Myomo (NYSEAMERICAN:MYO) is in the news Wednesday following an announcement about Medicare authorization sent MYO stock soaring.
Myomo notes in a news release that the Centers for Medicare & Medicaid Services, a division of the U.S. Department of Health and Human Services, has approved it as a Medicare Provider. This provides the company with several benefits.
First off, Myomo is now listed on the Medicare Supplier Directory at Medicare.gov. This allows the company to mail Medicare directly after providing its devices to customers. The current approval covers 39 states and Washington D.C. The company notes it’s working on approval for the remaining states.
Paul Gudonis, CEO of Myomo, said the following about the news.
“I want to emphasize that we have not yet received coverage or reimbursement terms from CMS, and in fact there is no guarantee those terms will be forthcoming soon, but Provider status is an important step following on to our receiving Healthcare Common Procedure Coding System (HCPCS) codes from CMS last year. We will continue to advocate for MyoPro coverage to help appropriate candidates obtain this useful technology for use at home, at work, and in school.”
Myomo is a wearable medical robotics company that develops devices as part of its MyoPro product line. These devices offer improved hand and arm movement to patients. It’s particularly helpful to those that have suffered a stroke and have trouble moving their arms.
MYO stock was up 32.4% as of Wednesday afternoon.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.