Two more private insurers, representing 13.7 million patients, agreed to cover Uroplasty Inc.’s (NSDQ:UPI) UrgentPC neuromodulation system for urinary incontinence.
The device uses posterior tibial nerve stimulation that, unlike competing devices from Medtronic Inc. (NYSE:MDT) and others, is minimally invasive. Beginning August 1, Health Care Service Corp. will cover Uroplasty’s non-invasive nerve stimulation treatment, joining BlueCross BlueShield of Nebraska, which initiated coverage in May.
HCSC is the second-largest BlueCross BlueShield affiliate and the fourth-largest private payer in the U.S., with about 13 million customers, according to a press release. BlueCross BlueShield of Nebraska covers about 668,000 patients in the Cornhusker State.
The reimbursement landscape has shifted in Minnetonka, Minn.-based Uroplasty’s favor since late last year, when it announced a positive decision from the Centers for Medicare & Medicaid in late November, only to disclose negative decisions from four states less than two weeks later. Since then, the company has won nods from 10 of the 13 regional Medicare providers and several regional HMO and PPO insurers, president & CEO David Kaysen told MassDevice.
Shares of UPI stock were down 1.18 percent to $8.34 in afternoon trading today.