On Tuesday, January 12, 2021, the Centers for Medicare and Medicaid Services (CMS) issued a final rule that propels innovative technology so that Medicare beneficiaries have access to the latest, most advanced devices. This action represents a step forward that will help smooth the Medicare coverage pathway for innovative products, resulting in faster access to new devices for America’s seniors.
The final rule will provide the nation’s more than 60 million Medicare beneficiaries with access to the latest medical technology at a faster rate than ever. Under current rules, Food and Drug Administration (FDA) approval of a device is followed by an often lengthy and costly process for Medicare coverage. The lag time between the two results in innovators first spending time and resources on FDA approval and then subsequently spending time on the Medicare coverage process. This causes undue burden for innovators and could delay access to these potentially life-saving technologies during the existing Medicare coverage determination process.
Read the press release here.