ReWalk Robotics (NSDQ:RWLK) said today that health insurer Cigna will now review submissions for the use of exoskeleton devices for individuals with spinal cord injuries after a change to its coverage policies.
The Yokneam, Israel-based company touted the shift as the first of its kind by a major private insurer in the U.S. The policy change has already taken effect, with a formal policy change slated to be performed by Cigna “in or around Q3 2019,” ReWalk said.
“This is a major milestone for healthcare beneficiaries in the United States. Cigna is leading by example with its understanding of emerging technologies, a focus on improving the overall health and well-being of beneficiaries, and most of all, in the development of progressive policies. This new policy is expected to have an immediate impact on the lives of qualified beneficiaries who will now have access to life changing medical devices. ReWalk has prioritized interacting directly with payors and educating them regarding the benefits of exoskeletons use, and Cigna’s decision comes after providing them the most recent evidence. We anticipate that other payors will follow Cigna’s leadership in providing the latest and most current technologies for their members,” CEO Larry Jasinski said in a press release.
Earlier this month, ReWalk saw shares fall after it posted fourth quarter and full year 2018 earnings that beat loss-per-share expectations but missed wide on sales consensus from Wall Street analysts.