Lifeward announces the Centers for Medicare & Medicaid Services (“CMS”) is deferring its final decision on the payment rate for personal exoskeletons so that more recent claims information on the current, more advanced ReWalk Personal Exoskeleton may be considered
ReWalk Robotics Ltd. (Nasdaq: LFWD) announced a deferral in pricing decision for personal exoskeletons by CMS, with payment determination on a case-by-case basis until finalized. Lifeward has provided 35 exoskeletons to Medicare beneficiaries to support demand.
The recent announcement by the Centers for Medicare & Medicaid Services (CMS) to defer the pricing decision for ReWalk Robotics Ltd.'s Personal Exoskeletons signifies a critical juncture in the reimbursement landscape for advanced medical devices. The decision to evaluate payment on a case-by-case basis reflects the complexity and novelty of integrating such technologies into the healthcare system. A major factor in the CMS decision-making process is likely the cost-benefit analysis of the exoskeletons, which involves assessing the long-term savings in healthcare costs against the upfront expense of the devices.
From a policy standpoint, this development could create a precedent for how future medical technologies are assessed for reimbursement. The outcome of this decision will be closely watched by industry stakeholders, as it may influence investment and development strategies within the medical device sector. Additionally, the eventual pricing determination could impact the accessibility of these devices to Medicare beneficiaries, potentially affecting patient outcomes and quality of life.
ReWalk Robotics Ltd.'s delivery of 35 Personal Exoskeletons to Medicare beneficiaries underlines the company's commitment to establishing a market presence within the rehabilitation sector. The technology's potential to enhance mobility for individuals with physical limitations presents a substantial opportunity for growth in the medical device industry. The case-by-case payment determination by CMS may initially slow widespread adoption, as uncertainty in reimbursement can be a barrier for healthcare providers and patients.
However, the ongoing data collection and capability establishment efforts by Lifeward may contribute to the evidence base needed to secure a favorable CMS pricing decision. This data is crucial not only for reimbursement purposes but also for refining the technology and improving patient outcomes. The long-term impact of such a decision could be substantial, as positive coverage determinations can lead to increased demand and market expansion.
The deferral of the pricing decision by CMS has important financial implications for ReWalk Robotics Ltd. In the short term, the uncertainty surrounding reimbursement rates may lead to volatility in the company's stock price (Nasdaq: LFWD). Investors typically seek clarity and predictability and this ambiguity might affect investor confidence. The case-by-case payment approach could also impact the company's cash flow, as it may slow down sales cycles and affect the predictability of revenue.
In the long run, a favorable pricing decision could significantly enhance the company's financial position by facilitating broader market penetration and increasing sales volume. The decision to continue case-by-case payment determinations until a final decision is reached later in the year suggests that Lifeward is at a pivotal point that could shape its financial trajectory. The company's strategy to establish necessary capabilities and processes in anticipation of growing demand indicates proactive planning that could mitigate some of the financial risks associated with the current uncertainty.
03/01/2024 - 08:45 AM
The decision was communicated through CMS’ bi-annual Healthcare Common Procedure Coding System (“HCPCS”) coding memorandum released yesterday; payment amount determination for ReWalk Personal Exoskeletons will continue to be on a case-by-case basis until such determination is finalized, likely later this year.
To date, Lifeward has delivered 35 Personal Exoskeletons to Medicare beneficiaries in an initiative to establish necessary capabilities and processes to support growing demand
MARLBOROUGH, Mass. and YOKNEAM ILLIT, Israel, March 01, 2024 (GLOBE NEWSWIRE) -- ReWalk Robotics Ltd. (DBA Lifeward™), (Nasdaq: LFWD) (“Lifeward” or the “Company”), a global market leader delivering life-changing solutions to revolutionize what is possible in rehabilitation, recovery, and the pursuit of life’s passions in the face of physical limitation or disability, today announced that in CMS’ February 29th HCPCS decision memorandum the pricing decision for personal exoskeletons is deferred to obtain more information about current exoskeleton pricing. CMS accepted that “between the original 2020 HCPCS application and the present, the previous model [of the ReWalk Exoskeleton] has been discontinued in favor of the current model that incorporates additional, clinically significant functionality,” and the agency is open to gaining more information about pricing of the current exoskeleton model.
CMS issues these HCPCS decision memorandums twice per year, so it is anticipated that a pricing decision would be made in the next cycle, if not earlier. Until pricing is published as part of this process, the amount paid by the Medicare Administrative Contractors (MACs) for ReWalk system will continue to be made on a case-by-case basis as a lump-sum, as per the 2023 finalization of the Medicare benefit category. As of February 2024, a total of 35 ReWalk Personal Exoskeleton systems have been delivered to Medicare beneficiaries and will continue to be processed accordingly.
“We set a goal many years ago to help individuals with spinal cord injury achieve broader access to technologies which enable them to walk again. We are disappointed with the delay, but will continue to operate under the established processing guidelines and will work diligently with CMS to support pricing considerations for the outstanding claims for stair-enabled ReWalk Exoskeleton,” stated Larry Jasinski, CEO at Lifeward. “We ask that CMS move quickly to establish pricing so that individuals who have pursued this dream for years are able to experience the benefits of walking.”
Lifeward remains committed to submitting additional ReWalk Personal Exoskeleton claims on behalf of Medicare beneficiaries in 2024 and will continue to work with CMS and other stakeholders.
To learn more about the Lifeward mission and product portfolio, please visit GoLifeward.com .
About Lifeward
Founded in 2001, Lifeward has operations in the United States, Israel, and Germany. For more information on the Lifeward portfolio, please visit GoLifeward.com .
ReWalk® , ReStore® and Alter G® are registered trademarks of ReWalk Robotics Ltd. (DBA Lifeward) and/or its affiliates.
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What was announced by ReWalk Robotics Ltd. regarding pricing decision for personal exoskeletons?
ReWalk Robotics Ltd. (Nasdaq: LFWD) announced a deferral in pricing decision for personal exoskeletons by CMS, with payment determination on a case-by-case basis until finalized.
How many exoskeletons has Lifeward delivered to Medicare beneficiaries?
Lifeward has delivered 35 exoskeletons to Medicare beneficiaries.
What is the ticker symbol for ReWalk Robotics Ltd.?
The ticker symbol for ReWalk Robotics Ltd. is LFWD.
Where is Lifeward based?
Lifeward is based in Marlborough, Mass. and Yokneam Illit, Israel.
What does Lifeward specialize in?
Lifeward is a global market leader in delivering life-changing solutions for rehabilitation, recovery, and overcoming physical limitations or disabilities.
