The Centers for Medicare and Medicaid Services (CMS) has announced that it will cover a substantial portion of the cost for CVRx’s implantable heart failure device.

For the next three years, Medicare will pay for up to 65 percent of the device cost for Barostim Neo, a neuromodulation device for treating chronic heart failure, up to a maximum of $22,750. The device is designed to treat patients by electrically activating the baroreflex, the body’s natural mechanism for regulating cardiovascular function.

CMS said it will also cover the costs for the device’s implant procedure and it expects that reimbursement to range between $39,895 and $44,170.