Nationwide partner launches initial Venowave sales program to gauge Medicare/Medicaid reimbursement timelines and billing procedures
Post initial program success, distributor commits to acquire remaining inventory that totals up to USD $2.38M in reimbursement value
Toronto, Ontario--(Newsfile Corp. - August 23, 2024) - Therma Bright Inc. (TSXV: THRM) (OTCQB: TBRIF) (FSE: JNX) ("Therma" or the "Company"), a developer and investment partner in a wide range of leading-edge, proprietary diagnostic and medical device technologies, is proud to announce the addition of a new Nationwide U.S. Durable Medical Equipment (DME) distribution partner that has launched an initial Venowave sales program to gauge Medicare/Medicaid reimbursement timelines and billing procedures. Post initial program success, distributor commits to acquire remaining inventory that totals up to USD $2.38M in reimbursement value. The new partner's name will be disclosed in future upcoming releases, following initial program success.
With strong distribution network interest, Therma Bright expects its current inventory of 2,000 units-representing up to USD $2.38 million in reimbursement value-to be quickly sold with strong demand for additional orders. The device, effective for ten (10) circulatory indications, offers up to USD $1,199 reimbursement, which will significantly contribute to the Company's revenue and pave the way for sustained growth and enhanced marketplace valuation.
The new DME partner's program offers favorable payment terms to Therma Bright which reflects the partner's confidence in Venowave, its market readiness, the robust HCPCS reimbursement set-up and the expected reimbursement timing. According to RXVantage "'Days to Pay' from service average 54 days during the miscellaneous HCPCS code period. But, they quickly 'normalize' to under 30 days after the HCPCS code is issued."
"We are thrilled to welcome our Nationwide distribution partner to our team, and look forward to working with them closely on this program to demonstrate to their medical network the speed of reimbursement, as well as our efficient order and delivery process," shared Rob Fia, CEO of Therma Bright. "We expect the program to be successful, leading to a significant increase in Venowave orders on a monthly basis and accelerating our revenue growth."
The Venowave VW5 is a series of compact, battery-operated peristaltic pumps that generate a wave-form motion. When worn below the knee, strapped firmly to the calf, the device results in compression of the calf and consequently an increased upward volumetric displacement of venous and lymph fluid. The 2-pair unit induces improved vascular and lymphatic flow in the lower limbs. Operating with a single rechargeable 1.5 V NiMh AA battery, this FDA-designated Durable Medical Equipment device enables users to receive treatment anywhere while remaining active. The Venowave VW5 assures it can withstand repeated use by successive patients.
HCPCS Level II code E068 qualifies for reimbursement for ten (10) indications, including:
- Prevention of deep vein thrombosis (DVT)
- Management of the symptoms of post-thrombotic syndrome (PTS)
- Prevention of primary thrombosis
- Treatment of lymphedema
- Diminishing post-operative pain and swelling
- Treatment of leg swelling due to vascular insufficiency
- Treatment of varicose veins
- Treatment of chronic venous insufficiency
- Enhancing blood circulation
- Treatment of intermittent claudication
About Therma Bright Inc.
Therma Bright is a developer and partner in a wide range of leading edge, proprietary diagnostic and medical device technologies focused on providing consumers and medical professionals with quality, innovative solutions that address some of today's most important medical and healthcare challenges. Therma Bright Inc. trades on the (TSXV: THRM) (OTCQB: TBRIF) (FSE: JNX). Visit: www.thermabright.com.
FORWARD-LOOKING STATEMENTS
Certain statements in this news release constitute "forward-looking" statements. These statements relate to future events such as future sales of Venowave and related technology as described in the news release. All such statements involve substantial known and unknown risks, uncertainties and other factors which may cause the actual results to vary from those expressed or implied by such forward-looking statements. Forward-looking statements involve significant risks and uncertainties, they should not be read as guarantees of future performance or results, and they will not necessarily be accurate indications of whether such results will be achieved. Actual results could differ materially from those anticipated due to several factors and risks. Although the forward-looking statements contained in this news release are based upon what management of the Company believes are reasonable assumptions on the date of this news release, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements whether because of new information, future events or otherwise, except as required under applicable securities regulations.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
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