Enables Myomo to Bill “In-network” with 1200 Payers
CAMBRIDGE, Mass.–(BUSINESS WIRE)–Myomo, Inc. (NYSE American: MYO) (“Myomo” or the “Company”), a wearable medical robotics company that offers increased functionality for those suffering from neurological disorders and upper limb paralysis, today announced that it has signed an agreement with HOMELINK which will enable Myomo to process out-of-network claims for its MyoPro powered orthosis with the 1,200 payers in HOMELINK’s network.
Dave Kazynski, President, HOMELINK, said “HOMELINK is an expert in orthotic and prosthetic reimbursement, and Myomo represents a new and unique addition to our product and service portfolio. We are proud to represent such innovative and beneficial technology”.
Paul R. Gudonis, Chairman and CEO stated, “Over 80% of our new candidates entering the pipeline are to be reimbursed directly by the payers to Myomo upon authorization. Some of these are covered by payers where Myomo is “out of network”. For these situations, teaming up with HOMELINK may increase patient access to the MyoPro orthosis while streamlining our reimbursement process and shortening our time to revenue.”
Myomo, Inc. is a wearable medical robotics company that offers expanded mobility for those suffering from neurological disorders and upper limb paralysis. Myomo develops and markets the MyoPro product line. MyoPro is a powered upper limb orthosis designed to support the arm and restore function to the weakened or paralyzed arms of patients suffering from CVA stroke, brachial plexus injury, traumatic brain or spinal cord injury, ALS or other neuromuscular disease or injury. It is currently the only marketed device that, sensing a patient’s own EMG signals through non-invasive sensors on the arm, can restore an individual’s ability to perform activities of daily living, including feeding themselves, carrying objects and doing household tasks. Many are able to return to work, live independently and reduce their cost of care. Myomo is headquartered in Cambridge, Massachusetts, with sales and clinical professionals across the U.S. and representatives internationally. For more information, please visit www.myomo.com/.
HOMELINK’s mission is to provide access to high quality, cost effective products, vendors and services via an efficient, effective and caring national integrated delivery system. HOMELINK provides access to 1200 payers covering over 30 million lives.
Forward Looking Statements
This press release contains forward-looking statements regarding the Company’s future business expectations, including the Company’s agreement with HOMELINK, the intended benefits from the payer network deal and the Company’s expectations of reimbursement improvement, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors. Our actual results could differ materially from those anticipated in these forward-looking statements for many reasons, including, without limitation, risks related to maintaining the deal with HOMELINK and realizing its intended benefits, regulatory approval and market acceptance of our products, and the other risk factors contained in our filings made with the Securities and Exchange Commission. More information about factors that potentially could affect Myomo’s business and financial results is included in Myomo’s filings with the Securities and Exchange Commission. The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company disclaims any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
Adam S. Holdsworth
PCG Advisory, Inc.