Navigating the VR healthcare revolution: Are you ready?
At Nixon Gwilt Law, we’re always excited about how healthcare is evolving, and one area that has really caught our eye lately is that of virtual reality (VR). It's not just for gamers anymore!
Providers are already incorporating VR into patient care, making physical therapy exercises for pediatric patients more engaging or providing controlled exposure therapy for patients with extreme phobias or PTSD.
But the question is: How do patients access this tech, and how are providers paid for using it?
These are tricky issues for the founders and executives bringing these VR platforms to life in the healthcare world, and understanding the reimbursement landscape can help you navigate them to build long-term success for your business.
Identifying a viable reimbursement pathway is not just about dollars and cents—it affects patient access, provider adoption, your business and revenue models, and your potential to attract investors.
[Learn more about how we serve virtual and augmented reality innovators here.]
Here are three critical takeaways digital health companies building VR solutions should understand about reimbursement:
Existing VR-specific reimbursements are limited, but you can tap into broader reimbursement categories. Right now, the Centers for Medicare and Medicaid Services (CMS) has a national payment policy for only one VR-specific billing code. But don't let that limit you. Look at existing non-VR codes covering services that your technology can provide.
Temporary VR CPT codes are your friends. While not currently payable, these codes can be used to demonstrate the effective use of VR in healthcare, which could pave the way for more reimbursement opportunities in the future.
Staying in-the-know can be a competitive advantage.. The reimbursement landscape is constantly shifting, with new codes emerging and existing ones evolving. Staying on top of these changes and reacting quickly can be the difference between a closed sale and a lost one.
If you're a VR founder looking to identify a revenue pathway, we'd love to connect. Our mission is to help you navigate these complex waters and contribute to an exciting new era of healthcare.
Don’t Miss List
Virtual reality founders: On the NGL blog, explore 4 use cases of VR that payors actually reimburse (and get VR-specific reimbursement codes).
FemTech companies: On our Decoding Healthcare Innovation Podcast, find out why it’s important to have an IP protection strategy to protect your brand.
Biotech and AI companies: Also on the pod, find out how AI is changing treatment for food allergies.
Telehealth and Virtual Care leaders: Are you getting our biweekly law and policy updates on LinkedIn? We had 12 to share in the latest edition! Click here to subscribe and get them in your feed.
Upcoming Conferences
Attention GCs and Inside Counsel: Are you going to the National Bar Association Conference July 29-August 4 in Minneapolis? Stephanie Barnes, JD, PhD, will be there, so be sure to connect with her on LinkedIn if you're going. And don't miss her continuing education session on Advancing Black Maternal Health Through Technology!
And that brings this issue to a close…
Thank you for making room for us in your crowded inbox every month. You're busy, and we aim to deliver the most immediately useful information in each issue. You can always reply to our emails with kudos, comments, questions, or constructive criticism—we read every response.
Until next time,
Carrie Nixon, Rebecca Gwilt, and Kaitlyn O’Connor