Medicare Coverage for MIST Therapy® Now Includes All Medicare Administrative Contractors
YARDLEY, Pa., Oct. 10, 2016 (GLOBE NEWSWIRE) -- Alliqua BioMedical, Inc. (Nasdaq:ALQA) ("Alliqua" or "the Company"), a regenerative technologies company committed to restoring tissue and rebuilding lives, today announced that the Company’s MIST Therapy System® is now eligible for coverage in the geographic regions covered by First Coast Service Options Inc. (“First Coast”), a Medicare Administrative Contractor, or “MAC.” The MIST Therapy System uses painless, noncontact low-frequency ultrasound to stimulate cells below the wound bed to promote the healing process. Medicare coverage for MIST Therapy now includes all Medicare Administrative Contractors.
First Coast is responsible for processing Medicare claims in Florida, Puerto Rico, and the U.S. Virgin Islands, which collectively represent approximately 58,479 providers and over 2.9 million Medicare beneficiaries. The organization is one of eight regional MACs that process Medicare claims in the United States.
With the announcement of First Coast’s decision to remove CPT code 97610 from its Noncovered Services Local Coverage Determination (“LCD” L33777), treatments performed with Alliqua’s MIST Therapy system on or after October 6, 2016, will be eligible for Medicare reimbursement when medically reasonable and necessary, and when established billing, coding and documentation guidelines are followed. As with any procedure, providers should contact their local Medicare contractor with questions concerning medical necessity.
“With the addition of Medicare coverage from First Coast, I am pleased to announce that our MIST Therapy System is now covered by all of the eight regional MACS,” said Nino Pionati, Chief Strategy and Marketing Officer of Alliqua. “I believe that our success in obtaining nationwide Medicare reimbursement coverage is largely attributable to the compelling portfolio of clinical support for our innovative MIST Therapy, which demonstrates the System’s effectiveness in accelerating the wound healing process. I would also like to thank our outstanding reimbursement team for their years of hard work and dedication in helping to expand patient and provider access to this advanced therapy, which has the potential to deliver improved patient outcomes.”
About Alliqua BioMedical, Inc.
Alliqua is a regenerative technologies company committed to restoring tissue and rebuilding lives. Through its sales and distribution network, together with its proprietary products, Alliqua offers solutions that allow clinicians to utilize the latest advances in regenerative technologies to bring improved patient outcomes to their practices.
Alliqua currently markets the human biologic regenerative technologies, Biovance® and Interfyl®. The Company also markets its MIST Therapy System®, which uses painless, noncontact low-frequency ultrasound to stimulate cells below the wound bed to promote the healing process. In addition to these technologies, Alliqua markets its line of dressings for wound care under the SilverSeal® and Hydress® brands, as well as its TheraBond 3D® advanced dressing which incorporates the TheraBond 3D® Antimicrobial Barrier Systems technology.
In addition, Alliqua can provide a custom manufacturing solution to partners in the medical device and cosmetics industry, utilizing its hydrogel technology. The Company has locations in Yardley, Pennsylvania, Langhorne, Pennsylvania and Eden Prairie, Minnesota.
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This release contains forward-looking statements. Forward-looking statements are generally identifiable by the use of words like "may," "will," "should," "could," "expect," "anticipate," "estimate," "believe," "intend," or "project" or the negative of these words or other variations on these words or comparable terminology. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties outside of our control that can make such statements untrue, including, but not limited to, the adequacy of the Company’s liquidity to pursue its complete business objectives; inadequate capital; the Company’s ability to obtain reimbursement from third party payers for its products; loss or retirement of key executives; adverse economic conditions or intense competition; loss of a key customer or supplier; entry of new competitors and products; adverse federal, state and local government regulation; technological obsolescence of the Company’s products; technical problems with the Company’s research and products; the Company’s ability to expand its business through strategic acquisitions; the Company’s ability to integrate acquisitions and related businesses; price increases for supplies and components; and the inability to carry out research, development and commercialization plans. In addition, other factors that could cause actual results to differ materially are discussed in our filings with the SEC, including our most recent Annual Report on Form 10-K filed with the SEC, and our most recent Form 10-Q filings with the SEC. Investors and security holders are urged to read these documents free of charge on the SEC's web site at http://www.sec.gov. We undertake no obligation to publicly update or revise our forward-looking statements as a result of new information, future events or otherwise.
Investor Relations: Westwicke Partners on behalf of Alliqua BioMedical, Inc. Mike Piccinino, CFA +1-443-213-0500 [email protected]