Myomo Announces First Private Payer Contracts for MyoPro In-network Coverage
Blue Cross Blue Shield of Massachusetts and Paradigm together serve 3 million covered lives
Myomo, Inc. (NYSE:MYO) ("Myomo" or the "Company"), a wearable medical robotics company that offers increased functionality for those suffering from neurological disorders and upper-limb paralysis, announces it has entered into the first contracts that will allow MyoPro to be provided to patients covered by private insurance on an in-network basis.
These new contracts are with Blue Cross Blue Shield of Massachusetts, a leading commercial and Medicare Advantage insurer, and Paradigm, a leading specialty care management organization serving workers' compensation and healthcare payers. Paradigm's contract represents its commitment to assessing and evaluating appropriateness of medical innovations like the MyoPro for injured workers. Together, these organizations cover approximately 3 million lives.
"Entry into these first in-network payer contracts represents a key milestone for Myomo and an expansion of coverage for patients suffering from neurological disorders and upper-limb paralysis," said Harry Kovelman, M.D., Myomo's chief medical officer. "We are continuing our outreach to other private payers and I'm encouraged by the reception we've received to date. With coverage for the MyoPro now provided by Medicare Part B, and commercial insurers and specialty care management organizations starting to enter into contracts with us, we believe the MyoPro is on its way toward becoming the standard of care for those suffering with permanent upper extremity impairment who want to regain their ability to perform activities of daily living."
About Blue Cross Blue Shield of Massachusetts
Blue Cross Blue Shield of Massachusetts (bluecrossma.org) is a community-focused, tax-paying, not-for-profit health plan headquartered in Boston. It is committed to showing up for everyone like they're the only one and guiding its members to the exceptional health care they deserve – affordably, equitably and seamlessly. In keeping with its commitment, it is rated among the nation's best health plans for member satisfaction and quality.
About Paradigm
Paradigm is an accountable specialty care management organization focused on improving the lives of people with complex injuries and diagnoses. The company has been a pioneer in value-based care since 1991 and has an exceptional track record of generating the very best outcomes for patients, payers and providers. Deep clinical expertise is the foundation for every part of Paradigm's business: risk-based clinical solutions, case management, specialty networks, home health, shared decision support and payment integrity programs.
About Myomo
Myomo, Inc. is a wearable medical robotics company that offers improved arm and hand function for those suffering from neurological disorders and upper-limb paralysis. Myomo develops and markets the MyoPro product line. MyoPro is a powered upper-limb orthosis designed to support the arm and restore function to the weakened or paralyzed arms of certain patients suffering from CVA stroke, brachial plexus injury, traumatic brain or spinal cord injury or other neuromuscular disease or injury. It is currently the only marketed device in the U.S. that, sensing a patient's own EMG signals through non-invasive sensors on the arm, can restore an individual's ability to perform activities of daily living, including feeding themselves, carrying objects and doing household tasks. Many are able to return to work, live independently and reduce their cost of care. Myomo is headquartered in Boston, Massachusetts, with sales and clinical professionals across the U.S. and representatives internationally. For more information, please visit www.myomo.com.
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