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Distributors' medical partner networks impressed with Venowave device, speed of Medicare/Medicaid processing and prepare roadmaps to drive sales
Toronto, Ontario--(Newsfile Corp. - December 5, 2024) - Therma Bright Inc. (TSXV: THRM) (OTCQB: TBRIF) (FSE: JNX) ("Therma" or the "Company"), a developer and investment partner specializing in advanced diagnostic and medical device technologies, is pleased to announce that its nationwide U.S. distribution partners, along with several prospective new partners, have successfully secured Medicare and Medicaid HCPCS Level II code reimbursements within a 60-day timeframe.
Since October 1, 2024, more than 110 Venowave VW5 units have been deployed to patients across the U.S. in various pilot tests. To date, 25 of these units have received full reimbursement through either commercial health network payors or Medicare and Medicaid. The Company and its distribution partners anticipate further reimbursement success for the remaining 85 pilot-test units in the short term. Based on the current results, the Company has begun discussions around the Venowave sales road map, delivery and manufacturing schedules with its distributors.
"We've heard from our U.S. national distributors, and several other potential partners, who are pleased with the speed of the CMS reimbursements on the Venowave VW5 which has met their expectations." shared Rob Fia, CEO of Therma Bright. "Our distribution partners shared that typically brand new HCPCS Level II codes tend to take time processing through the Medicare and Medicaid system, however, our code was processed efficiently within a 60-day time frame. They expect future reimbursement to take less time, as the code becomes more established in the Medicare and Medicaid system. This is a great milestone for all involved, and we're now progressing forward in ramping up our commercialization efforts with these distribution partners."
The Venowave VW5, which qualifies for Medicare and Medicaid HCPCS code reimbursement under 10 medical indications, is a compact, battery-operated peristaltic pump designed to enhance vascular and lymphatic flow in the lower limbs. When strapped below the knee, the device generates a wave-form motion that compresses the calf, promoting upward displacement of venous and lymphatic fluid. Powered by a single rechargeable 1.5V NiMH AA battery, the FDA-designated Durable Medical Equipment (DME) device allows users to receive treatment while staying active. The Venowave VW5 is built for durability and supports repeated use across multiple patients.