Benzinga | Sep 29, 2021 10:15AM EDT

NanoVibronix Enters Worker's Compensation Market Through Agreement With Orchid Medical

NanoVibronix, Inc., (NASDAQ:NAOV), a healthcare device company that produces the UroShield(r) and PainShield(r) Surface Acoustic Wave (SAW) Portable Ultrasonic Therapeutic Devices, today announced it has entered the worker's compensation market with the signing of a Provider Participation Agreement with Orchid Medical, a national provider of integrated ancillary and surgical cost containment solutions specifically for the workers' compensation industry. The agreement facilitates the reimbursement of the company's PainShield(r) product for eligible patients receiving benefits under a worker's compensation plan making it easier for plan beneficiaries to obtain the product for the treatment of pain.

Brian Murphy, CEO of Nanovibronix, stated, "Signing this agreement with a national worker's comp payer serves as our first entr?e into the worker's compensation market and clears the way for easier access to PainShield for the management of pain resulting from work-related injuries. Orchid Medical is an established, reputable payer with a broad network of worker's comp plans, Case Managers and Insurance Carriers that it supports. This agreement reinforces the applicability of PainShield and opens the door for us to replicate similar arrangements with additional payers and further extend reimbursable access for many thousands of eligible beneficiaries."

Under the terms of the two-year agreement, NanoVibronix will supply PainShield initial supply kits and disposables to Orchid Medical at a fixed price. The agreement will automatically renew each year.

PainShield is an ultrasound device that delivers a localized ultrasound effect to treat pain and induce soft tissue healing in a targeted area, while keeping the level of ultrasound energy at a safe and consistent level. Its range of applications includes acute and chronic pain resolution through its many mechanisms of action. The product has broad applications for sports injuries. PainShield can be used by patients at home or work or in a clinical setting and can be used even while the patient is sleeping. Patient benefits include ease of application and use, faster recovery time, high compliance, and increased safety and efficacy over existing devices that rely on higher-frequency ultrasound.

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