Therma Bright Provides Update on Venowave's Permanent CPT/HCPCS Codes and United States Distribution Partners
Toronto, Ontario--(Newsfile Corp. - August 4, 2023) - Therma Bright Inc. (TSXV: THRM) (OTCQB: TBRIF) ("Therma" or the "Company"), developer and partner in a wide-range of leading-edge, proprietary diagnostic and medical device technologies, announced today that it expects a final decision regarding the issuance of the unique permanent Current Procedural Terminology (CPT®) / Healthcare Common Procedure Coding System (HCPCS) codes to be released by the Centers for Medicare and Medicaid Services (CMS) within the coming weeks.
Furthermore, the Company would also like to announce that it is growing its U.S. distribution partner network and encouraging continued use of the (9) temporary CPT and HCPCS codes. Specifically, the Company's distributor in Texas has already tapped into its doctor network and is processing the temporary code applicants for reimbursement. The Texas distributor believes that these temporary codes, with established reimbursement amounts, will help them accelerate adoption and purchases of the Venowave solution through its large doctor network.
In addition to having the South-Central region covered with the Texas distributor, Therma Bright is in the final stages of securing a Northeast distributor out of Connecticut and is in early discussions with a Medicare Advantage group in Florida; the Southeast region partner. Both organizations have vast doctor networks to sell the Venowave, which will greatly expand sales and distribution of the innovative circulatory device.
"We're pleased with our current distribution partners' efforts in selling the Venowave through our nine (9) temporary CPT® and HCPCS codes," shared Rob Fia, CEO of Therma Bright. "In fact, one of our potential new distribution partners is a Medicare Advantage healthcare provider, who offer bundled plans to patients who can only use doctors within this network. Medicare Advantage groups can purchase directly from the Company, which effectively is dealing directly with the payor. We believe this will help secure more Venowave sales with greater distribution for the Company."
Medicare Advantage is a Medicare-approved plan from a private company that offers an alternative to Original Medicare for senior citizens health and drug coverage. These "bundled" plans include Part A, Part B, and usually Part D. In most cases, seniors can only use doctors who are in the Medicare Advantage Plan network. In fact, Medicare Advantage plans cover everything Original Medicare covers plus more, so if a senior citizen wants dental, vision and/or fitness benefits, a Medicare Advantage plan often is the right choice.
The Company looks forward to providing more information as it becomes available on the unique permanent CPT® and HCPCS codes and on expanding its distribution partners across the U.S. for its Venowave device.
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.
Therma Bright Inc.
Rob Fia, CEO
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Certain statements in this news release constitute "forward-looking" statements. These statements relate to future events such as the commercialization and 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.
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