TORONTO, Ontario—Therma Bright Inc., a developer and investment partner in proprietary diagnostic and medical device technologies, announced it's Venowave VW5 has received the permanent health care common procedure coding system (HCPCS) code from the Centers for Medicare and Medicaid Services (CMS).
On Aug. 16, CMS announced Therma Bright’s Venowave VW5, an FDA-designated durable medical equipment (DME) device, has permanently received the HCPCS code E0683, as well as CMS pricing determination. The details of the proposed items were outlined and reviewed on Wednesday, May 29, during CMS' first biannual 2024 HCPCS public meeting.
The Venowave VW5 is a series of compact, battery-operated peristaltic pumps that generate a wave-form motion. When worn below the knee and strapped firmly to the calf, the device results in compression of the calf and an increased upward volumetric displacement of venous and lymph fluid. The unit improves vascular and lymphatic flow in the lower limbs. Operating with a single rechargeable battery, this DME device enables users to receive treatment anywhere, while remaining active, and can withstand repeated use by successive patients
"We're pleased that the Centers for Medicare and Medicaid has approved our permanent code request, as well as the reimbursement pricing and the new HCPCS level two designation for our Venowave VW5 device," said Rob Fia, chief executive officer of Therma Bright. "As shared in several of our recent press announcements, the Centers for Disease Control and Prevention (CDC) estimates that more than 900,000 U.S. citizens suffer from deep vein thrombosis (DVT), and MarketDigit’s research projected this disease will reach $1.5 billion by 2032 on a global market value perspective. DVT is only one medical condition area out of 10 circulatory issues that the permanent code will cover, which is very exciting."
There are 10 uses for Venowave VW5, which are listed below.
- Prevention of deep vein thrombosis (DVT).
- Management of post-thrombotic syndrome (PTS) symptoms.
- Prevention of primary thrombosis.
- Treatment of lymphedema.
- Diminishing post-operative pain and swelling.
- Treatment of leg swelling due to vascular insufficiency.
- Treatment of varicose veins.
- Treatment of chronic venous insufficiency.
- Enhancing blood circulation.
- Treatment of intermittent claudication.
"This innovative device for addressing DVT and other blood circulation issues is the first-of-its-kind to receive the permanent HCPCS level two code, and we look to provide an initial sales update on our solution in the coming week," Fia said.
The Venowave VW5 has a complete patient buyout option for a pair of Venowave devices, with a capped reimbursement of $1,199. Alternatively, it can be rented with a capped rental fee reimbursement of $78.05 per month, with a total capped rental reimbursement payment of $819.55 for 13 months of continuous use. After the thirteenth rental payment, the patient would take over ownership of the Venowave VW5.
