Milestone Scientific Inc. (NYSE: MLSS), a leading developer of computerized drug delivery instruments that provide painless and precise injections, today announced at the Sixth Annual American Society of Pain & Neuroscience Conference in Miami Beach that First Coast Service Options Inc. (FCSO), a Jurisdictional Medicare Administrative Contractor (“JMAC”), has granted favorable Medicare Part B physician price assignment across Florida for use of the Company’s CompuFlo® Epidural System under the American Medical Association’s (AMA) technology-specific Category III CPT® code CPT0777T (real-time pressure-sensing epidural guidance system when used in conjunction with a primary ESI procedure). Additionally, the Company reports that it is making progress on its reimbursement strategy in additional JMAC regions.
This favorable Medicare reimbursement is a significant milestone in the Company’s strategy to advance broad coverage and appropriate payment for the CompuFlo technology when determined to be medically necessary and clinically appropriate for the Medicare beneficiary. This decision by FCSO marks an important step forward in making the CompuFlo® Epidural System more accessible to patients who can benefit from this advanced technology.
An estimated 1.6 million epidural (ESI) steroid injection procedures are performed in Florida, which represents 18% of the total ESI procedures for the treatment of chronic back pain in the USA. Additionally, Medicare represents 40% of the clinical practice volume, representing an initial addressable market of $125 million among Florida Medicare patients alone.
MLSS shares gained four cents, or 5.2% to 73 cents.