ImpediMed Expands Positive Coverage for BIS Technology
IPD (IPD) Share Update September 2024 Monday 23rd
ImpediMed Announces Positive Coverage Updates by Emblem Health and Presbyterian Health
ImpediMed Limited (ASX: IPD) has announced that Emblem Health and Presbyterian Health have updated their medical policies to include positive coverage for the use of Bioimpedance Spectroscopy (BIS) for lymphedema assessment.
Instant Summary:
- Total covered lives increased to 144 million.
- 16 states now at Critical Mass (>80% covered lives).
- 18 private payors providing positive coverage.
- 39 private payors providing silent coverage.
Coverage Expansion Details
ImpediMed Limited, a medical technology company specializing in Bioimpedance Spectroscopy (BIS), has announced significant updates to its coverage policies. Emblem Health, which covers New York, Connecticut, and New Jersey, has updated its policy to include BIS for lymphedema assessment for breast cancer patients without requiring pre-authorization. This change results in approximately 88% payor coverage in New York, the fourth largest state by population with around 20 million residents.
Additionally, Presbyterian Health, the largest payor in New Mexico, has also updated its policy to include BIS for lymphedema assessment without pre-authorization. These updates bring the total number of covered lives to 144 million and mark a significant milestone for ImpediMed as 16 states have now reached Critical Mass, defined as having over 80% covered lives.
Company's Commercial Progress
Commenting on the new coverage, ImpediMed's CEO and Managing Director, Dr. Parmjot Bains, expressed his satisfaction with the growing acceptance of BIS technology. 'We are pleased to see growing coverage, and the achievement of medically necessary status supports the ability of patients across the U.S. to access early lymphedema screening,' said Dr. Bains.
ImpediMed continues to make strides in the medical technology field with its SOZO® Digital Health Platform, which is FDA-cleared, CE-marked, and ARTG-listed for multiple indications, including lymphedema, heart failure, and protein calorie malnutrition. The platform is sold in select markets globally and represents a significant growth opportunity for the company.
Forward-Looking Statements
ImpediMed's announcement also included forward-looking statements regarding the company's future performance and market acceptance in the U.S. and Australia. While these statements are based on current knowledge and expectations, there are inherent risks and uncertainties that could cause actual results to differ materially from those projected.
The positive coverage updates from Emblem Health and Presbyterian Health are likely to have a favorable impact on ImpediMed's stock. The increase in covered lives and the achievement of Critical Mass in 16 states could boost investor confidence and drive the company's market penetration. The absence of pre-authorization requirements simplifies the process for patients, potentially leading to higher adoption rates of BIS technology.
Investor Reaction:
Analysts are likely to react positively to this news, as it demonstrates ImpediMed's growing acceptance in the medical community and its ability to secure coverage from major payors. The increase in covered lives and the strategic importance of reaching Critical Mass in multiple states are significant milestones that could enhance the company's market position.
Conclusion:
Investors should keep an eye on ImpediMed's continued expansion and the potential long-term benefits of increased coverage for BIS technology. The company's strategic efforts to secure positive coverage from major payors are likely to contribute to its growth and market presence. Staying informed on ImpediMed's progress and market developments will be crucial for making informed investment decisions.