Funding gaps, not technology, limit bionic devices

07/31/2013 | Medical Device & Diagnostic Industry online

Despite innovations in computerization, fabrication and wireless technology, medtech companies that build advanced bionic devices continue to face obstacles in securing venture capital funding, as well as the challenges of government approvals and getting reimbursement codes once their devices reach the market. "There are still insurance companies -- major insurance companies -- that have policies in place that say these microprocessors are experimental," said AOPA's Joe McTernan. "Just because you get coding doesn't mean you get adequate payment or coverage," said Kimberly Hanson, Ottobock regional director of reimbursement.

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