The Medicare Hearing Act of 2019 H.R. 4618 provides coverage for hearing aids and services for seniors under Part B of the Medicare program.
Roseville, California--(Newsfile Corp. - December 4, 2019) - InnerScope Hearing Technologies Inc. (OTCQB: INND) ("InnerScope") a manufacturer and Direct-to-Consumer ("DTC") distributor/retailer of FDA-Registered Hearing Aids, Personal Sound Amplifiers Products, ("Hearing Products") Hearing Related Treatment Therapies, Doctor-Formulated Dietary Hearing Supplements and proprietary CBD Oil ("Hearing Health Products") (collectively "Hearing Product Portfolio"), announces its support of the Medicare Hearing Act of 2019, H.R. 4618, (the "Medicare Hearing Act") which makes hearing devices more accessible for Medicare beneficiaries. On October 17, 2019, the House Energy and Commerce Committee passed legislation by Rep. Lucy McBath (GA-06) and Rep. Debbie Dingell (MI-12) to provide coverage for hearing aids and services for seniors under Part B of the Medicare program. Currently, Medicare does not cover hearing aids, which have an average price of about $2,300 per device.
The Medicare Hearing Act amends the Social Security Act to cover and improve patient access to doctor visits, hearing tests and hearing aids. These services and items are currently not covered under the Social Security Act or under Medicare. Specifically, the Medicare Hearing Act enables audiologists to provide both diagnostic and treatment services and reclassifies audiologists as practitioners under Medicare providing better access for seniors. Additionally, Medicare Hearing Act adds new hearing benefits, including hearing aids, for Medicare beneficiaries with severe to profound hearing loss.
The Medicare Hearing Act comes on the heels of the Over-the-Counter ("OTC") Hearing Aid Act of 2017 (the "OTC Hearing Aid Act") that was signed into law by the president (expected to be effective sometime in 2020) and was designed to give consumers access to OTC hearing aid technology for mild to moderate hearing loss without seeing an audiologist.
InnerScope supports both the Medicare Hearing Act and the OTC Hearing Aid Act and believes the combination of both laws will help the nearly 50 million Americans (the "Underserved Market") that have hearing issues or are experiencing age-related hearing loss and can't afford hearing healthcare under the current delivery system. Moreover, the Underserved Market left untreated, as research has shown, are at greater risk for cognitive impairment and a higher probability of developing dementia as the severity of the hearing loss increases.
While the OTC Hearing Aid Act will help to provide easy access to purchase hearing technology over-the counter for the mild and moderate hearing loss individuals. The Medicare Hearing Act is designed to give hearing benefits, including hearing aids to individuals who have more severe to profound hearing loss. InnerScope believes both OTC Hearing Aid Act and the Medicare Hearing Act are essential in providing better hearing healthcare in America. Moreover, once hearing aids are a covered benefit through the Medicare Hearing Act, InnerScope, expects hearing aid sales to skyrocket based on other healthcare products that received approval as a covered benefit under Medicare. One such recent example of a company that received its approval for coverage under Medicare Advantage Plans was Exact Sciences Corp., a Nasdaq company, for its 1Cologuard®, a stool DNA-based colorectal cancer screening product that went from selling 104,000 units in a year to 934,000 units a year once it was listed as a colorectal cancer screening benefit under Medicare Advantage Plans.
InnerScope, a 2019 Biotechnology Award winner for the Best Hearing Aid Manufacturer in the USA and for its Innovation in the Direct-to-Consumer ("DTC") Hearing Aid Delivery Process, believes with its Hearing Product Portfolio and having established multiple retail/wholesale distribution channels well ahead of the OTC Hearing Aid Act becoming effective, has a distinct competitive advantage in the market over any other competitor operating in this space.
In addition, InnerScope, also believes the Medicare Hearing Act will significantly boost hearing aid sales sold through hearing healthcare professionals in the U.S., which in-turn will boost InnerScope's hearing aid wholesale sales that would be sold directly to the 800+ hearing healthcare audiological practices nationwide of its network affiliates.
"There are major regulatory changes taken place in the current $5 billion dollar U.S. hearing healthcare industry," said Matthew Moore, CEO of InnerScope Hearing Technologies. "These major industry regulatory changes are expected to significantly boost hearing aid sales and hearing healthcare services for nearly50 million Americans who may currently need hearing aids, but can't afford the high out-of-pocket cost. InnerScope is proud to support these much-needed regulatory changes. Given, InnerScope's Hearing Product Portfolio combined with its wholesale/retail distribution agreements and its audiological network of affiliates, InnerScope is primed to directly benefit from these regulatory changes."
About InnerScope Hearing Technologies (OTCQB: INND)
InnerScope Hearing Technologies (OTCQB: INND) is a rapidly expanding consolidator of the hearing aid industry. Management is applying decades of profitable industry experience and technology to an antiquated and disjointed industry, unlocking scale and efficiency, which will serve all of InnerScope's stakeholders. Its direct-to-consumer model is revolutionizing the industry with its Walmart.com, Sears.com and Kmart.com relationship representing a paramount shift in the consumption of hearing aids by the hearing impaired.
In addition, InnerScope plans to continue to open, acquire, and operate a physical chain of clinicsaid audiological and retail hearing . InnerScope's mission is to serve approximately 1.2 billion people around the globe that are suffering with 25db or greater hearing loss across the entire hearing impaired vertical from R&D and manufacturing through direct consumer sales and services. For more information, please visit: www.innd.com. For the Most Up-to-Date information about InnerScope Hearing Technologies (OTCQB: INND), please visit and follow our Official Twitter account @inndstock Page. https://twitter.com/inndstock
This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the "safe harbor" created by those sections. Any statements that are not historical facts contained in this press release are also "forward-looking statements" as that term is defined under the Private Securities Litigation Reform Act of 1995 (PSLRA). Such statements may be identified by words such as "expects," "plans," "projects," "will," "may," "anticipates," "believes," "should," "intends," "estimates," and other words of similar meaning. Such forward-looking statements are based on current expectations, involve known and unknown risks, a reliance on third parties for information, transactions or orders that may be cancelled, and other factors that may cause our actual results, performance or achievements, or developments in our industry, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties related to the fluctuation of global economic conditions, the performance of management and our employees, our ability to obtain financing or maintain contractual relationships with vendors and customers, competition, general economic conditions and other factors that are detailed in our periodic reports filed with the Securities and Exchange Commission ("SEC"). We intend that all forward-looking statements be subject to the safe-harbor provisions of the PSLRA, Securities Act and Securities Exchange Act.
InnerScope Hearing Technologies, Inc.
For the Most Up-to-Date information about InnerScope Hearing Technologies (OTCQB: INND), please visit and follow our Official Twitter account @inndstock Page.
1Cologuard® is a register trademark of Exact Sciences Corp.
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