CMS releases new J-code for a one injection Monovisc manufactured by Anika Therapeutics
Anika Therapeutics recently announced the CMS has assigned a unique Health care Common Procedure Coding System code, or J-code, to set Medicare reimbursement rates for Monovisc, the company’s new knee osteoarthritis offering.
A single injection aiding the synovial fluid of the knee, Monovisc is designed to improve pain and joint mobility in patients with osteoarthritis.
As a result of the new J-code, DePuy Synthes Mitek Sports Medicine — the U.S. marketer of Monovisc — will make a one-time payment of $5 million to Anika Therapeutics as part of a license agreement previously executed between the two companies, according to a press release.
“The unique J-code will significantly streamline the reimbursement claims process for orthopedic physician practices, and it facilitates greater patient access to this superior single-injection product,” Charles H. Sherwood, MD, president and CEO of Anika Therapeutics, said in the press release.
The new code became effective Jan. 1, 2015.