Toronto, Ontario--(Newsfile Corp. - April 14, 2023) - Therma Bright Inc. (TSXV: THRM) (OTCQB: TBRIF) ("Therma" or the "Company"), developer and investor in a range of leading-edge, proprietary diagnostic and medical device technologies, is pleased to announce that the Company has successfully secured U.S. Medicare and Medicaid reimbursement through various payers. The reimbursement per pair of Venowave devices, under these temporary codes, ranged between $725-$1050 per patient. Therma Bright begins final stage in securing unique permanent Current Procedural Terminology (CPT®) / Healthcare Common Procedure Coding System (HCPCS) codes for the innovative Venowave device.
Therma Bright has made excellent progress in the final stages of validating the use of these temporary codes to secure reimbursement with permanent codes for Venowave under both the Medicare and Medicaid programs. Previously, patients enrolled in these programs were not eligible for reimbursement for this category of device.
This is a significant milestone for Therma Bright as the successful validation of reimbursement through these programs has expanded the potential market for Venowave in the United States, providing a large opportunity for Venowave's commercialization.
While completing the final stages of reimbursement validation, Therma Bright is anticipating the upcoming preliminary decisions by the Centers for Medicare & Medicaid Services (CMS) for permanent codes in May 2023, which will include the issuance of unique CPT codes.
In October 2022, Therma Bright secured nine (9) temporary CPT®/HCPCS codes for a variety of circulatory diseases, including: (i) deep vein thrombosis (DVT), (ii) primary thrombosis, (iii) post thrombotic syndrome (PTS), (iv) lymphedema, (v) varicose veins, (vi) chronic venous insufficiency, (vii) intermittent claudication, (viii) vascular insufficiency and (ix) enhancing blood circulation issues. The temporary CPT®/HCPCS codes offer doctors and healthcare professionals a uniform language for coding medical services and procedures to improve reporting, increase accuracy and efficiency.
"This is a major development for our company and the patients who rely on Venowave. These CPT codes will provide greater clarity and precision in medical billing and streamline the reimbursement process for healthcare providers, patients, and insurers," shared Rob Fia, CEO of Therma Bright. "We're committed to making Venowave accessible to as many patients as possible, and this milestone brings us one step closer to achieving that goal. As we move forward, our dedication to advancing our mission of improving patient outcomes through innovative medical technology will remain paramount."
Venowave is a compact and lightweight Deep Vein Thrombosis (DVT) prevention device specifically designed for use in healthcare settings and at home. The Venowave device uses a continuous wave motion to increase blood flow in the veins. The increased blood circulation helps prevent venous stasis, which is a major contributor in clot formation. Specifically, the device imitates the body's venous system to counteract the pooling of blood in the lower extremities which can lead to clotting. With about 50% of DVTs beginning to form intra-operatively and 75% forming within 48 hours post-operatively, this technology is pioneering an alternative, easy to use, and potentially life-saving treatment for this condition. For more information visit www.thermabright.com/venowave/.
About Therma Bright Inc.
Therma Bright, is a developer and partner in a range of leading edge, proprietary diagnostic and medical device technologies focused on providing consumers and medical professionals with quality, innovative solutions that address some of today's most important medical and healthcare challenges. Therma Bright is the developer of the smart-enabled AcuVid™ COVID-19 Rapid Antigen Saliva Test, currently undergoing regulatory review. Therma Bright Inc. trades on the TSXV (TSXV: THRM) (OTCQB: TBRIF) (FSE: JNX). Visit: www.thermabright.com.
Therma Bright Inc.
Rob Fia, CEO
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FORWARD LOOKING STATEMENTS
Certain statements in this news release constitute "forward-looking" statements. These statements relate to future events such as development and commercialization of medical devices as described in the news release. All such statements involve substantial known and unknown risks, uncertainties and other factors which may cause the actual results to vary from those expressed or implied by such forward-looking statements. Forward-looking statements involve significant risks and uncertainties, they should not be read as guarantees of future performance or results, and they will not necessarily be accurate indications of whether or not such results will be achieved. Actual results could differ materially from those anticipated due to a number of factors and risks. Although the forward-looking statements contained in this news release are based upon what management of the Company believes are reasonable assumptions on the date of this news release, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.
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