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Aclarion Hits Another Key Milestone by Adding Vitality - Third Major Payer to Cover Nociscan in Greater UK
Globe Newswire 13-Aug-2024 9:07 AM
Vitality is a top 4 Provider of Private Medical Insurance in the UK.
Aclarion now has Payer Coverage From 3 of the 4 Largest Private Health Insurers in the UK.
Nearly 60% of all Patients With Private Health Insurance in the Greater London Market now Have Access to Aclarion's Nociscan.
BROOMFIELD, CO, Aug. 13, 2024 (GLOBE NEWSWIRE) -- Aclarion, Inc., ("Aclarion" or the "Company") (NASDAQ:ACON, ACONW))), a healthcare technology company that is leveraging biomarkers and proprietary augmented intelligence algorithms to help physicians identify the location of chronic low back pain, announced today their third payer coverage of Nociscan by Vitality in London, UK in conjunction with The London Clinic, one of the UK's largest and most renowned independent hospitals. With the addition of coverage by Vitality, payer coverage for Nociscan is now available from three major private medical insurance groups in the UK, a global healthcare market with more than nine million residents.
"With three of the top four private payer systems in greater London covering Nociscan, we expect to see further coverage and strong product adoption in the UK market," said Brent Ness, CEO of Aclarion. "These coverage decisions support the movement of Nociscan into the standard of care and further validate our strategy of partnering with strong clinical leaders in each market to let them see the value of our technology for improving surgical decisioning and then supporting these clinical leaders as they take Nociscan to the payers for coverage. The London Clinic team saw the value in Nociscan after only 20 patients and have thus far delivered payer coverage from 3 of the top 4 private health insurance payers in the market. We expect to replicate The London Clinic success in driving payer coverage at each of our 10 KOL sites in the U.S. and elsewhere around the world."
In the UK, self-pay and private medical insurance are estimated to represent nearly 70% of private hospital revenues with private medical insurance becoming increasingly popular. Vitality is one of the four leading private medical insurers in the UK with an estimated 13% of the private medical insurance market and an estimated one million insured customers. By joining AXA and Aviva in covering Nociscan, almost 60% of the patients with private insurance now have access to Nociscan.
John Lorbiecki, Aclarion CFO, added, "These significant payer coverage decisions represent a sea change in our business. Every medical technology or services company faces the same dilemma of bringing new products to market. Without insurance companies paying for a technology or service, the revenue challenge is obvious. As soon as insurance companies recognize new innovations with an assigned payment, the economics change considerably. We now have a clear path to commercialization in the UK and will be allocating resources accordingly."
Low back pain is estimated to affect up to one third of the UK adult population each year. The London Spine Clinic is the first private specialist spinal unit in England and their expert spine physicians have adopted Nociscan as an important decision support tool to be used when diagnosing and treating chronic low back pain. Nociscan is the first evidence-supported SaaS platform to noninvasively help physicians distinguish between painful and nonpainful discs in the lumbar spine by quantifying chemical biomarkers demonstrated to be associated with disc pain. This biomarker data is entered into proprietary algorithms to highlight if a disc may be a source of pain, and when used with other diagnostic tools, provides critical insights into the location of a patient's low back pain.
Aclarion is a healthcare technology company that leverages Magnetic Resonance Spectroscopy ("MRS"), proprietary signal processing techniques, biomarkers, and augmented intelligence algorithms to optimize clinical treatments. The Company is first addressing the chronic low back pain market with Nociscan, the first, evidence-supported, SaaS platform to noninvasively help physicians distinguish between painful and nonpainful discs in the lumbar spine. Through a cloud connection, Nociscan receives magnetic resonance spectroscopy (MRS) data from an MRI machine for each lumbar disc being evaluated. In the cloud, proprietary signal processing techniques extract and quantify chemical biomarkers demonstrated to be associated with disc pain. Biomarker data is entered into proprietary algorithms to indicate if a disc may be a source of pain. When used with other diagnostic tools, Nociscan provides critical insights into the location of a patient's low back pain, giving physicians clarity to optimize treatment strategies. For more information, please visit www.aclarion.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 about the Company's current expectations about future results, performance, prospects and opportunities. Statements that are not historical facts, such as "anticipates," "believes" and "expects" or similar expressions, are forward-looking statements. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the Company's current plans and expectations, as well as future results of operations and financial condition. These and other risks and uncertainties are discussed more fully in our filings with the Securities and Exchange Commission. Readers are encouraged to review the section titled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, as well as other disclosures contained in the Prospectus and subsequent filings made with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date and the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Disclosure
The information stated above was prepared by Aclarion and reflects solely the opinion of Aclarion. Nothing in this statement shall be construed to imply any support or endorsement of Aclarion or any of its products by The London Clinic.
Investor Contacts: Kirin M. Smith PCG Advisory, Inc. 646.823.8656 ksmith@pcgadvisory.com
Media Contacts: Jodi Lamberti SPRIG Consulting 612.812.7477 jodi@sprigconsulting.com
