Myomo (MYO) Stock Rockets On Medicare News

Myomo MYO Stock News

Myomo Inc (NYSEAMERICAN: MYO) is having a tremendous start to the trading session this morning, and for good reason. The company announced that it has been authorized as a Medicare Provider. Here’s what’s going on:

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MYO Stock Rockets On Medicare Provider News

In the press release, Myomo announced that the Centers for Medicare & Medicaid Services under the United States Department of Health and Human Services has authorized it to be a Medicare Provider.

As a result of the authorization, MYO is included in the Medicare Supplier Directory at Moreover, this designation enables to the company to bill Medicare directly when it delivers its MyoPro powered orthosis in 39 states as well as D.C.

The company said that it is currently working to complete the requirements in the remaining states. In a statement, Mirah Mitchell, Chief Commercial Officer at MYO, had the following to offer:

This certification is very important to Myomo. Not only does it allow us to bill Medicare directly in the future, it also opens the door to applying for in-network contracted coverage from many private commercial insurance companies as well as state Medicaid plans.

The above statement was followed up by Paul R. Gudonis, CEO at MYO. Here’s what he had to say:

Today, reimbursement for the MyoPro orthosis is approved on a case-by-case basis by many Medicare Advantage plans, state Blue Cross / Blue Shield plans, certain Medicaid and commercial insurance plans, worker’s compensation plans, and the Veterans Administration. Obtaining broader coverage would allow us to potentially better serve the qualifying beneficiaries of Medicare and other plans who suffer a paralyzed or weakened arm caused by stroke or nerve injury. 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.

This News Is Huge

The news released by Myomo surrounding Medicare is overwhelmingly positive. Currently, there are about 75 million patients covered by Medicare or Medicaid in the United States. This greatly expands the company’s target audience for its wearable robitics solutions.

After all, with Medicare and Medicaid now paying for these products, many who simply couldn’t afford options provided by the company now have access.

All in all, the news is a story of incredible revenue potential ahead, making MYO stock one to watch closely.

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