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(Sharecast News) - Medical device developer Polarean Imaging announced on Tuesday that its Xenoview technology has been granted a new reimbursement code by the US Centers for Medicare and Medicaid Services (CMS).
The AIM-traded firm said that from 1 October, the new code would provide healthcare providers with a specific billing pathway for the use of Polarean's lung imaging technology.
It said the reimbursement code fell under the category of 'magnetic resonance imaging with inhaled hyperpolarised xenon-129 contrast agent, chest, including preparation and administration of agent'.
The new development was announced as part of the Healthcare Common Procedure Coding System (HCPCS) code set for October.
Polarean said the move by CMS signified a considerable step forward in the broader acceptance and integration of its Xenoview in the healthcare system.
"We have been working diligently with CMS, our clinicians and hospital-based billing stakeholders over the past several months and view this as an important step towards enhancing accessibility to this innovative technology," said chief executive officer Christopher von Jako.
"We look forward to learning the payment details tied to the new code, in the coming weeks, as we continue to increase access to Xenoview MRI for patients suffering from ventilation-associated lung diseases."
At 1402 BST, shares in Polarean Imaging were up 9.34% at 16.67p.
Reporting by Josh White for Sharecast.com.
