RNS from Michael Schmainda13 Oct 2023 09:00
Earlier this year, we made the strategic decision to apply for a Current Procedure Terminology (CPT) code specific to the DSC perfusion technology available in IB Neuro. CPT codes are assigned and maintained by the American Medical Association (AMA). They are used to track and bill medical services for payer reimbursement. Like regulatory clearance, CPT codes are a critical aspect in achieving widespread commercial adoption in healthcare. Currently, a few of our clients are using a general, non-specific CPT code to get reimbursed for the MRI procedures that rely on IB Neuro, but only a limited few. This lack of a reimbursement pathway makes it more difficult for hospital administrators to justify investing in IB products. Fortunately, enough scientific and clinical validation have been performed by our co-founder, Kathleen Schmainda, PhD and her colleagues over the years, and a growing number of sites are routinely using IB Neuro as the standard of care, to warrant a dedicated CPT code. The application is due in early November and a final decision will be made in May 2024. A CPT code will help make for easier buying decisions for healthcare administrators.
IB Clinic Deployment
Steady progress is being made in the deployment of IB Clinic; both in terms of direct sales and through our established partnerships. We are encouraging our long-standing clients to migrate from our legacy, manual, and Mac-based platform, and upgrade to our platform-independent and automated IB Clinic application. This upgrade is being well received as it addresses the many challenges facing busy radiology departments around the world. For example, it consolidates needed information on a single dedicated workstation and creates a one-stop-shop for busy radiologists, it reduces the number of workstations requiring support from IT personnel, and it offloads MR Technologists who no longer have to manually process the information.
These gains in clinical efficiency dovetail perfectly with our strategy of making IB products accessible on larger, more comprehensive platforms, such as those offered by GE Healthare, Bayer, TeraRecon, and our other partners. Currently, we are working very closely with each of them in preparation for a busy tradeshow season. And, as you can imagine, all our partners share in our excitement of potentially receiving a CPT code for IB Neuro.
IB Nimble
Our development team has made tremendous enhancements to our handheld / mobile application, IB Nimble. Specifically, the code base is being re-engineered to enable widespread distribution and efficient support. More work remains, but interest is steadily growing from other brain (mets) cancer centers. As promised, we also deployed IB Nimble for use in a new disease group, metastatic bone cancer, at the Medical College of Wisconsin (MCW). We anticipate at least one more installation in Q4 2023.
Also, we just accepted an invitation to participate in a new initiative launched by the American
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