Expanded Health Policies Enhance TMS Therapy Access for Adolescents and Adults

Rhea-AI Summary

Neuronetics, Inc. (NASDAQ: STIM) announced expanded coverage for its NeuroStar TMS Therapy, a treatment for major depressive disorder (MDD). BlueCross BlueShield of North Carolina now covers adolescents 15 years and older, affecting over 2.2 million lives. Louisiana Medicaid has introduced its first TMS coverage policy for adults 18 and older, impacting more than 1.6 million lives.

These policy updates follow recent expansions by other major insurers like Aetna and California Medicaid. NeuroStar is the first and only FDA-cleared TMS treatment for adolescents. Neuronetics' dedicated health policy team works with providers and payors to advocate for increased access to TMS therapy, addressing the growing demand for mental health treatments amidst provider shortages.

Positive

• Expanded insurance coverage for NeuroStar TMS Therapy, potentially increasing patient access and revenue
• BlueCross BlueShield of North Carolina now covers adolescents 15 years and older, affecting 2.2 million lives
• Louisiana Medicaid introduced first TMS coverage policy for adults 18 and older, impacting 1.6 million lives
• NeuroStar is the only FDA-cleared TMS treatment for adolescents, giving Neuronetics a competitive advantage
• Dedicated health policy team advocating for increased coverage, potentially leading to further market expansion

Negative

• None.

BlueCross BlueShield of North Carolina and Louisiana Medicaid Increase Coverage for Patients with Depression

MALVERN, Pa., Sept. 19, 2024 (GLOBE NEWSWIRE) -- Neuronetics, Inc. (NASDAQ: STIM), a medical technology company focused on designing, developing, and marketing products that improve the quality of life for patients who suffer from neurohealth disorders, announced that additional payors have updated their TMS (transcranial magnetic stimulation) coverage to reduce access barriers for patients with major depressive disorder (MDD). This expanded access allows people to receive treatment such as the Company’s NeuroStar TMS Therapy earlier in their treatment regimen.

Effective immediately, BlueCross BlueShield (BCBS) of North Carolina has expanded its TMS policy to cover adolescents 15 years and older, based on recent clearance from the United States Food and Drug Administration (FDA) for NeuroStar as the first and only TMS treatment authorized for this population. BCBC of North Carolina policies affect more than 2.2 million covered lives. Additionally, Louisiana Medicaid has started covering TMS for adults 18 and older, effective immediately. This is the first TMS coverage policy from Louisiana Medicaid, which has a footprint of more than 1.6 million covered lives.

“We are thrilled to see expanded health policies that increase access to NeuroStar TMS Therapy for depression, a crucial advancement as payors step up to meet the rising demand for effective mental health treatments,” stated Keith J. Sullivan, President and CEO of Neuronetics, Inc. “This trend reflects a growing recognition of the urgent need to support patients in the face of a shortage of mental health providers, and we are excited about the positive impact it will have on improving lives.”

These policy updates build on recent momentum from commercial and government payers to expand coverage for TMS Therapy. Neuronetics previously announced updated policies through payers such as Aetna and California Medicaid. In addition to being the first and only TMS company with FDA clearance for adolescent treatment, Neuronetics is the only TMS company in the industry with a dedicated health policy team that partners with both providers and payors to advocate for health policy updates.

For more information about NeuroStar TMS Therapy, please visit www.neurostar.com.

About Neuronetics
Neuronetics, Inc. believes that mental health is as important as physical health. As a global leader in neuroscience, Neuronetics is redefining patient and physician expectations with its NeuroStar Advanced Therapy for Mental Health. NeuroStar is a non-drug, noninvasive treatment that can improve the quality of life for people suffering from neurohealth conditions when traditional medication hasn’t helped. NeuroStar is indicated for the treatment of depressive episodes and for decreasing anxiety symptoms for those who may exhibit comorbid anxiety symptoms in adult patients suffering from MDD and who failed to achieve satisfactory improvement from previous antidepressant medication treatment in the current episode. It is also FDA-cleared as an adjunct for adults with obsessive-compulsive disorder and for adolescent patients aged 15-21 with MDD. NeuroStar Advanced Therapy is the leading TMS treatment for MDD in adults with over 6.6 million treatments delivered. Neuronetics is committed to transforming lives by offering an exceptional treatment that produces extraordinary results. For safety and prescribing information, visit www.neurostar.com.

Media Contact:
EvolveMKD
646.517.4220
NeuroStar@evolvemkd.com

ⁱWorld Health Organization, Depression Fact Sheet. https://www.who.int/news-room/fact-sheets/detail/depression.

FAQ

What new insurance coverage has been announced for Neuronetics' NeuroStar TMS Therapy (STIM)?

BlueCross BlueShield of North Carolina now covers NeuroStar TMS Therapy for adolescents 15 years and older, and Louisiana Medicaid has introduced coverage for adults 18 and older.

How many lives are affected by the new BlueCross BlueShield of North Carolina TMS coverage policy for STIM?

The BlueCross BlueShield of North Carolina policy affects more than 2.2 million covered lives.

What is unique about Neuronetics' NeuroStar TMS Therapy (STIM) for adolescents?

NeuroStar is the first and only TMS treatment authorized by the FDA for adolescents with major depressive disorder (MDD).

How many lives are impacted by Louisiana Medicaid's new TMS coverage policy relevant to STIM?

Louisiana Medicaid's new TMS coverage policy has a footprint of more than 1.6 million covered lives.