Myomo Receives Medicare Part B Reimbursement for First MyoPro® Claims

Appropriate payment amounts received on two MyoPro claims; additional claims are under review while CMS rulemaking progresses

BOSTON (August 24, 2023) – Myomo, Inc. (NYSE American: MYO), a wearable medical robotics company that offers increased functionality for those suffering from neurological disorders and upper-limb paralysis, today announced that it has received payments for two claims submitted for MyoPro® arm braces provided to Medicare fee-for-service beneficiaries.

Myomo recently delivered the custom-fabricated MyoPro braces to these two patients. After review of the medical documentation, one of Medicare’s billing contractors, referred to as a DME MAC, has covered and paid for these two claims. Because MyoPro currently is in the durable medical equipment (DME) rental benefit category, these payments were paid under the capped rental program, which reimburses for devices over 13 months.

In June of this year, the Centers for Medicare & Medicaid Services (CMS) issued a proposed rule that codifies the definition of a brace and includes orthoses/braces such as the MyoPro. Public comments are due by August 29, 2023. If the proposed rule is finalized as proposed, MyoPro braces provided to Medicare Part B beneficiaries will be paid on a lump sum basis, as other braces are currently reimbursed. The timing to finalize this new rule and the publication of an allowable fee are dependent on CMS’s internal process and any future public meetings on this subject.

Myomo has additional MyoPro claims currently under review by the DME MACs. The company will continue to work with CMS and the DME MACs to allow Medicare Part B beneficiary access to the MyoPro and will keep patients and other interested stakeholders informed on progress in the coming months.