Health Care Financing Administration Approves I-Flow Corporation's ON-Q Pain Management System As New Technology For Outpatient Medicare Reimbursement
LAKE FOREST, Calif.--(BUSINESS WIRE)--Aug. 4, 2000--I-Flow Corporation (Nasdaq:IFLO) today announced that the Health Care Financing Administration (HCFA) has approved payment for I-Flow's proprietary ON-Q(TM) pain management system as new technology for outpatient surgical procedures under the new Medicare Hospital Outpatient Prospective Payment System.
"We are extremely pleased with this approval. This is a significant step forward in the process for gaining acceptance of our pain management systems. With HCFA's prospective payment system under Medicare for hospital outpatient services, hospitals can now seek additional reimbursement from Medicare for the ON-Q system," said I-Flow Chairman, President and Chief Executive Officer Donald M. Earhart.
"This approval could represent a substantial opportunity for I-Flow. For example, we estimate that there are several hundred thousand hernia operations, which are typically outpatient surgeries, performed annually in the United States and that a significant percentage of these procedures involve patients covered by Medicare. Of course, there are other surgical procedures routinely performed on an outpatient basis for which the ON-Q also may be reimbursed by Medicare," Earhart continued.
Earhart explained, "The ON-Q system offers continuous wound site pain management, which is considered one of the most ideal treatments for post-operative pain. There are fewer side effects with the ON-Q system because it infuses a non-narcotic local anesthetic directly into the intraoperative site, which is the patient's primary source of discomfort. With additional Medicare outpatient reimbursement, more patients will be able to take advantage of this new approach to pain management."
About I-Flow
I-Flow Corporation (www.i-flowcorp.com) designs, develops and markets technically advanced, low cost ambulatory infusion systems that are redefining the standard of care by providing life enhancing, cost effective solutions for pain management and infusion therapy.
The statements contained in this release which are not historical facts may be deemed to contain forward-looking statements with respect to events, the occurrence of which involve significant risks and uncertainties, including, without limitation, future demand for the Company's services, competition within the industry, and other risks or uncertainties detailed in the Company's Securities and Exchange Commission filings.
CONTACT:
I-Flow Corporation, Lake Forest
Donald M. Earhart, 949/206-2700
www.i-flowcorp.com
or
Neil Berkman Associates
John Hicks, 310/277-5162
info@BerkmanAssociates.com
KEYWORD: CALIFORNIA |
