MALVERN, PA — Neuronetics, Inc. (NASDAQ: STIM), the makers of NeuroStar Advanced Therapy, recently announced vital healthcare policy updates from Magellan, BlueCross BlueShield (BCBS) of Kansas City, and Dean Health Plan.
These policy alterations will effectively widen patient access to the company’s groundbreaking transcranial magnetic stimulation (TMS) therapy for major depressive disorder (MDD). The changes have been made in the form of reduced criteria from the insurance providers, which now require only two prior antidepressant medication failures instead of four before a patient is eligible for coverage for TMS therapy.
Additionally, Dean Health Plan has taken the progressive step of removing the requirement for a prior trial of psychotherapy. The policy updates from BCBS Kansas City and Dean Health Plan are effective immediately, while the Magellan update will kick in from November 18, 2023.
Keith J. Sullivan, President, and CEO of Neuronetics Inc., expressed optimism about these changes. He stated, “It’s heartening to see this inflection point for increased access to mental health coverage. Reducing barriers and allowing people to receive proven treatments like NeuroStar TMS earlier in their care plan is a significant way payors can help alleviate the mental health crisis.”
This policy shift by these prominent providers is indeed noteworthy. Magellan is one of the largest behavioral health plans in the country, its health plans impacting 2.4 million lives across numerous states. BCBS Kansas City policies cover over 600,000 lives in Missouri and Kansas, while Dean Health Plan represents nearly 609,000 covered lives in Illinois, Missouri, and Wisconsin.
Earlier, Neuronetics had announced similar policy updates through payers such as Aetna, BlueCross BlueShield of Michigan, and United HealthCare. It is worth noting that Neuronetics is the only TMS company in the industry with a dedicated health policy team that partners with both providers and payors to advocate for health policy changes.
Major depressive disorder (MDD) is a pressing issue that affects 21 million adults in the United States, with 6.4 million people being underserved by antidepressant medication. NeuroStar TMS is a non-drug treatment that can help alleviate the burden of drug-resistant depression, offering a promising alternative avenue for those grappling with this debilitating condition.
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