The Argus II induces visual perception in blind patients with retinitis pigmentosa by stimulating of the retina’s remaining cells with electrical pulses, which allows for the perception of light patterns to the brain, the Sylmar, Calif.-based company said.
CMS approved a Medicare hospital outpatient payment rate of $152,500 for the Argus II system and associated procedure, with the rate set to kick in next year.
“We are delighted to have received CMS’ final 2019 outpatient payment rate, which provides Medicare patients continued access to our life changing technology. We are also happy to see the change in methodology that considers multiple years of historic data when setting a rate for a low volume device such as Argus. We believe this change will temper future year-to-year fluctuations in the reimbursement rate,” prez & CEO Will McGuire
said in a press release.
Last month, Second Sight said that it raised approximately $4 million in a private placement deal with entities owned by board chair Gregg Williams.