Thursday, January 19, 2023
NanoVibronix, Inc., a medical device company utilizing the Company's proprietary and patented low intensity surface acoustic wave (SAW) technology, today provided an update on the efforts to expand access to the Company’s PainShield product.
Brian Murphy, Chief Executive Officer of NanoVibronix, said, “We continue to work closely with The Centers for Medicare & Medicaid Services (“CMS”) to provide the required documentation for potential reimbursement for PainShield, which we believe will make the device much more readily available for those suffering from chronic pain. We were notified in late September by CMS that PainShield lacked sufficient life expectancy testing and therefore denied reimbursement. We commissioned Carmel Labs in Israel to conduct the testing. This week we received positive interim results with regard to the ongoing lifecycle testing. We plan to submit the results of the test to CMS to backfill our pending application and provide additional evidence as requested.”
“Furthermore, we are highly encouraged by the attention the ‘NOPAIN Act1’ is garnering from a growing collation of professional and medical organizations and the positive impact the potential passing of the legislation could have on demand for our PainShield,” added Murphy. “The NOPAIN Act is a bipartisan effort to update federal guidelines that would expand access to non-opioid pain management alternatives. Under current law, hospitals receive the same payment from Medicare regardless of whether a physician prescribes an opioid or a non-opioid.2 If enacted as proposed, the legislation would direct CMS to provide separate Medicare reimbursement for non-opioid treatments used to manage pain, which we believe could provide a seismic increase in demand for products such as our PainShield.”