|OCLS product gets Medicare reimbursement code|
|By Staff and Wire Reports|
|Thursday, 10 September 2009 08:30|
Shares of Oculus Innovative Sciences, Inc. (Nasdaq: OCLS) are rising after the company announced today that use of it's Microcyn® Skin & Wound HydroGel by medical professionals is now reimbursable via Medicare.
Noridian Administrative Services LLC, which is the pricing, data analysis and coding contractor for the Medicare program with respect to durable medical equipment, prosthetics, orthotics, and medical supplies, has assigned a Medicare HCPCS code for Oculus' recently introduced Microcyn Skin & Wound HydroGel.
The code provides for 80% reimbursement of $17.05 per ounce. Reimbursement is provided for up to three ounces per month per patient wound.
"Oculus is pleased with this Medicare reimbursement coding, which affirms that national payers understand the essential role that the new Microcyn HydroGel can play in the treatment of various wound types," said Jim Schutz, Oculus chief operating officer. "This reimbursement will provide an incentive for hospitals and clinics to more quickly integrate the Microcyn HydroGel into their treatment protocols."
As BioMedsReports reported two weeks ago, "this is not your typical biotech story. This is not a company waiting for a phase three study or an FDA decision in order to become profitable. This is now a commercial story with a company that is being very aggressive in their pursuit of additional revenues and a solid balance sheet."