Myomo Announces that CMS has Classified the MyoPro Orthosis Under the Brace Benefit Category

Standard Medicare Part B patients now have access to the MyoPro, which will be reimbursed on a lump sum basis

BOSTON (November 2, 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 the Centers for Medicare & Medicaid Services (CMS) published a final rule classifying the MyoPro under the brace benefit category. Braces are paid on a lump sum basis under the Social Security Act.

The finalization of MyoPro’s classification as a brace paid on a lump sum basis, rather than on a capped rental basis, brings Medicare payment methodology in line with how all other insurance plans currently pay for the MyoPro. This rule is expected to be published in the Federal Register on November 13, 2023 and is effective on January 1, 2024. The MyoPro has already been covered and paid on a rental basis for five Medicare beneficiaries covering all of Medicare’s billing regions after review of their medical documentation.

A national fee for the MyoPro has not yet been established, so claims will continue to be paid by the DME MACs at regional rates until a national fee is determined. In the final rule, CMS states that it intends to issue a payment determination in conjunction with its second bi-annual non-drug public meeting to be held later this year, or at the subsequent bi-annual public meeting in 2024.