AdaptHealth to buy Advanced Home Care

PLYMOUTH MEETING, Pa. - AdaptHealth will acquire the HME business of High Point, N.C.-based Advanced Home Care, expanding its presence in the Southeast.

AHC, which formed in 1983, provides CPAP devices, oxygen concentrators, ventilators and traditional HME to patients through 23 locations in Georgia, North Carolina, South Carolina, Tennessee and Virginia. It had net revenues of $83 million for the 12 months ended Sept. 30.

“The Southeast represents an important market for AdaptHealth, and we are excited to expand our presence through our acquisition of Advanced Home Care's HME business,” AdaptHealth President and COO Josh Parnes said. “Advanced Home Care is a true leader in the industry, and we look forward to welcoming members of the management team to AdaptHealth and continue enhancing the products and services we're able to provide to patients and healthcare professionals throughout the region.”

AHC is a joint venture of 12 regional healthcare systems.

“In AdaptHealth, we believe we have found a forward-thinking team that will allow us to continue to provide patients and our healthcare system partners with quality products, expanded offerings, and the highest degree of service,” said Joel Mills, CEO.

It's been a busy fall for AdaptHealth, which went public in November and reported net revenues of $136.5 million for the third quarter of 2019. Also in November, the company announced it would acquire McKesson's Patient Care Solutions (PCS) business.

Since July, AdaptHealth has acquired six other companies, which it expects to generate approximate annual revenues of $58 million.

The transaction is expected to close in the first quarter of 2020.