First ReWalk Personal Exoskeleton Claim Paid by Medicare
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The inclusion of ReWalk Robotics Ltd.'s Personal Exoskeleton as a covered device under Medicare represents a significant advancement in the field of medical assistive technologies. This development signals a tangible recognition of the clinical value and cost-effectiveness of such devices for individuals with spinal cord injuries (SCI). The decision by Medicare to cover the ReWalk Exoskeleton could lead to increased adoption rates and potentially drive up demand for the product, as coverage typically lowers the financial barriers for eligible patients.
From a market perspective, this could translate into higher revenue streams for ReWalk Robotics, as the aging population and the prevalence of SCIs may contribute to a larger addressable market. Additionally, as other insurers often follow Medicare's lead, this could prompt broader insurance coverage, further expanding the market. However, it is essential to monitor how the company will manage the increased demand, including production scalability and maintaining quality standards.
The decision by Medicare to cover the ReWalk Personal Exoskeleton underlines a shift in healthcare policy towards embracing innovative technologies that improve quality of life for patients with chronic conditions. It reflects a broader trend of public health insurance programs supporting long-term, cost-effective solutions over acute care. This move may encourage further research and development in assistive technologies, potentially leading to advancements in the field and more competitive pricing.
For stakeholders, including patients, providers and payers, the long-term implications are substantial. Patients gain access to potentially life-altering technology, while providers may see improved patient outcomes and satisfaction. Payers, including Medicare, could benefit from reduced long-term healthcare costs associated with SCI management, such as decreased need for personal care services and secondary health complications. Nevertheless, it is crucial to consider the potential strain on Medicare funds and the need for ongoing assessment to ensure that the cost savings from reduced complications outweigh the upfront costs of devices like the ReWalk Exoskeleton.
The ReWalk Personal Exoskeleton's coverage by Medicare is a landmark for rehabilitation technology, emphasizing the importance of mobility and independence for SCI patients. This device allows individuals who would otherwise be wheelchair-bound to stand and walk, offering both physical and psychosocial benefits. The scientific evidence backing its medical necessity suggests that the device not only improves mobility but may also contribute to secondary health benefits such as improved cardiovascular health, bone density and bowel function.
For the industry, this development could serve as a catalyst for innovation and investment in similar technologies. It is also a call to action for rehabilitation specialists to become adept at integrating such technologies into patient care plans. However, challenges remain, including ensuring proper training for users and clinicians and addressing potential disparities in access to such technologies. The long-term benefits and drawbacks will likely be illuminated by post-market surveillance and patient-reported outcomes, which are critical for continued coverage and reimbursement decisions.
ReWalk Personal Exoskeleton covered as a medically necessary device for an eligible Medicare beneficiary with spinal cord injury
MARLBOROUGH, Mass. and BERLIN and YOKNEAM ILLIT, Israel, Jan. 05, 2024 (GLOBE NEWSWIRE) -- ReWalk Robotics Ltd. (Nasdaq: RWLK) (“ReWalk”), a leading provider of innovative technologies that enable mobility and wellness in rehabilitation and daily life for individuals with neurological conditions, today announced that it has received payment from Noridian Healthcare Solutions (“Noridian”), a Medicare Administrative Contractor (“MAC”), for its first claim for the ReWalk Personal Exoskeleton.
This marks coverage and payment by Medicare fee-for-service for the first-ever claim submitted for a ReWalk Personal Exoskeleton device. This milestone reflects an acknowledgement by Medicare that the ReWalk Personal Exoskeleton is a medically necessary device, as supported by a body of scientific evidence, when prescribed for an eligible Medicare beneficiary with spinal cord injury (“SCI”).
“This recent payment for a ReWalk Personal Exoskeleton by the Medicare program represents an achievement for the paralyzed community and reinforces the medical necessity of the ReWalk Exoskeleton for eligible individuals with SCI,” said Larry Jasinski, CEO of ReWalk Robotics. “We are thrilled to see that ReWalk’s years of collaboration and coordination, working in tandem with Medicare representatives, health care providers, lawmakers, and members of the SCI community, are beginning to come to fruition. We look forward to continuing our work with Medicare now that the 2024 Home Health Rule, which codifies a clear coverage pathway for personal exoskeletons, has gone into effect on January 1, 2024.”
To learn more about ReWalk’s work with Medicare beneficiaries, please visit rewalk.com/medicare.
About ReWalk Robotics Ltd.
ReWalk Robotics Ltd. is a medical device company that designs, develops, and commercializes innovative technologies that enable mobility and wellness in rehabilitation and daily life for individuals with neurological conditions. ReWalk’s mission is to fundamentally change the quality of life for these individuals through the creation and development of market leading technologies. Through its recent acquisition of AlterG, Inc., ReWalk has added anti-gravity systems to its growing portfolio of products. Founded in 2001, ReWalk has operations in the United States, Israel, and Germany. For more information on the ReWalk systems, please visit rewalk.com. For more information on the AlterG systems, please visit alterg.com.
ReWalk® and ReStore® are registered trademarks of ReWalk Robotics Ltd. in the United States and other jurisdictions. AlterG® is a registered trademark of AlterG, Inc. in the United States and other jurisdictions.
Forward-Looking Statements
In addition to historical information, this press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Such forward-looking statements may include projections regarding ReWalk's future performance and future regulatory interactions and other statements that are not statements of historical fact and, in some cases, may be identified by words like "anticipate," "assume," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "future," "will," "should," "would," "seek" and similar terms or phrases. The forward-looking statements contained in this press release are based on management's current expectations, which are subject to uncertainty, risks and changes in circumstances that are difficult to predict and many of which are outside of ReWalk's control. Important factors that could cause ReWalk's actual results to differ materially from those indicated in the forward-looking statements are more fully discussed in ReWalk’s periodic filings with the Securities and Exchange Commission (“SEC”), including the risk factors described under the heading "Risk Factors" in ReWalk's annual report on Form 10-K and 10-K/A for the year ended December 31, 2022 filed with the SEC and other documents subsequently filed with or furnished to the SEC. Any forward-looking statement made in this press release speaks only as of the date hereof. Factors or events that could cause ReWalk's actual results to differ from the statements contained herein may emerge from time to time, and it is not possible for ReWalk to predict all of them. Except as required by law, ReWalk undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise.
ReWalk Media Relations:
LifeSci Communications
E: media@rewalk.com
ReWalk Investor Contact:
Mike Lawless
Chief Financial Officer
ReWalk Robotics Ltd
E: investorrelations@rewalk.com
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