New Collaboration to Increase Payer Reimbursements and Patient Access
Colorado, Dec. 15, 2022
GLOBE NEWSWIRE) — Vivos Therapeutics, Inc. (“Vivos” or the “Company”) (NASDAQ: VVOS), today announced the creation of a new strategic collaboration with Nexus Dental Systems (“Nexus”), which Vivos expects to generate new revenues starting immediately. Vivos and Nexus believe their alliance is a natural one as both companies currently operate successful independent medical billing platforms focused on sleep and breathing disorders.
The agreement between Vivos and Nexus effectively combines Vivos’ proprietary out-of-network Billing Intelligence Service with the Nexus’ in-network medical billing platform to create what is expected to be one of the most comprehensive medical billing services in the dental industry. This collaboration is expected to provide both companies’ provider networks with greater access to both in or out-of-network billing with all major medical insurance companies, facilitating case acceptances, insurance billing procedures and reimbursement.
“For a long time, medical billing has been a barrier to wide acceptance of dental offices treating breathing and sleep disorders, which is why we have historically offered fee-based out-of-network claims assistance to Vivos providers and their patients,” said Kirk Huntsman, Vivos Chairman and CEO. “Our Billing Intelligence Service currently achieves a 98% success rate for reimbursement on out-of-network oral appliance claims, which is extremely high. This new relationship will now give Vivos-trained dentists immediate access to some of the highest in-network reimbursement rates in the industry, allowing higher case acceptance for Vivos-trained providers. We believe this will create immediate additional revenue opportunities, not only for Vivos, but for providers within each network, while patients pay less out of pocket expenses.”
“We are excited to partner with Vivos on this initiative which leverages the strengths of each organizations’ medical billing platform by providing access to in-network insurance coverage for our providers and their patients,” said Brett Brocki, Founder of Nexus Dental Systems. “This relationship will allow Nexus additional opportunities to significantly grow our revenue by partnering with such an established, highly successful medical billing platform. We also look forward to sharing The Vivos Method with the over 2,000 dentists in our network.”
Both companies also look forward to exploring further collaboration opportunities associated with Academy of Sleep Disorder Disciplines (ACSDD), dental universities, existing dental service organization relationships, the Veterans Administration and Department of Defense.
About Vivos Therapeutics, Inc.
Vivos Therapeutics, Inc. (NASDAQ: VVOS) is a medical technology company focused on developing and commercializing innovative diagnostic and treatment methods for patients suffering from breathing and sleep issues arising from certain dentofacial abnormalities such as mild-to-moderate obstructive sleep apnea (OSA) and snoring in adults. The Vivos Method represents the first clinically effective nonsurgical, noninvasive, nonpharmaceutical and cost-effective solution. It has proven effective in over 31,000 patients treated worldwide by more than 1,650 trained dentists.
The Vivos Method includes the Vivos Complete Airway Repositioning and/or Expansion (CARE) appliance therapy and associated protocols that alter the size, shape and position of the soft tissues that comprise a patient’s upper airway and/or palate. The Vivos Method opens airway space and may significantly reduce symptoms and conditions associated with mild-to-moderate OSA, such as lowering Apnea Hypopnea Index scores. Vivos also markets and distributes SleepImage diagnostic technology under its VivoScore program for home sleep testing in adults and children. The Vivos Integrated Practice (VIP) program offers dentists training and other value-added services in connection with using The Vivos Method.
For more information, visit www.vivos.com.
About Nexus Dental Systems
Nexus Dental Systems is the only company in the market with a true end-to-end billing solution for dental practices. Nexus has the business-to-business expertise to fulfill the needs of a dental practice to Identify, Screen, Treat and Monitor Sleep Treatment Compliance for Oral Appliance Therapy. Nexus’ mission is to raise public awareness of sleep apnea, train dentists to implement dental sleep medicine, create sleep apnea programs for the industry, and connect patients with providers by creating sustainable and resilient systems for providers and the public.
Cautionary Note Regarding Forward-Looking Statements
This press release, the conference call referred to herein, and statements of the Company’s management made in connection therewith contain “forward-looking statements” (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events, particularly with respect to the public offering described herein. Words such as “aim,” “expect,” “may,” “could,” “should”, “expect,” “project,” “intend,” “plan,” “believe,” “predict,” “anticipates,” “hopeful,” “estimate” and variations of such words and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks and are based upon several assumptions and estimates, which are inherently subject to significant uncertainties and contingencies, many of which are beyond the Company’s control. Actual results (including, without limitation, the anticipated results of the Company’s agreement with Nexus and the impact of such agreement on the Company’s revenues and results of operations) may differ materially and adversely from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the risk factors relating to the Company and its business described in the Company’s filings with the Securities and Exchange Commission (“SEC”). The Company’s filings can be obtained free of charge on the SEC’s website at www.sec.gov. Except to the extent required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.