Malvern, Pa. — Neuronetics, Inc. has announced that Mary Hailey, an industry executive with more than 25 years of experience in designing and implementing healthcare reimbursement strategies, has been appointed as Vice President, Health Policy and Government Relations.
In her new role, Hailey will manage payer and employer relations as well as oversee the development and execution of reimbursement strategy for NeuroStar TMS (transcranial magnetic stimulation) Therapy, a non-invasive neuromodulation treatment for adults with major depressive disorder who have not benefitted from prior antidepressant medication.
Hailey succeeds Stan Miller, who moves into the role of Vice President, New Business Development.
"Ms. Hailey brings a track record of extraordinary success in securing reimbursement for new technologies and we are pleased to welcome her to our senior management team," said Bruce Shook, President and CEO of Neuronetics. "We are confident that Hailey will continue to build on our existing momentum in securing coverage and payment for NeuroStar TMS Therapy, especially in light of the Category I CPT codes recently approved for billing TMS Therapy medical services."
Prior to joining Neuronetics, Hailey served as the Vice President of Healthcare Policy and Government Relations for Monterey Advisors, a strategic medical technology and management consulting firm. Working closely with institutional investors, Monterey Advisors conducted due diligence activities across a broad spectrum of operational responsibilities to evaluate various private equity medical technology investment opportunities and assisted in operating actual investments when realized.
Previously, Hailey was at Medtronic where she was the Vice President of Health Care Policy and Government Relations for the Kyphon business unit, following its 2007 acquisition.
Hailey joined Kyphon in 1999 as Director of Reimbursement and led global reimbursement strategies for Kyphon's Kyphoplasty treatment for spinal fractures, which resulted in broad coverage in both the private payer and government communities.
By the time she was named to her new position Vice President of Healthcare Policy and Government Relations in 2001, Hailey had built a team to support reimbursement for a new technology and procedure that the market and payers had not previously seen. By working closely with physicians and payers she achieved broad coverage for the treatment and instituted a sales organization reimbursement compliance and training program. The company grew to more than $600 million in annual revenue prior to its $4.2 billion acquisition by Medtronic.
Prior to her nine years with Kyphon, Hailey served as Director of Third Party Relations and Reimbursement for Sulzer Spine-Tech where she secured payer coverage for spinal fusion products and developed a comprehensive payer relations program. Hailey also owned and ran Hailey & Heinrich consultancy, where she oversaw a variety of reimbursement projects, holds a bachelor's of science from the University of Wisconsin Stout and is a certified case manager and certified disability management specialist. "Working with Neuronetics represents a great and exciting opportunity to leverage my extensive experience in developing reimbursement strategy, forging relationships and contributing to the commercial success of NeuroStar TMS, which is a novel and potentially life-changing psychiatric treatment," said Hailey. "Because TMS Therapy has become a standard of care and was recently added to the APA Practice Guideline for Major Depressive Disorder, now is the time to ensure that NeuroStar TMS Therapy is a covered treatment option for the thousands of patients who may benefit from it." In January, two Category I Current Procedural Terminology (CPT) codes for TMS Therapy, the type of procedure performed using the NeuroStar TMS Therapy system, were released into private and government payer systems.
The availability of CPT-I codes for a new treatment modality indicates the treatment is an accepted standard of care for a patient population. In addition, TMS Therapy was added to the American Psychiatric Association 3rd Edition Practice Guideline for the treatment of Patients with Major Depressive Disorder.