CMS sets temporary code for Palatin product
Palatin Technologies (Cranbury, New Jersey) said that the Centers for Medicare & Medicaid Services (CMS; Baltimore) has established a temporary HCPCS (Healthcare Common Procedure Coding System) reimbursement code for the payment of NeutroSpec, Palatin's radiolabeled monoclonal antibody product for imaging and diagnosing infections.
This reimbursement code allows Medicare reimbursement for infection imaging in an outpatient setting. “This is a significant milestone in the commercial development of NeutroSpec,“ said Carl Spana, PhD, president and CEO of Palatin. “The issuance of this reimbursement code is an important, initial step in ensuring broad reimbursement coverage for NeutroSpec as we continue to work in conjunction with Mallinckrodt Imaging [St. Louis] our strategic collaboration partner, to maximize NeutroSpec's commercial value.“
CMS issues temporary HCPCS codes while permanent HCPCS codes are being established, a process that usually takes six to 12 months.