VSM - incr. US re-imb may lead to rapid MEG adoption.
Seems like more good news for this new Cdn star co.
...Walt!
VSM MedTech Comments on Proposed CMS Increase in MEG Reimbursement
Friday August 8, 7:02 am ET
Proposed rates would increase reimbursement for epilepsy localization by 133%
VANCOUVER, Aug. 8 /CNW/ - VSM MedTech Ltd. (TSX:VSM - News), the leading provider of magnetoencephalography (MEG) systems, commented on the recent announcement by the Centers for Medicare and Medicaid Services (CMS) of the proposed 2004 Medicare ambulatory payment classification (APC) rates for MEG procedures.
In its announcement, CMS proposed to significantly increase the technical fee for the use of an MEG system under CPT code number 95965, relating to epilepsy localization. Under the proposal, the 2004 Medicare reimbursement rate to a health care provider for an MEG scan for epilepsy localization would be US$5250 compared to the 2003 rate of US$2250, an increase of 133%. The proposed 2004 rate for functional brain mapping, which typically requires an initial scan under CPT code 95966 and two additional scans under CPT code 95967, increased to US$3350 compared to the 2003 rate of US$3125.
"These proposed fee increases would help drive adoption of MEG by further improving the economics of installing a new system," said Barry Allen, VSM's President & CEO. "We would anticipate that the new rates would positively impact current and future clinical sales opportunities in the US."
The proposed rates are subject to a public comment period for 60 days, after which the final rates will be published on November 1, 2003 and go into effect on January 1, 2004. Further information is available at: cms.hhs.gov.
About CTF Systems Inc.
CTF Systems, a subsidiary of VSM MedTech, is the leading global supplier of magnetoencephalography (MEG) systems, a noninvasive diagnostic imaging technology used by clinicians and researchers for the detection and treatment of neurological disorders. With precision and accuracy, CTF's OMEGA System measures the strength and origin of electromagnetic fields caused by normal and abnormal brain activity.
About VSM MedTech Ltd.
VSM MedTech develops, manufactures, and markets medical devices for the diagnosis and treatment of neurological disorders and cardiovascular diseases. Targeting significant global market opportunities, VSM equips healthcare providers with noninvasive technology that improves the standard of patient care.
This document may contain forward-looking statements, relating to the
Company's operations or to the environment in which it operates, which are
based on VSM's operations, estimates, forecasts and projections. These
statements are not guarantees of future performance and involve risks and
uncertainties that are difficult to predict, or are beyond VSM's control. A
number of important factors, including those set forth in other public
filings, could cause actual outcomes and results to differ materially from
those expressed in these forward-looking statements. Consequently, readers
should not place any undue reliance on such forward-looking statements. In
addition, these forward-looking statements relate to the date on which they
are made. VSM disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise.
For further information
please contact: Skip Mendelson, Executive VP, MEG Products, VSM MedTech Ltd., (925) 256-9818 tel, (925) 256-9830 fax, smendleson@ctf.com
Ryan Males, Manager, Corporate Communications, VSM MedTech Ltd., (604) 646-0973 tel, (604) 738-8762 fax, rmales@vsmmedtech.com, www.vsmmedtech.com
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Source: VSM MedTech Ltd. |
