Uroplasty’s Urgent PC Neuromodulation System, which treats overactive bladder by stimulating the posterior tibial nerve, will be covered by national insurance company UnitedHealthcare and regional insurer Excellus BlueCross BlueShield. UnitedHealthcare is the largest insurer in the U.S., covering about 33 million patients through various affiliates. Excellus BCBS insures about 1.6 million people in upstate New York.
Uroplasty (NASDAQ:UPI) further announced that CIGNA Government Services, a Kentucky-based Medicare carrier, will cover PTNS treatments starting on May 1. CIGNA Government Services covers about 750,000 individuals.
Shares rose 15 percent in just one day after the reimbursement decision was announced.
Uroplasty’s 510(k) was approved back in 2007, but the Minnetonka, Minnesota-based medical device company has had an up-and-down reimbursement battle. It won five new regional Medicare carriers in its third quarter, but lost coverage from National Government Services, a regional Medicare carrier serving Connecticut, Indiana, Kentucky and New York, effective January 3, 2011.
Uroplasty’s marketing vice president, Nancy Kolb, did not immediately respond to a phone call.
- CEO: Uroplasty’s Q3 performance ‘began to reflect potential’ (medcitynews.com)