Nexalin Technology (NXL) has announced its support for the Health Tech Investment Act, a bipartisan bill introduced in the United States Senate. The legislation aims to expand Medicare reimbursement opportunities for FDA-cleared or approved medical devices that incorporate artificial intelligence (AI) or machine learning.
The bill, sponsored by Senators Mike Rounds and Martin Heinrich, proposes a transitional reimbursement mechanism under Medicare to bridge the gap between device approval and coverage. According to the proposal, AI-enabled technologies that receive FDA clearance or approval would be assigned New Technology Ambulatory Payment Classification codes for up to five years. This timeframe would allow the Centers for Medicare & Medicaid Services to collect clinical data and make informed long-term reimbursement decisions.
Nexalin views the Health Tech Investment Act as a significant legislative development that could provide a suitable reimbursement framework for its Gen-3 HALO Clarity device. The company believes the bill demonstrates that federal policymakers are prioritizing the intersection of innovation and accessibility, particularly in areas like mental health where traditional care options are often limited or ineffective.
The Health Tech Investment Act has garnered support as a potential solution to the challenges faced by innovative medical technologies in securing reimbursement. By providing a transitional reimbursement mechanism, the bill aims to facilitate the adoption of AI-enabled medical devices and improve patient access to cutting-edge treatments.
