Sound Health Solutions Inc. (SHSO) News

Related Symbols:  

Related Topics:  


 December 1, 2005 - 04:00 AM PST
Print Email Article Font Down Font Up
iVOW Comments on Center for Medicare & Medicaid Services' Proposed New Coverage Policy for Bariatric Surgery

CARLSBAD, Calif., Dec. 1 /PRNewswire-FirstCall/ -- iVOW, Inc. (Nasdaq: IVOW) today commented on the proposed new coverage policy for bariatric surgery recently announced by the Center for Medicare and Medicaid Services (CMS). CMS has proposed national coverage for Medicare beneficiaries under age 65 for bariatric surgery under certain clinical circumstances and when performed in a facility meeting evidence-based standards for bariatric surgery.

In its announcement, CMS indicated that 'though diet and exercise are the mainstay of treatment, bariatric surgery may be a helpful treatment option for people with extreme obesity whose treatments have been unsuccessful and who have developed health problems from the obesity.'

CMS also said that 'for the proposed coverage decision, CMS found that the evidence appears adequate to conclude that open and laparoscopic Roux-en-Y gastric bypass and laparoscopic adjustable gastric banding produce net health benefits in Medicare beneficiaries under age 65, who have at least one obesity-related health problem and have been previously unsuccessful with medical treatment for their obesity.'

Commenting on the CMS proposed coverage policy, Dr. Michael Owens, President and CEO of iVOW, said, 'We are very pleased that CMS has formally acknowledged the benefits of bariatric surgery and issued this proposal to provide national coverage for beneficiaries under the age of 65. We believe the outlook for a favorable CMS National Coverage Determination will create increasing pressure on private insurance companies to adopt similar coverage policies, as they typically embrace Medicare's coverage determinations. We also believe that a more predictable reimbursement environment is expected to encourage more hospitals and medical groups to expand or develop bariatric surgery practices and resultantly increase the number of potential clients for iVOW's outsourced management services.

'Furthermore, CMS is also proposing facility criteria including a credentialing program for surgeons, a review of staff and consultant qualifications, an integrated program for patient care, written procedures for patient consent and adverse event reporting, and appropriate equipment for patient care. This requirement should enhance the value of our iVOW Center model, in which we partner with payors, hospitals and physicians to manage the type of comprehensive, long-term program that conforms to the Centers of Excellence and Centers of Expertise standards already developed or being developed by the surgical professional review organizations and payors,' said Dr. Owens.

CMS will accept public comments on its proposed decision memorandum for 30 days, and then after careful consideration of the public comments, will issue a final decision memorandum. The timing of the final decision is anticipated in the first quarter of 2006. It is important to appreciate that CMS has the prerogative to accelerate, reject, modify or postpone the final decision.

'Over the past year we have positioned iVOW to capitalize on a favorable CMS decision. Along with the recent acquisition of our medically anchored multi-disciplinary subsidiary Sound Health Solutions, Inc., we believe the proposed CMS coverage policy can serve as a positive catalyst for driving growth in our business,' said Dr. Owens.

iVOW

Our business is focused exclusively on the disease state management of chronic and morbid obesity. We provide program management, operational consulting and clinical training services to physicians and hospitals involved in the medical and surgical treatment of morbidly obese patients. We also provide specialized vitamins to patients who have undergone obesity surgery. Our corporate website is www.ivow.com; information on our nutritional supplements for post-surgical gastric bypass patients may be found on www.vistavitamins.com. iVOW is the new corporate name of Vista Medical Technologies, Inc. iVOW is traded on the NASDAQ Capital Market under the stock symbol IVOW.

Forward Looking Statements

This news release may contain forward-looking statements concerning the business and products of iVOW, Inc. Actual results may differ materially depending on a number of risk factors, including, but not limited to the following: the Company's ability to penetrate the market for obesity surgery management services; the final decision by CMS on coverage for bariatric surgery, the Company's ability to raise additional funds to support its business plan and the Company's ability to successfully integrate the business and operations of Sound Health Solutions, Inc. Other risks inherent in our business are described in the Company's Securities and Exchange Commission filings, including its Quarterly Report on Form 10-QSB for the nine-month period ended September 30, 2005. The Company undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this release.

    AT iVOW:                                AT FINANCIAL RELATIONS BOARD:

    Michael H. Owens, MD, MPH, FACPE, CPE   Tony Rossi
    President & CEO                         Media Contact
    mowens@ivow.com                         trossi@financialrelationsboard.com
    (760) 603-9120                          (310) 854-8317

SOURCE iVOW, Inc.