Spark Biomedical, INC. and FINPAY, LLC to Partner to Combat Opioid Addiction
PHILADELPHIA, July 29, 2021 /PRNewswire/ — FinPay LLC, a recognized leader in pre-care payments and patient engagement, announced an agreement with Spark Biomedical, Inc., a Texas-based medical device company and developer of the first FDA-cleared, drug-free, personalized, wearable neurostimulation solution for opioid withdrawal — the Sparrow Therapy System. Through this agreement, the companies combine core expertise to address the opioid crisis by delivering both technological therapy innovation and an enhanced pre-care financial experience in the behavioral health marketplace.
The opioid epidemic continues to be a significant health crisis in the United States and has become an accelerant to the opioid crisis. In fact, the highest number of drug overdose deaths in the U.S. in a 12 month period occurred in 2020, escalating to just over 93,0001 — Opioid Use Disorder being a significant portion of this number. The recent 29% increase in overdose deaths, and the opioid crisis, in particular, are only expected to escalate further as the COVID-19 pandemic lingers. Those seeking help to overcome Opioid Use Disorder (OUD) face a few daunting barriers, fear of painful withdrawal, and overall cost of treatment. The FinPay and Spark Biomedical partnership is designed to empower behavioral health facilities with better tools and resources to smooth the path into treatment and through opioid withdrawal. Only then can patients receive the deeper behavioral health care needed to address the underlying causes of OUD.
“We are excited to partner with FinPay to increase patient access to our Sparrow Therapy System through their innovative payment systems,” noted Daniel Powell, CEO at Spark Biomedical. “Together, we hope to enable Opioid Use Disorder patients to more easily get the help they need to overcome painful withdrawal with less worry about the initial barriers of cost.” “Spark Biomedical has a proven track record in addressing opioid withdrawal and received FDA clearance on January 5, 2021,” stated Tim Kowalski, CEO of FinPay. “We are thrilled to be offering payment programs to ease the burden for patients that need an opioid withdrawal program; these programs have the potential to help over 11.5 million Americans who suffer from opioid dependence or addiction.”
FinPay is a fully managed technology solution for Patient Financial Management that is committed to solving the affordability crisis in healthcare by enhancing the patient financial experience through precare engagement, expanding healthcare financial literacy, advocating for cost transparency, and offering affordable payment options, all while restoring consumer trust in the American healthcare system.
FinPay Media Contact
Director of Marketing
About Spark Biomedical
Spark Biomedical, Inc. is a Texas-based medical device company and developer of the first drug-free, personalized, wearable neurostimulation solution for opioid withdrawal relief backed by evidence from a double-blind, randomized controlled clinical trial targeting patients with opioid use disorder.
The Sparrow Therapy System uses Transcutaneous Auricular Neurostimulation (tAN) to treat withdrawal symptoms by stimulating nerves on and around the ear. The wearable earpiece is designed to be worn up to 24 hours a day throughout opioid reduction or as prescribed to aid in the reduction of withdrawal symptoms.
The company’s vision to ignite a brighter future for those struggling with opioid use disorder and dependence is fueled by its unique blend of scientific expertise, technical innovation, and deep medical device industry experience.
Spark Biomedical Media Contact
Senior Vice President of Marketing & Communications