Neovasc Inc (NVCN)

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Neovasc Reducer Obtains U.S. Outpatient Reimbursement
November 08 2022 - 09:05AM
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via NewMediaWire -- Neovasc Inc. (“Neovasc” or the “Company”) (NASDAQ, TSX: NVCN) today announced that the Centers for Medicare and Medicaid Services (“CMS”) has assigned the Neovasc Reducer™ (“Reducer”) implant procedure a new outpatient reimbursement code payment status indicator, enabling U.S. hospitals to be reimbursed for the device and implant procedure.
Effective January 1, 2023, the implantation of the Reducer in an outpatient setting is assigned to Healthcare Common Procedure Coding System (“HCPCS”) code 0645T and payable under the Ambulatory Payment Classifications (“APC”) Code 5194, Level 4 Endovascular Repair. APCs are the U.S. government’s method of paying for outpatient services for the Medicare and Medicaid programs. The new classification enables the device and procedure to be reimbursed in the current COSIRA-II clinical trial single arm registry and upon potential commercial approval in the United States. The randomized arm of the COSIRA-II clinical trial previously received reimbursement approval in the United States under a dedicated HCPCS code (C9783).

“Today’s news is another important step in securing coding, coverage, and payment for the Reducer in the United States. We now have adequate reimbursement for the Reducer, in the CMS population, for both inpatient and outpatient procedures, both during the COSIRA-II Clinical Trial, and upon potential commercialization in the United States,” stated Neovasc President and Chief Executive Officer Fred Colen. “Our reimbursement journey has been remarkably successful around the world. We are beginning to see broader adoption in markets where we have successfully obtained reimbursement and look forward to continued rapid growth and commercial expansion.”

Neovasc began a comprehensive reimbursement program in 2019 to establish all the necessary components for diagnosis and treatment of refractory angina in the United States. The Company has worked tirelessly with its physician advisors, consultants, CMS, the American Medical Association, and multiple cardiology societies to secure all the necessary approvals and codes for the diagnosis of refractory angina and the implantation of the Reducer in both inpatient and outpatient settings.