Can Psychedelics Therapy Be Reimbursed? AMA Releases Details On Coding These Procedures
Portfolio Pulse from Lara Goldstein
The American Medical Association (AMA) has published details on the Current Procedural Terminology (CPT) III codes for psychedelic-assisted therapies. These codes, forwarded by MAPS Public Benefit Corporation and COMPASS Pathways (NASDAQ:CMPS), are temporary and assigned to emerging technologies and services to facilitate reimbursement and access to psychedelic therapies in the U.S., if federally approved. The codes are expected to become effective on January 1, 2024, and will provide healthcare professionals a means to seek coverage and reimbursement for delivering psychedelic medication therapy.
July 06, 2023 | 5:47 pm
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COMPASS Pathways, a forwarder of the CPT III codes for psychedelic-assisted therapies, may see increased interest and potential growth in its services if these therapies are federally approved and the codes become effective.
The publication of the CPT III codes by the AMA, which COMPASS Pathways has forwarded, could lead to increased access and reimbursement for psychedelic therapies. If these therapies are federally approved, this could potentially boost the demand for COMPASS Pathways' services, leading to potential growth for the company.
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