SAN FRANCISCO--(BUSINESS WIRE)--AMERICAN SHARED HOSPITAL SERVICES (NYSE MKT:AMS), a leading provider of turnkey technology solutions for advanced radiosurgical and radiation therapy services, announced today that the Centers for Medicare and Medicaid Services (CMS) has posted a revision of the previously proposed rule for Medicare's hospital outpatient prospective payment system for calendar year 2014. Within this proposed rule, CMS proposes updates for the delivery codes used for stereotactic radiosurgery (SRS), including Gamma Knife services.
On August 28, 2013, CMS revised its previously proposed delivery code rate to reimburse hospitals for a complete course of treatment comprised of a single session of SRS to $5,615, a 70% increase over the current rate. CMS, on July 8, 2013, initially proposed to reimburse hospitals at $8,576 in 2014, an increase of 160% over the current rate. Effective April 1, 2013, CMS Gamma Knife delivery code reimbursement was reduced to $3,300 from the previous rate of $7,910.
This CMS proposed reimbursement rate is subject to comments from interested parties and could change. The Company intends to review data revising the rate and comment to CMS on the proposed changes. Final CMS reimbursement rates are anticipated to be issued in fall 2013.
American Shared Hospital Services provides turnkey technology solutions for advanced radiosurgical and radiation therapy services. AMS is the world leader in providing Gamma Knife radiosurgery equipment, a non-invasive treatment for malignant and benign brain tumors, vascular malformations and trigeminal neuralgia (facial pain). The Company also offers the latest IGRT and IMRT systems, as well as its proprietary Operating Room for the 21st CenturySM concept. AMS owns common stock in Mevion Medical Systems, Inc., developer of the compact MEVION S250 Proton Therapy System.
Safe Harbor Statement
This press release may be deemed to contain certain forward-looking statements with respect to the financial condition, results of operations and future plans of American Shared Hospital Services, which involve risks and uncertainties including, but not limited to, the risks of the Gamma Knife and radiation therapy businesses. Further information on potential factors that could affect the financial condition, results of operations and future plans of American Shared Hospital Services is included in the filings of the Company with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended December 31, 2012, the Quarterly Report on Form 10-Q for the quarters ended on March 31, 2013 and June 30, 2013, and the definitive Proxy Statement for the Annual Meeting of Shareholders held on June 11, 2013.