CVRx Inc (NASDAQ:CVRX) announced that the Centers for Medicare and Medicaid Services (CMS) has reassigned the Barostim implant procedure for procedures performed in the outpatient setting as part of the 2024 Medicare Hospital Outpatient Prospective Payment System (OPPS) final rule.
Barostim is an implantable device that delivers electrical pulses to baroreceptors located in the wall of the carotid artery. The therapy is designed to restore balance to the autonomic nervous system and thereby reduce the symptoms of heart failure.
In the 2024 OPPS final rule, Barostim was reassigned to New Technology APC 1580, which carries an average payment of $45,000. The new payment takes effect January 1, 2024.
In 2023, Barostim was assigned to APC 5465, which carries an average payment amount of $29,000, with a Transitional Pass-Through Payment set to expire on December 31, 2023.
“We sincerely appreciate the consideration taken by CMS of the resource requirements associated with the Barostim implant procedure. We believe that reassignment to APC 1580 will facilitate increased access to the therapy for Medicare patients with heart failure by offering facilities sufficient reimbursement for the procedure,” said Nadim Yared, President and CEO of CVRx.
Price Action: CVRX shares are up 25.50% at $17.09 on the last check Friday.
