INSP (US)


April 21, 2026

INSP: MAC Modifier Feedback Bolsters View

By John Leppard

Amid persistent investor questions on Medicare Administrative Contractor (MAC) billing / coding requirements for Inspire Medical’s (INSP) Inspire V device, we continue to believe that the MACs will ultimately instruct providers to use the -52…

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April 9, 2026

Inspire Medical (INSP): More MAC Wrinkles

By John Leppard

While we view today’s update of Medicare Administrative Contractor (MAC) WPS’s billing and coding article for hypoglossal nerve stimulation (HGNS) – omitting requirements that physicians bill using a -52 (reduced work) modifier – as directionally…

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March 6, 2026

[INSP, LIVN, NYXH] New Hypoglossal Code By 2028

By John Leppard

As we had anticipated, the American Medical Association’s (AMA) CPT Editorial Panel will evaluate the creation of a new reimbursement code to describe single lead hypoglossal nerve neurostimulation (HGNS) devices (e.g., INSP’s Inspire V) at…

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February 26, 2026

INSP: Quick Thoughts on New Codes

By John Leppard

We see little practical reimbursement impact for INSP from CMS’s announcement this morning that it will be creating a set of new facility level C-codes for newer generation hypoglossal nerve stimulation (HGNS) device services (e.g.,…

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February 12, 2026

Inspire Medical (INSP): Post-Call Questions Answered

By John Leppard

With INSP confirming our suspicion last night that MACs will ultimately require Inspire V procedures to be billed under CPT 64582 with a -52 (reduced work) modifier, we would expect this to translate into a…

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January 22, 2026

INSP: CMS Update Makes Pricing / Volumes a Bigger Lift

By John Leppard

CMS’s update this morning – indicating that CPT 64568 is not covered for obstructive sleep apnea under any national coverage determination (NCD) – is in keeping with the view we articulated just two weeks ago,…

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January 9, 2026

Conference Policy Prep Pack: Medtech & Biopharma

By John Leppard

With medtech and biopharma companies set to descend on San Francisco next week, below we provide a set of significant policy-related questions for clients to ask management, the answers to which will inform company growth…

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January 8, 2026

INSP: MAC Feedback Points to Lower Doc & Facility Rates

By John Leppard

Following repeated outreach to Medicare Administrative Contractor (MAC) public inquiry mailboxes, feedback from WPS – responsible for ~13% of INSP services – bolsters our view that the company is unlikely to be able to take…

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December 30, 2025

INSP: How The MAC Tides Have Turned

By John Leppard

With Medicare Administrative Contractor (MAC) WPS – responsible for ~13% of INSP claims – now joining Noridian (17%), NGS (9%), and CGS (6%) in removing cranial nerve code 64568 from its hypoglossal obstructive sleep apnea…

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December 18, 2025

INSP: More MAC Confusion

By John Leppard

Despite this morning’s billing article updates from Medicare Administrative Contractors (MACs) Noridian [here] and CGS [here] – removing CPT 64568 from the list of covered codes for hypoglossal nerve stimulation (HGNS) for obstructive sleep apnea…

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