Tag Archives: the insurance industry

Germany’s Largest Authorized Health Insurance Company Approves MyoPro | Business | Instant News


BOSTON – (BUSINESS WIRE) – February 16, 2021–

Myomo, Inc. (NYSE American: MYO) (“Myomo” or “Company”), a wearable medical robotics company offering enhanced functionality for those with neurological disorders and upper limb paralysis, today announced Techniker Krankenkasse (TK), Germany’s largest Statutory Health Insurance (SHI) company. , now approves MyoPro replacement on a case by case basis. TK covers more than 10 Million lives insured and joins the ranks of other major German health insurance providers including BARMER, IKK Classic, regional AOK insurance and several BKK insurances which collectively cover 28 million German lives and have now approved funding for MyoPro.

About 90% of the German population is covered by SHI providers.

In addition, one of the largest private health insurance companies in Germany, Allianz, has now authorized MyoPro. Private insurance covers about 9% of the population.

Myomo’s Managing Director for Europe, John Frijters, stated, “Many users who have received MyoPro through German insurance experience loss of hand and arm function due to stroke, brachial plexus injury or spinal cord injury. Receiving MyoPro as a result of this insurance decision changed their life. “

In Germany, MyoPro is administered through a growing network of Orthotic and Prosthetic (O&P) clinics across the country. Currently, these 35 facilities serve and support MyoPro users.

Paul R. Gudonis, CEO of Myomo, said, “Our progress in Germany, although now limited by the COVID-19 lockdown, shows us that there is strong and wide-ranging demand for MyoPro. Coupled with the joint venture we recently announced in China, we are working to become the global standard of care for those with paralyzed or weak arms. “

This announcement coincides with the introduction of the new Myomo website in German. These can be found on www.myomo.de.

Myomo, Inc. is a medical robotics company that offers enhanced arm and hand function to those with neurological disorders and upper limb paralysis. Myomo develops and markets the MyoPro product line. MyoPro is a powered upper limb orthosis designed to support the arm and restore the function of a weakened or paralyzed arm of a patient who has had a CVA stroke, brachial plexus injury, traumatic brain or spinal cord injury, ALS or other neuromuscular disease or injury. It is currently the only device on the market that, by sensing a patient’s own EMG signal via a non-invasive sensor in the arm, can restore an individual’s ability to perform daily activities, including self-feeding, carrying objects and performing household tasks. Many are able to return to work, live independently, and reduce maintenance costs. Myomo is headquartered in Cambridge, Massachusetts, with sales and clinical professionals throughout the US and international representatives. For more information, please visit www.myomo.com.

Forward-looking Statements

This press release contains forward-looking statements regarding the Company’s future business expectations, including the benefits expected from insurance coverage in Germany and our activities in Germany, Australia and China, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forwards are only predictions and may differ materially from actual results due to various factors.

These factors include:

  • our sales and commercialization efforts;
  • our ability to obtain reimbursements from third party payers for our products;
  • our reliance on external sources to finance our operations, to the extent that we do not break even in cash flows;
  • our ability to effectively execute our business plans and improve our operations;
  • our expectations for our development program; and
  • general market, economic, environmental and social factors, including the ongoing COVID-19 pandemic, which may affect the evaluation, installation, delivery and sale of our products to patients.

Further information on these and other factors that could potentially affect our financial results including in Myomo’s filings with the Securities and Exchange Commission, including those contained in the risk factors section of the Company’s annual report on Form 10-K, quarterly reports on Form 10 -Q and other submissions with the Commission. The company warns readers not to rely too much on forward-looking statements, which only take effect on the date they are made. Although the forward-looking statements in this release of financial information are based on our beliefs, assumptions and expectations, taking into account all the information currently available to us, we cannot guarantee future transactions, results, performance, achievements or results. No guarantee can be made for any investor by anyone that the expectations reflected in our forward-looking statements will be achieved, or that deviations from them will be material and detrimental. The Company disclaims any further obligation to revise forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of events that were anticipated or unexpected.

212-838-3777 Public Relations:

KEY WORDS: MASSACHUSETTS GERMANY EUROPE NORTH AMERICA

INDUSTRIAL KEYWORDS: PROFESSIONAL SERVICES HEALTH THERAPY PHYSICAL BIOTECHNOLOGY HEALTH ASSURANCE

Business Wire Copyright 2021.

PUB: 02/16/2021 08:30 AM / DISC: 02/16/2021 08:30

Business Wire Copyright 2021.

.



image source

QInsure in Queensland Australia and FINEOS Sign Cloud HoA | National | Instant News


DUBLIN – (BUSINESS WIRE) – Oct 20, 2020–

FINEOS company ( ASX: FCL ), a market-leading provider of core group and individual systems for life, accident and health insurance, today announced that they have implemented a Heads of Agreement (HoA) with QInsure, a wholly owned subsidiary QSuper The Group, one of Australia’s largest and most respected pension funds, has signaled an intention to upgrade the FINEOS QInsure Claims system to the SaaS edition of FINEOS Claims on the FINEOS Platform, powered by AWS.

