Virtual reality behavioral therapy platform Floreo closed a $10 million Series A funding round led by Tenfore Holdings with participation from Autism Impact Fund, Disability Opportunity Fund and Felton Group.
The funding comes on the heels of a Category III Current Procedural Terminology Code (CPT) from the American Medical Association for the use of VR technology to assist with therapy. CPT III codes are temporary codes used to report emerging technologies, procedures and services, Mobi Health News reports.
The CPT III code (0770T) will go into effect in January 2023, allowing qualified healthcare professionals to report their use of VR as part of therapy as a practice expense.
Additionally, Floreo and national managed care organization CareSource entered into a pilot program with the Arkansas Support Network to further explore the benefits of using VR for individuals receiving home and community-based services. Read more.
