Open Bionics will now be able to bill insurance directly for those who have Medicare. The company was granted Medicare approval this month. While this news doesn’t apply to all Americans, Medicare is available for people age 65 or older, as well as for some younger adults with disabilities.
Receiving the Medicare approval is the first step for Open Bionics to obtain insurance contracts with private payers and state Medicaid services. This will allow us to eventually work with insurance providers throughout the United States.
All medicare approved providers are given what is called a PTAN (Provider Transaction Access Number). Without a PTAN, providers are unable to apply for state funded insurances and workers compensation programs. It also makes it much more difficult to obtain credentialing through private insurances.