The American Medical Association (AMA) has issued a current procedural terminology (CPT) code for icometrix’s FDA-cleared artificial intelligence (AI)-related brain MRI quantification software.
Belgium-based icometrix is a supplier of brain imaging AI, providing clinically relevant metrics for cerebral MRI scans. The company aims to use its software to enable personalised care.
The quantitative technology assists clinicians to diagnose, monitor and assess treatment responses in brain disorders such as multiple sclerosis, Alzheimer’s disease and dementia, epilepsy, traumatic brain injury and stroke.
Neuroimage assessment can be challenging for radiologists, particularly in more complex cases. Shifting demographics and ageing populations are driving the current need for brain MRI procedures, as well as the need for developing and measuring biomarkers, to help identify, quantify, and manage the emergence of neurological diseases.
CPT codes are used by Medicare, Medicaid, and commercial health plans for administrative management purposes such as claims processing. The CPT issue will allow hospitals and imaging centres to submit claims for icometrix’s services.
In February 2020, the company secured US Food and Drug Association (FDA) approval for its icobrain ep solution.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
“Precision and personalized medicine are indeed becoming the standard of care quickly in neurology,” said Dr Joseph Fritz, CEO of Dent Neurological Institute.
“As brain MRI scans are a crucial part of the diagnosis and monitoring in neurology, the quantitative analysis of the icometrix AI-software together with the radiological reading is needed for a data-driven clinical decision-making in neurology.”
“This is a major milestone for icometrix, for the radiology and neurology communities, and most of all for patients living with neurological conditions,” added Wim Van Hecke, CEO of icometrix.
“To date, only three other companies, in the field of heart disease, lung cancer, and liver disease, have successfully obtained a CPT III code in radiology AI. As this is the first CPT code for quantitative brain MRI analysis, we are thrilled about the impact this code will have on the care and management of patients with brain disorders,” said Dirk Smeets, Chief Technology Officer at icometrix.
According to a GlobalData report, the market forecast for AI platforms for the entire healthcare industry will reach $4.3bn by 2024, up from $1.5bn in 2019. This will be driven by the use of AI by healthcare providers and payers, which is forecast to reach $2.9bn by 2024.