RWLK stock moved higher in early trading on October 20, 2020, after the company announced it was approved by Medicare.
ReWalk Robotics, Ltd. (Nasdaq: RWLK) (“ReWalk” or the “Company”), a manufacturer of robotic medical devices for individuals with lower limb disabilities, today announced that the Centers for Medicare & Medicaid Services (“CMS”) authorized the Company as a Medicare Provider. With this certification, the Company can now bill Medicare directly for procurement of its ReWalk Personal Exoskeleton for Medicare beneficiaries and is now listed in the Medicare.gov Supplier Directory.
“As proud pioneers in this industry, gaining Provider status is an important next step for improving access to our Personal Exoskeleton,” said Larry Jasinski, ReWalk CEO. “However, accreditation does not guarantee coverage policies, so the Company is evaluating pathways and opportunities to adjoin accreditation with provider policies to get our Personal Exoskeleton to more members of the spinal cord injury community.”
This certification follows the July issuance of the CMS Healthcare Common Procedure Coding System (“HCPCS”) Level II Code K1007 for the ReWalk 6.0 Exoskeleton system. The July issuance established the first such code for an exoskeleton medical device, which became effective on October 1, 2020. This certification is immediately effective in the majority of U.S. states, and the Company is working through additional administrative tasks to achieve accreditation in most of the remaining states.
As the HCPCS code goes into effect, ReWalk will pursue in-network status with private insurance companies. This will open access to individuals who do not have out-of-network Durable Medical Equipment benefits and/or those who have high out of pocket costs with out-of-network providers.
ReWalk Robotics Ltd. develops, manufactures and markets wearable robotic exoskeletons for individuals with lower limb disabilities as a result of spinal cord injury or stroke. ReWalk’s mission is to fundamentally change the quality of life for individuals with lower limb disability through the creation and development of market leading robotic technologies. Founded in 2001, ReWalk has headquarters in the United States, Israel and Germany.
To get these stocks much faster (real-time) with alerts, check out the tool we use here. There’s nothing like it on the market.