Ekso Bionics Receives Final Payment Determination for Medicare Reimbursement from the Centers for Medicare & Medicaid Services (CMS) for Ekso Indego Personal
SAN RAFAEL, Calif., April 12, 2024 (GLOBE NEWSWIRE) -- Ekso Bionics Holdings, Inc. (NASDAQ:EKSO) (the "Company" or "Ekso Bionics"), an industry leader in exoskeleton technology for medical and industrial use, today announced that the Pricing, Data Analysis, and Coding ("PDAC") contractor for the Centers for Medicare & Medicaid Services ("CMS") has determined a final payment level of $91,031.93 for Medicare reimbursement of the Ekso Indego Personal, which took effect on April 1, 2024.
As previously announced, CMS approved use of Healthcare Common Procedure Coding System Code K1007 to bill Medicare for the Ekso Indego Personal. This code can also be used by other public health insurance programs as well as private payers.
Ekso Bionics will work with inpatient and outpatient clinics across the country to qualify individuals with spinal cord injuries who can potentially benefit from the Ekso Indego Personal. Ekso Bionics' expansive clinical and rehabilitation customer base, which includes more than 260 clinics across North America, have the skilled therapists and clinicians to train individuals over the course of several sessions to maximize clinical outcomes. Ekso Bionics has worked with many of these facilities by offering clinical demonstrations, where interested individuals can trial the Ekso Indego Personal.
"There are clinically demonstrated advantages for individuals with SCI who train with Ekso's Indego Personal device in post-acute care that help improve their quality of life," said Jenna Tosto-Mancuso, PT, DPT, NCS, Clinical Manager, Division of Rehabilitation Innovation at Mount Sinai. "As patients can now benefit from reimbursement, those covered by CMS will gain improved access to this life changing device, which has the ability to accelerate their recovery outside of in-clinic or hospital rehabilitation and allow for better mobility in everyday life, which has associated mental health benefits."
Ekso Indego Personal is a modular, lightweight and easily portable exoskeleton that is safe for use in most home and community environments. The device contains an advanced gait mode where the individual can reach faster walking speeds, granting them a new level of independence.
About Ekso Bionics®
Ekso Bionics® is a leading developer of exoskeleton solutions that amplify human potential by supporting or enhancing strength, endurance and mobility across medical and industrial applications. Founded in 2005, the Company continues to build upon its industry-leading expertise to design some of the most cutting-edge, innovative wearable robots available on the market. Ekso Bionics is the only known exoskeleton company to offer technologies that range from helping those with paralysis to stand up and walk, to enhancing human capabilities on job sites across the globe. The Company is headquartered in the San Francisco Bay Area and is listed on the Nasdaq Capital Market under the symbol "EKSO." For more information, visit: www.eksobionics.com or follow @EksoBionics on X.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements. Forward-looking statements include, without limitation, the increase in potential patient population as a result of CMS reimbursement and the Company's ability to successfully sell its products to such customers and the impacts to patients from the Company's devices. Forward-looking statements can be identified by words such as "expect," "continue," "anticipate," "estimate," "believe," "plan," "projection," "grow," "potential," "future," "can," "develop," "proposition," "position," "expand," "may" or words of similar meaning. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of risks and uncertainties. Factors that may influence or contribute to the inaccuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation, a future change to the reimbursement amount and less demand than expected from patients even at a reduced purchase price. These and other factors are identified and described in more detail in the Company's public filings with the Securities and Exchange Commission. You should carefully read the Cautionary Note Regarding Forward-Looking Statements and the factors described in the "Risk Factors" section of the Company's periodic reports filed with the Securities and Exchange Commission to better understand the risks and uncertainties inherent in the Company. The Company does not undertake to update these forward-looking statements, except as required by law.
Contact:
David Carey
212-867-1768
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