Therma Bright CEO says permanent insurance codes for Venowave could be a game changer
Vancouver
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August 07, 2023 01:54 PM Eastern Daylight Time
Therma Bright Inc CEO Rob Fia discusses the imminent decision on permanent codes for Venowave, its compact, lightweight deep vein thrombosis (DVT) prevention device, with Proactive's Stephen Gunnion.
Fia said the importance of securing these codes from the Centers for Medicare and Medicaid Services (CMS) lies in easier reimbursement processes, streamlining billing, and facilitating distribution.
Venowave is a groundbreaking compression device that actively moves blood from the calf to the heart, FDA-approved for preventing blood clots and addressing issues like deep vein thrombosis, chronic venous insufficiency, and varicose veins. Unlike pneumatic devices in the market, Venowave employs waveform technology, setting it apart.
Fia highlighted the potential market size, estimated at over a billion dollars, and the significant advantage of holding the first permanent code for a compression device.
The CEO also elaborated on the expanding US distribution network, including partnerships with a Medicare Advantage healthcare provider and Texas-based doctors' groups. These partnerships offer direct engagement with payers, facilitating billing and reimbursement.
Moreover, Therma Bright is also finalizing agreements with a distributor in Connecticut.
The anticipated outcome of securing permanent codes for Venowave could revolutionize the industry, simplifying processes and enhancing market reach, Fia said.
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