icometrix, a brain imaging AI company based in Belgium, has announced that it has been granted a CPT III code by the American Medical Association. This code allows reimbursement for its FDA-cleared brain MRI quantification software.

Why it’s notable:

• The AI-supported software developed by icometrix provides quantitative analysis of cerebral MRI scans, offering metrics that assist clinicians in diagnosing, monitoring, and evaluating treatment responses in patients with various neurological conditions, including Alzheimer's disease, dementia,  multiple sclerosis, among others. Only three other companies, in the field of lung cancer, heart disease and liver disease have obtained a CPT III code in radiology AI. Icometrix is the first company to receive a CPT code for quantitative brain MRI analysis and it's likely this will have a great impact on the care and management of patients with brain disorders. The CPT code will enable hospitals and imaging centres to submit claims for icometrix’s services. 

• In 2019, icometrix secured $18M in funding to expand its brain software and received FDA clearance for its icobrain-ctp offering in February 2020. Currently they have a diverse portfolio of AI solutions and are seamlessly integrated into over 100 clinical practices. The company has also received research grants from prestigious institutions including the National Institute for Health and Care Research to accelerate research in multiple sclerosis imaging, and a grant from the Michael J. Fox Foundation to collaborate with Stanford Medicine on research on brain MRI biomarkers for Parkinson's disease. It’s clear the company is making significant advancements in the field of neurology. 

Industry implications:

• CPT codes for AI based technologies came onto the spotlight earlier this year, with new codes available across four AI based services. These CPT codes enable reimbursement of these services allowing physicians to access these life changing technologies. With the field of AI undergoing significant advancements and the market forecast for AI platforms within the healthcare industry expected to reach $4.3bn by 2024, we can expect greater uptake of these technologies by healthcare providers and the availability of more CPT codes. 

• There are an estimated 55M people living with dementia globally and there is currently no cure. Neurodegenerative diseases such as Alzheimers and dementia are difficult to diagnose and are often diagnosed later once the disease has progressed. AI can identify patterns and biomarkers that can detect the early signs of neurological disorders before symptoms even begin. These advancements in early detection enable timely interventions, which may lead to more effective treatment strategies and most importantly improvements in patient outcomes.