ReWalk and Myomo as well.
CMS released the proposal on June 30. ReWalk applauded it as it includes personal exoskeletons in the Medicare benefit category for braces. Benefits would extend to the ReWalk Personal Exoskeleton platform, which allows paralyzed patients to stand and walk.
Now, CMS has finalized the Calendar Year 2024 Home Health Prospective Payment System Rule CMS-1780 (“2024 Home Health Rule”) which solidifies the inclusion of exoskeletons in the Medicare brace benefit category. The final rule, released by CMS on Nov. 1, goes into effect on Jan. 1, 2024.
In the rule, CMS says the exoskeleton changes can expedite coverage and payment for newer technology and powered devices. Particularly, it could help those with disabilities associated with muscular and/or neural conditions. The rule finalizes a clear coverage pathway reimbursed by Medicare on a lump-sum basis.
“Finalization of this rule by CMS is a major milestone in our efforts to expand access to this life-changing technology for the substantial proportion of the spinal cord injury community with Medicare coverage,” said Larry Jasinski, CEO of ReWalk Robotics. “The decision by CMS to include personal exoskeletons within an existing benefit category in order to expedite Medicare coverage and payment is an important validation of the positive impact of exoskeletons, and a message that innovation matters in Medicare policy decisions.”
