BrainsWay Ltd. (NASDAQ & TASE: BWAY), a global leader in advanced noninvasive neurostimulation treatments for mental health disorders, recently announced that a major private insurance company in Washington state will extend positive coverage applicable to Deep Transcranial Magnetic Stimulation (Deep TMS™) for the treatment of the obsessive-compulsive disorder (OCD) as of February 3, 2023. This policy extension provides coverage of Deep TMS for OCD to approximately 2.2 million members.
Premera Blue Cross now joins other payors covering BrainsWay‘s Deep TMS for OCD, including Centene, Cigna, Highmark, Health Care Services Corporation (HCSC), Tricare, and Palmetto GBA Medicare, resulting in approximately 90 million covered lives for this indication. Premera’s policy has also reduced its major depressive disorder (MDD) TMS coverage criteria, now requiring only three failed medication trials instead of four. Premera provides commercial health coverage to more than 2.6 million people in the Pacific Northwest, from individuals and families in Alaska and Washington to employees of Fortune 100 companies across the country.
“Over the past two years, BrainsWay has seen significant coverage expansion of Deep TMS, including reduced patient selection criteria and earlier access to treatment for both MDD and OCD patients,” said Scott Blackman, Director of Market Access of BrainsWay. “This has been especially evident in the Medicare population where all Medicare administrative contractors now cover depression with only one or two failed medication trials.”
BrainsWay continues to focus on informing and providing payers with its growing body of published clinical and real-world evidence to facilitate up-to-date evidence-based coverage determinations. In 2021, only 52.6 million U.S. lives were covered for OCD treatment with TMS. Last year, insurers such as Cigna, Highmark BCBS, and Palmetto GBA Medicare extended coverage, increasing the total covered lives to 90.5 million.
BrainsWay’s patented H-Coil technology was first FDA-cleared for treating MDD in 2013 and OCD in 2018 and is designed to penetrate deeper and broader structures of the brain than traditional TMS coils.
BrainsWay is a global leader in advanced noninvasive neurostimulation treatments for mental health disorders. BrainsWay is boldly advancing neuroscience with its proprietary Deep Transcranial Magnetic Stimulation (Deep TMS™) platform technology to improve health and transform lives. BrainsWay is the first and only TMS company to obtain three FDA-cleared indications backed by pivotal clinical studies demonstrating clinically proven efficacy. Current indications include major depressive disorder (including reduction of anxiety symptoms, commonly referred to as anxious depression), obsessive-compulsive disorder, and smoking addiction. BrainsWay is dedicated to leading through superior science and building on its unparalleled body of clinical evidence. Additional clinical trials of Deep TMS in various psychiatric, neurological, and addiction disorders are underway. Founded in 2003, with offices in Burlington, MA and Jerusalem, Israel, BrainsWay is committed to increasing global awareness of and broad access to Deep TMS. For the latest news and information about BrainsWay, please visit www.brainsway.com.
Scott Areglado, SVP and Chief Financial Officer, BrainsWay
Scott.Areglado AT BrainsWay.com
Bob Yedid, LifeSci Advisors Te: +1-646-597-6989 Bob AT LifeSciAdvisors.com
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