Centers for Medicare and Medicaid Services awarded reimbursement status to Uroplasty Inc.’s (NSDQ:UPI) Urgent PC Neuromodulation System.
When companies’ products are approved for coverage by the governmental agency, private-pay insurance companies typically follow their lead. Uroplasty said it now anticipates insurance companies to reimburse for a higher amount.
CMS published its corresponding Category I CPT code for the company’s posterior tibial nerve stimulation treatment in the Nov. 2010 Federal Register. The base Medicare physician payment for PTNS will be approximately $97.49, although that could shift as a result of an act of Congress or a CMS rule change, according to the company. Uroplasty said it believes that healthcare providers will adopt the device for treatment of overactive bladder.
The coverage approval is good news for the Minneapolis, 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.
“In anticipation of increased interest in our Urgent PC System resulting from the new CPT code, we have expanded our U.S. field sales organization to 30 employed representatives, doubling the number of our sales representatives since the beginning of the current fiscal year. They will soon be trained and prepared to aggressively relaunch Urgent PC in the coming months,” Uroplasty CEO David Kaysen said in prepare remarks.