Rewalk Robotics (RWLK) Stock Is Climbing on Medicare News

Rewalk Robotics RWLK Stock News

Rewalk Robotics Ltd (NASDAQ: RWLK) is rocketing in the market this morning, and for good reason. The company has become an authorized provider to Medicare patients. Here’s what’s going on:

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RWLK Stock Rockets on Medicare News

In the press release, Rewalk Robotics said that the Centers for Medicare & Medicaid Services has authorized it as a Medicare Provider. This means that RWLK now has the ability to bill Medicare directly for procurement of its Rewalk Personal Exoskeleton for Medicare beneficiaries. Moreover, the company is now listed in the Medicare.gov Supplier Directory.

In the release, the company said that the certification follows the July issuance of the CMS Healtchare Common Procedure Coding System Level II Code K1007 for the ReWalk 6.0 Exoskeleton system.  This issuance established the first such code for an exoskeleton medical device and became effective on October 1, 2020. Today, the company’s certification as a Medicare provider is effective immediately, opening doors wide open across the country.

RWLK said that it plans to pursue in-network status with private insurance companies to further expand its audience. In a statement, Larry Jasinski, CEO at RWLK, had the following to offer:

As proud pioneers in this industry, gaining Provider status is an important next step for improving access to our Personal Exoskeleton. 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 Is Big News

The news released by ReWalk Robotics this morning proved to be overwhelmingly positive. After all, 61 million people across the United States receive Medicare, and that number continues to grow. As a result of today’s news, this is a vast new audience for the company.

Moreover, with Medicare now picking up cost of RWLK technologies for covered patients, private insurers are likely to fall in line, creating an even larger opportunity for the company and its investors. All in all, RWLK stock is one to pay close attention to.

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