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Neuronetics: BlueCross BlueShield MI and Cambia Health Solutions Expand TMS Access for Depressed Adolescents

July 10, 2024 | Last Trade: US$1.87 0.00 0.00

MALVERN, Pa., July 10, 2024 (GLOBE NEWSWIRE) -- Neuronetics, Inc. (NASDAQ: STIM), a medical technology company focused on designing, developing, and marketing products that improve the quality of life for patients who suffer from neurohealth disorders, announced that updated policies from BlueCross BlueShield (BCBS) of Michigan and Cambia Health Solutions will broaden access to TMS (transcranial magnetic stimulation) by expanding the eligible age range to 15 years and older. These health policy updates come in response to the Company’s recent clearance from the U.S. Food and Drug Administration (FDA) for NeuroStar TMS as a first-line add-on treatment for adolescents aged 15-21 with MDD (major depressive disorder).

BCBS Michigan covers 4.9 million lives in the state of Michigan, and the policy includes TMS access for members 15-70 years of age. Cambia Health Solutions is the parent company of Regence BCBS, Asuris Health, and BridgeSpan Health, which covers 2.5 million lives throughout the states of Washington, Utah, Oregon, and Idaho. The policy allows TMS eligibility for ages consistent with device-specific FDA indication. The effective date for both policies is September 1, 2024.

“Following quickly after NeuroStar’s FDA clearance for adolescents, these policy updates from major commercial insurance payors represent a crucial step forward in mental healthcare,” stated Keith J. Sullivan, President and CEO of Neuronetics, Inc. “Expanding access to NeuroStar TMS for those aged 15 and older marks significant progress towards ensuring young people receive the care they deserve.”

BCBS of Michigan and Cambia’s Regence BCBS join Premera BCBS with official TMS coverage in the BlueCross BlueShield network for this age group. Premera’s policy covers 2.3 million lives across the states of Washington and Alaska. Neuronetics also recently announced a policy change from Humana to address TMS therapy coverage for adolescents.

Neuronetics is the first and only TMS company with this clearance for the treatment of adolescents and 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 updates.

For more information about NeuroStar TMS Therapy, please visit www.neurostar.com.

About Adolescent Depression

Adolescent depression is a complex and challenging mental health condition that affects young individuals during the crucial period of adolescence. An estimated 4.3 million U.S. adolescents aged 15-21 are affected by MDDi. Depression amongst adolescents can disrupt crucial aspects of development, such as academic performance, relationships with peers and family members, and overall emotional well-being.

NeuroStar Advanced Therapy is indicated as an adjunct for the treatment of MDD in adolescent patients aged 15-21.

About Neuronetics

Neuronetics, Inc. believes that mental health is as important as physical health. As a global leader in neuroscience, Neuronetics is redefining patient and physician expectations with its NeuroStar Advanced Therapy for Mental Health. NeuroStar is a non-drug, noninvasive treatment that can improve the quality of life for people suffering from neurohealth conditions when traditional medication hasn’t helped. NeuroStar is indicated for the treatment of depressive episodes and for decreasing anxiety symptoms for those who may exhibit comorbid anxiety symptoms in adult patients suffering from MDD and who failed to achieve satisfactory improvement from previous antidepressant medication treatment in the current episode. It is also FDA-cleared as an adjunct for adults with obsessive-compulsive disorder and for adolescent patients aged 15-21 with MDD. NeuroStar Advanced Therapy is the leading TMS treatment for MDD in adults with over 6.4 million treatments delivered. Neuronetics is committed to transforming lives by offering an exceptional treatment that produces extraordinary results. For safety and prescribing information, visit www.neurostar.com.

Media Contact:
EvolveMKD
646.517.4220
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iWorld Health Organization, Depression Fact Sheet. https://www.who.int/news-room/fact-sheets/detail/depression.

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