MyndVR has gained reimbursement coverage for its virtual reality platform aimed at improving physical and mental wellness of aging adults.
MyndVR has gained reimbursement coverage for its virtual reality platform aimed at improving physical and mental wellness of aging adults. The agreement with AgeWell New York will see members of the insurer’s CareWell plan, which covers nursing home residents, gain access to the technology with immediate effect.
AgeWell New York serves the Medicare and Medicaid populations in the New York metropolitan area; the company is part of Molina Health, one of the top 10 biggest healthcare insurers in the US.
The reimbursement agreement is not only the first for MyndVR, but it makes it the first company to ever have VR as a covered supplemental benefit under a Medicare Advantage plan, it told FirstWord. The partnership marks “a major milestone” for the company as it continues its efforts to expand coverage of its VR therapy amongst Medicare Advantage and Managed Medicaid plans.
MyndVR currently operates in all 50 states in the US, as well as in Canada and Australia. It offers a suite of immersive content delivered through VR headsets. The content features a collection of original and licensed 360-videos, which serve as a source of reminiscence, distraction, and/or recreational therapy. Its solution is deployed across many senior care settings, including assisted living, memory care, skilled nursing/post-acute, veteran homes, hospitals, infusion clinics, hospice, palliative care, and at home for families aging in place.
AgeWell New York Lead Senior Benefits Advisor, Constance Harris-Fields, commented that the MyndVR programme is helping its members with “isolation, anxiety, and depression, while stimulating memories, conversation, and socialisation, which is especially important in the wake of the pandemic.”
MyndVR CEO Chris Brickler described the deal with AgeWell as “an exciting step in the right direction” and he is hoping that this would further provide evidence to support the passing of the Access to Prescription Digital Therapeutics Act in the US. MyndVR is the co-creator of the DigitalTherapyNOW.org coalition set up to push the 2022 bill through; the legislation aims to officially define prescription digital therapeutics at the federal level and establish new payor benefit categories for software-based therapies.
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