Neuronetics Announces Continued Momentum from Health Plans for TMS Therapy Coverage
MALVERN, Pa., Nov. 09, 2023 (GLOBE NEWSWIRE) -- Neuronetics, Inc. (NASDAQ: STIM), a commercial stage medical technology company focused on designing, developing, and marketing products that improve the quality of life for patients who suffer from neurohealth disorders, today announced healthcare policy updates from Magellan, BlueCross BlueShield (BCBS) of Kansas City, and Dean Health Plan that increase access for patients to the Company’s NeuroStar® Advanced Therapy.
Criteria changes from all three providers reduce the number of prior antidepressant medication failures from four down to two before a patient is eligible to receive coverage for transcranial magnetic stimulation (TMS) therapy for major depressive disorder (MDD). Dean Health Plan has also removed the requirement for a prior trial of psychotherapy. The policy updates from BCBS Kansas City and Dean Health Plan are effective immediately, with the Magellan update going into effect on November 18, 2023.
“It’s heartening to see this inflection point for increased access to mental health coverage,” stated Keith J. Sullivan, President, and CEO of Neuronetics Inc. “Reducing barriers and allowing people to receive proven treatments like NeuroStar TMS earlier in their care plan is a significant way payors can help alleviate the mentalhealth crisis.”
Magellan is one of the largest behavioral health plans in the country, with numerous commercial payors contracting their services. Their health plans impact 2.4 million covered lives in AL, AZ, CA, CO, DC, FL, HI, IL, MD, MI, NC, NJ, NM, OH, OR, PA, SC, TN, TX, and WY. BCBS Kansas City policies cover over 600,000 lives in MO and KS. Dean Health Plan represents nearly 609,000 covered lives in IL, MO, and WI.
Neuronetics previously announced updated policies through payers such as Aetna, BlueCross BlueShield of Michigan, and United HealthCare. Neuronetics is the only TMS company in the industry with a dedicated health policy team that partners with both providers and payors to advocate for health policy changes.
Major depressive disorder (MDD) is a serious issue that affects 21 million adults in the United States, with 6.4 million people being underserved by antidepressant medication. NeuroStar TMS is a non-drug treatment that can help alleviate the burden of drug-resistant depression. For more information about NeuroStar TMS Therapy, please visit NeuroStar.com.