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SOURCE MiMedx Group, Inc.
MARIETTA, Ga., Feb. 12, 2014 /PRNewswire/ -- MiMedx Group, Inc. (NASDAQ: MDXG), an integrated developer, manufacturer and marketer of patent protected regenerative biomaterials and bioimplants processed from human amniotic membrane, announced today that Health Care Services Corporation (HCSC) has confirmed that the Company's EpiFix® allograft has been awarded reimbursement coverage. HCSC is the largest customer-owned health insurance company in the United States with nearly 14 million members.
HCSC has approved the reimbursement of EpiFix for the indications as prescribed by the physician, including wound care, soft tissue replacement or repairs in burns, cardiovascular applications, treatment of ocular surfaces, and the application as a surgical barrier in knee or spine surgeries.
HCSC serves its members through its operating divisions and subsidiaries: Blue Cross and Blue Shield of Illinois, Oklahoma, New Mexico, Texas and Montana, and Dearborn National. With the addition of HCSC, EpiFix is now approved for all of the Blue Cross and Blue Shield members in 20 states.
"Commercial health plans such as HCSC perform a high degree of analysis on the clinical efficacy and cost effectiveness of tissues and products approved for reimbursement. This review focuses on the results of evidenced based clinical studies," commented Bill Taylor, President and COO. "Through our clinical study data presented to the health plans, including clinical data and results from Randomized Control Trials (RCTs) and cross-over clinical studies, we are able to present the evidence necessary to demonstrate that our allografts will benefit their members and should be an essential part of their covered services."
"Often, the commercial carriers parallel the reimbursement approvals from the Centers for Medicare and Medicaid Services. We have successfully secured approval from seven of the eight Medicare Administrative Contractors (MACs). At this point, EpiFix is approved for reimbursement coverage in 49 of the 50 states. With the extremely fast pace at which the MACs have approved EpiFix, we expect to see a very rapid rate of reimbursement approvals emanating from the commercial health plans," said Parker H. "Pete" Petit, Chairman and CEO.
The Company also reported that its EpiFix allograft currently has reimbursement approval from 12 state Medicaid Programs.
MiMedx® is an integrated developer, manufacturer and marketer of patent protected regenerative biomaterial products and bioimplants processed from human amniotic membrane. "Innovations in Regenerative Biomaterials" is the framework behind our mission to give physicians products and tissues to help the body heal itself. Our biomaterial platform technologies include AmnioFix® and EpiFix®, our tissue technologies processed from human amniotic membrane that is derived from donated placentas. Through our donor program, mothers delivering full-term Caesarean section births can elect in advance of delivery to donate the placenta in lieu of having it discarded as medical waste. We process the human amniotic membrane utilizing our proprietary PURION® process, to produce a safe and effective implant. MiMedx® is the leading supplier of amniotic tissue, having supplied over 200,000 allografts to date for application in the Wound Care, Surgical, Sports Medicine, Ophthalmic and Dental sectors of healthcare.
Safe Harbor Statement
This press release includes statements that look forward in time or that express management's beliefs, expectations or hopes. Such statements are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, the clinical and cost effectiveness of EpiFix, the prospect of additional reimbursement approvals from other commercial health care plans and state Medicaid programs, and the opportunities presented by the HCSC coverage authorization. These statements are based on current information and belief, and are not guarantees of future performance. Among the risks and uncertainties that could cause actual results to differ materially from those indicated by such forward-looking statements include that other commercial plans and state Medicaid programs will not approve EpiFix for reimbursement coverage, that we will be unable to capitalize on the opportunity for expanded sales of our EpiFix allografts, that EpiFix will not perform as expected or will not gain acceptance in the medical community, and the risk factors detailed from time to time in the Company's periodic Securities and Exchange Commission filings, including, without limitation, its 10-K filing for the fiscal year ended December 31, 2012, and the Company's Forms 10-Q filed in 2013. By making these forward-looking statements, the Company does not undertake to update them in any manner except as may be required by the Company's disclosure obligations in filings it makes with the Securities and Exchange Commission under the federal securities laws.
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