An additional regional Medicare carrier is now covering overactive bladder treatment using Uroplasty Inc.’s (NSDQ:UPI) Urgent PC Neuromodulation System.
Palmetto GBA for California, Nevada and Hawaii now covers posterior tibial nerve stimulation using the device, according to the company. Lawrence, Kan.-based Palmetto GBA LLC is a contracted company that pays claims for Medicare professional services.
The coverage approval is good news for the Minnetonka, Minn.-based company, which recorded a loss of $922,672, or 5 cents per diluted share, on sales of $3.2 million during the three months ended Sept. 30. That compares with a loss of $874,659, or 6 cents per diluted share, on revenues of $3.0 million during the same period last year.
"We believe the strong clinical data that supports PTNS led the regional Medicare carriers to determine that PTNS treatments meet the criteria for medical necessity. We continue to present the growing body of clinical data to the medical directors of the other Medicare carriers, and private payers, to encourage them to cover and reimburse PTNS.” said Uroplasty CEO David Kaysen in prepared remarks.
Centers for Medicare and Medicaid Services set up the company’s coverage status for the device earlier this month when it assigned a reimbursement code to the device.