[Asia Economy Reporter Hyunseok Yoo] Neofect announced on the 4th that B2C (business-to-consumer) customers in the United States received full coverage for the purchase cost of its hand rehabilitation device, Smart Glove, through approval of private industrial accident insurance.
The customer reported the industrial accident to a private insurance company specializing in industrial accident compensation due to a work-related accident, and after the insurer's review, it was recognized as an industrial accident.
A Neofect official stated, "In the United States, individuals apply for insurance coverage individually, and the insurance company decides whether to approve coverage through a review process. Therefore, this Smart Glove insurance coverage is very significant as the first case of private industrial accident insurance coverage," adding, "We expect the number of customers receiving insurance coverage to increase in the future."
Since the COVID-19 pandemic, the United States has been expanding support for telemedicine. Remote Patient Monitoring (RPM) services can be covered by insurance through the Centers for Medicare & Medicaid Services (CMS), an agency under the U.S. Department of Health and Human Services. Most patients at Neofect’s medical clinic, Community Rehab Care (CRC), located in Massachusetts, have been conducting home rehabilitation via video calls since the COVID-19 outbreak.
Ban Hoyoung, CEO of Neofect, said, "Along with remote rehabilitation services, if Neofect’s product line is covered by public and private insurance, the growth potential and profitability of the B2C market are expected to improve significantly," and added, "We will continue to expand the infrastructure to enable patients in need of rehabilitation to use Neofect’s products and solutions affordably and without burden."
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