QInsure is implemented and shared live FINEOS claims in September 2019, which successfully delivered member-centered claims results through an improved, integrated and automated process and workflow for claims covering life, Total and Permanent Disability (TPD) and Income Protection. The main highlights of the program include automatic payment calculations and the FINEOS Financial Services Council ( FSC) Code of Practice business content that helps case managers fulfill insurance promises and fulfill regulatory obligations.

Speaking of the relationship, the CEO of QInsure, Phil Fraser said, “Our partnership with FINEOS continues to grow and we recognize the benefits of the FINEOS Claims system, including an efficient claim process that allows our Claims Manager to focus on delivering excellent results to QSuper members. We are excited to continue our partnership with FINEOS to help support our organizational agility, digital customer experience and service excellence. “

Mr Fraser added, “Even though our partnership with FINEOS is relatively new, they have proven to be a reliable and valuable partner. We will work with FINEOS under this HoA to ensure APRA (the Australian Prudential Regulation Authority) supports our approach. “

Michael Kelly, CEO, FINEOS concluded, “QInsure is an extraordinary company to partner with with their strong commitment to always do the best by its members. We are excited about the next stage of our partnership with one of Australia’s most prominent funding agencies. Move to FINEOS platform is an exciting opportunity for FINEOS and our clients in the Australia and New Zealand region. Supporting this transition is a key strategic goal of FINEOS. Our North American clients have been adopting our SaaS based FINEOS Platform solutions for the past 3-4 years and we have been a ‘cloud-only’ SaaS vendor in the US and Canada for over 3 years now. “

Last year FINEOS achieved a new sales record for core solutions on the FINEOS Platform and we see broad interest in cloud solutions in Australia and New Zealand today. Covid-19 has accelerated the Digital Transformation in the life, accident and health industries, and operators are looking to shift to cloud computing to support a modern, flexible business model that supports working, buying and getting customer service that can be reached from anywhere.

Over the past 6 years FINEOS has invested more than € 100 million in R&D to develop FINEOS AdminSuiteSaaS’s core end-to-end administration system for life, accident and health, including policy, billing, and claims management. FINEOS was listed on ASX in 2019, and in August 2020 FINEOS acquired Limelight, a provider of Silicon Valley SaaS Citation, Underwriting and Grading software for the voluntary employee benefits group and industry in the US.

FINEOS enjoys established and trusted relationships with some of the largest and most respected operators in the entire ANZ region. We pride ourselves on a very strong local team with an enviable track record of delivery and client support, and we are delighted to continue working in partnership with QInsure. “

About FINEOS Corporation Limited

FINEOS is the leading provider of core systems for life, accident and health insurance globally with 6 of the largest life insurance companies in Australia and 7 of the 10 largest life and health provider groups in the US. With employees and offices around the world, FINEOS continues to expand rapidly, working with innovative progressive insurance companies in North America, Europe and Asia Pacific.

The FINEOS platform gives clients a complete core insurance administration to end and cover FINEOS AdminSuite core product range as well as additional products, FINEOS Engage to support digital engagement and FINEOS Insight for analytics and reporting.

For more information, visit www.FINEOS.com

About QInsure

QInsure was established to exclusively provide Group Life Insurance policies to QSuper, so that life insurance benefits can be provided to QSuper members as part of their superannuation membership.

QInsure, the first insurance company to be founded by a superannuation fund in Australia, was established on 29 July 2015 as a wholly owned subsidiary of QSuper Limited and began issuing life insurance policies on 1 July 2016. The company has ASFL and APRA licenses to operate as an insurance company , as well as an independent Board of Directors and Executive Leadership Team.

About QSuper

QSuper started with the Act of Parliament in 1912 which created the entity that is now known as the QSuper Group.

Over time, QSuper has grown into a superannuation fund for all current and former Queensland public sector employees and their partners and is now the largest superannuation fund in Queensland and one of the largest in Australia. QSuper has expanded its product and service range, with its customer base now numbering more than 585,000 with over $ 113 billion under administration.

With legislation passed in 2016 removing the restrictions on who is eligible to join the IMF, from 1 July 2017 QSuper can welcome more Australians to experience QSuper’s feelings.

For more information, visit https://qsuper.qld.gov.au/

See the source version at businesswire.com:https://www.businesswire.com/news/home/20201020006052/en/

CONTACT: Victoria Jamison

Marketing Manager

FINEOS company

+ 353 1 639 9700

[email protected]

KEY WORDS: AUSTRALIA / OCEANIA EUROPE IRELAND AUSTRALIA

INDUSTRY KEYWORDS: PROFESSIONAL DATA MANAGEMENT TECHNOLOGY INSURANCE SOFTWARE

SOURCE: FINEOS

Copyright 2020 Business Wire.

PUB: 20/10/2020 18:15 / DISC: 20/10/2020 18:15

http://www.businesswire.com/news/home/20201020006052/en

Copyright 2020 Business Wire.

.



image source