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Anika Therapeutics receives CMS J-code for osteoarthritis solution

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Anika Therapeutics recently announced the CMS has assigned a unique Health care Common Procedure Coding System code, or J-code, to set Medicare reimbursement rates for Monovisc, the company’s new knee osteoarthritis offering.

A single injection aiding the synovial fluid of the knee, Monovisc is designed to improve pain and joint mobility in patients with osteoarthritis.

As a result of the new J-code, DePuy Synthes Mitek Sports Medicine — the U.S. marketer of Monovisc — will make a one-time payment of $5 million to Anika Therapeutics as part of a license agreement previously executed between the two companies, according to a press release.

“The unique J-code will significantly streamline the reimbursement claims process for orthopedic physician practices, and it facilitates greater patient access to this superior single-injection product,” Charles H. Sherwood, MD, president and CEO of Anika Therapeutics, said in the press release.

The new code became effective Jan. 1, 2015.

Reference: www.anikatherapeutics.com.