VANCOUVER, BRITISH COLUMBIA--(Marketwire - November 23, 2009) - Urodynamix Technologies Ltd. (TSX VENTURE: URO) today announced that the American Medical Association (AMA) has published its 2010 Current Procedural Terminology (CPT)(1) codes with additions, changes and deletions of billing codes for all medical specialities including urology.
As of January 2010, CPT Code 51795, "Voiding pressure studies (VP); bladder voiding pressure, any technique," will be discontinued and be replaced by a new CPT Code 51728, "Complex cystometrogram (ie, calibrated electronic equipment); with voiding pressure studies (ie, bladder voiding pressure), any technique" and several other related codes. Urodynamix does not believe physicians can use the new code to bill for the uroNIRS™ procedure once it is effective January 1, 2010, as the uroNIRS™ procedure does not include the performance of a complex cystometrogram. Thus, physicians and other providers will need to use a miscellaneous code to submit claims for uroNIRS™ or work with payors on other coding alternatives. CPT codes are used to bill for physician procedures under the Medicare Physician Fee Schedule in the United States. They also are used by providers to submit claims to private payors.
"The discontinuation of the 51795 Code likely will have a negative impact on US sales but will not affect sales of uroNIRS™ in international markets. We are confident that uroNIRS's accuracy, value, cost effectiveness and ease of use will be apparent and valuable to patients, payors and providers alike, and that the Company can continue to build on its installed base," said Barry Allen, President and Chief Executive Officer of Urodynamix Technologies Ltd. "We have worked closely with the American Urological Association (AUA) to introduce the NIRS technology and educate them on the value of the NIRS procedure and are confident that this will ultimately result in unique codes for uroNIRS™." The Company currently is working with the AUA on potential coding options for uroNIRS™ and anticipates that the issue will be discussed at the upcoming February 11-13, 2010 meeting of the AMA's CPT Editorial Panel.
The Company will continue to market the device in the US during 2010 and will work with providers and payors to support sales efforts and claims submission.
For further information about AMA CPT Codes please visit: http://www.ama-assn.org and the American Urology Association at http://www.auanet.org
(1) CPT® is a registered trademark of the AMA.
About Urodynamix Technologies Ltd.
Urodynamix Technologies is a Canadian medical device company developing and commercializing non-invasive medical technology based on proprietary applications of near-infrared spectroscopy (NIRS). The Company is currently focused on products that aid in the diagnosis and treatment of urinary incontinence, lower urinary tract symptoms, erectile dysfunction, prostate cancer, benign prostatic hyperplasia, and traumatic increases in intra-abdominal pressure that cause abdominal compartment syndrome. Urodynamix's breakthrough medical technology has the potential to beneficially affect more than 200 million people worldwide. www.urodynamix.com
Certain information contained in this press release may be forward-looking and is subject to unknown risks, which could cause actual results to differ materially from those set forth or implied herein. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove correct.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.