BrainsWay (BWAY)

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BrainsWay Announces Extended Private Insurance Coverage in Washington State for the Treatment of OCD and Depression Utilizing Deep TMS™

https://finance.yahoo.com/news/brainsway-announces-extended-private-insurance-130000484.html

BURLINGTON, Mass. and JERUSALEM, Jan. 11, 2023 (GLOBE NEWSWIRE) -- BrainsWay Ltd. (NASDAQ & TASE: BWAY) (“BrainsWay” or the “Company”), a global leader in advanced noninvasive neurostimulation treatments for mental health disorders, today announced that a major private insurance company in Washington state will extend positive coverage applicable to Deep Transcranial Magnetic Stimulation (Deep TMS™) for the treatment of obsessive-compulsive disorder (OCD) as of February 3, 2023. This policy extension provides coverage of Deep TMS for OCD to approximately 2.2 million members.

The policy change also reduces major depressive disorder (MDD) TMS coverage criteria from four failed medication trials to only three. OCD coverage criteria is also three failed medication trials.

“Over the past two years, BrainsWay has seen significant coverage expansion of Deep TMS, including reduced patient selection criteria and earlier access to treatment for both MDD and OCD patients,” said Scott Blackman, Director of Market Access of BrainsWay. “This has been especially evident in the Medicare population where all Medicare administrative contractors now cover depression with only one or two failed medication trials.”

BrainsWay continues to focus on informing and providing payers with its growing body of published clinical and real-world evidence to facilitate up-to-date evidence-based coverage determinations. In 2021, only 52.6 million U.S. lives were covered for OCD treatment with TMS. Last year, insurers such as Cigna, Highmark BCBS, and Palmetto GBA Medicare extended coverage, increasing the total covered lives to 90.5 million.

BrainsWay’s patented H-Coil technology was first FDA-cleared for treating MDD in 2013 and OCD in 2018, and is designed to penetrate deeper and broader structures of the brain than traditional TMS coils.