Shares of Myomo, Inc. (NYSE: MYO) saw a 6.28% recovery in the extended trading session on Thursday, closing at $3.89 after an earlier decline of 6.63% to $3.66 in regular trading hours. This rebound came as Myomo announced new contracts poised to enhance patient access to its MyoPro device through private insurance coverage on an in-network basis.
Expanding Insurance Coverage for MyoPro Device
Myomo has secured initial in-network agreements with Blue Cross Blue Shield of Massachusetts and Paradigm, a specialty care management organization catering to workers’ compensation and healthcare payers. This marks the first time MyoPro, a powered orthotic device designed to aid individuals with upper-limb paralysis and neurological conditions, is accessible to privately insured patients in-network.
The agreements represent significant progress, with these organizations covering approximately three million individuals. The partnership with Paradigm demonstrates a commitment to advancing innovative medical solutions for injured workers, while Blue Cross Blue Shield of Massachusetts, a leader in commercial and Medicare Advantage insurance, adds a strong endorsement for MyoPro’s viability as a treatment option.
These contracts are anticipated to expand patient access to the MyoPro device significantly and mark an important milestone for Myomo as it continues to build partnerships with private insurers.
Path Toward Standard of Care
Myomo’s recent outreach to other private insurers has been met with encouraging interest, further supported by the company’s Medicare Part B coverage for MyoPro. The company aims for MyoPro to establish itself as a standard treatment for individuals suffering from permanent upper-extremity impairments.
With the support of commercial insurers and specialized care management firms, Myomo is positioned to help individuals regain the ability to perform everyday tasks, improving quality of life for those with severe physical limitations.
Launch of Myomo Academy to Enhance Clinician Training
In addition to expanding insurance coverage, Myomo recently introduced Myomo Academy, an educational platform for Orthotics & Prosthetics (O&P) and Rehabilitation professionals.
Launched during the 2024 AOPA National Assembly, Myomo Academy provides a structured curriculum from introductory to advanced levels, tailored to meet the training needs of Centers of Excellence and clinicians specializing in myoelectric orthotics. Through this platform, Myomo aims to keep clinicians at the forefront of upper-extremity orthosis technology, ultimately benefiting patient care and therapeutic outcomes.