Archive: July 2015
'Chaos' erupts as Univita loses contracts
July 31, 2015Theresa Flaherty, Managing Editor
MIRAMAR, Fla. - Less than a year after it took over the Florida Medicaid market, Univita Health has lost all of its contracts.HME providers place much of the blame on Medicaid officials.“We knew, from day 1, that this was going to happen,” said Fino Randazzo, owner of Florida Home Health in Orlando. “When you have one company trying to service 2 million people, it's not sustainable. Why would (the state) allow this?”Univita gained control of much of the Florida Medicaid market...
ResMed Americas shines in fourth quarter
July 31, 2015Liz Beaulieu, Editor
SAN DIEGO - ResMed's flow generator sales increased 53% and mask sales rebounded to increase 5% in the fourth quarter ended June 30, 2015.ResMed officials credit healthcare informatics platforms like U-Sleep, which allows providers to monitor and manage their businesses, with powering the company to generate $151.5 million in flow generator sales for the quarter.“The analogy would be iTunes is such a great platform that people are buying a lot of iPhones and iPads,” said CEO Mick Farrell....
Invacare realigns team
July 31, 2015Liz Beaulieu, Editor
ELYRIA, Ohio - Invacare is a company in transition, Chairman, President and CEO Matthew Monaghan told investors during a conference call on July 23 to discuss the company's financial results for the second quarter of 2015.“As CEO, I've spent the last few month focusing the organization on two critical priorities: building a strong sustainable quality culture, and generating profitable growth,” he said. “There are a number of transition activities underway to make that happen, primarily...
Zeldin fuels efforts to reverse decision on accessories
July 31, 2015Tracy Orzel
WASHINGTON - Mobility stakeholders have found a new champion in Rep. Lee Zeldin, R-N.Y.Zeldin introduced a bill last week that would provide a technical correction to prevent CMS from applying competitive bid pricing to accessories for complex power wheelchairs.“His name was suggested to us because he's on the Veterans' Affairs Committee,” said Don Clayback, executive director of NCART. “We met with his office the day after the congressional CRT Expo (on July 20) to discuss the...
ResMed finishes year with singe-digit increases
July 31, 2015HME News Staff
SAN DIEGO - ResMed reported revenues of $453.1 million for the fourth quarter ended June 30, 2015, a 9% increase compared to the same quarter last year. It reported a net income of $87.5 million, consistent with the same quarter last year. ResMed reported revenues of $1.7 billion for fiscal year 2015, an 8% increase compared to last year. It reported a net income of $352.9 million, a 2% increase. For the Americas, ResMed reported revenues of $273.7 million for the fourth quarter, a 27% increase compared...
Tech challenge winners announced
July 31, 2015HME News Staff
NEW YORK - The Kinesic Mouse, a software solution that allows users to operate their PCs hands-free using a 3D camera to detect facial expressions and head rotations, was awarded the $25,000 grand prize in the Connect Ability Challenge, sponsored by RESNA, AT&T, and New York University's ABILITY lab. The People's Choice award went to the Laugh Out Loud Aid, which sends social and living skills reminders, such as saying "please" and "thank you,” to users. More than 60 software, wearable and...
In brief: O2 Concepts lands capital, growth in healthcare spending slows
July 31, 2015HME News Staff
OKLAHOMA CITY, Okla. - O2 Concepts and BOK Financial Capital, a financial services holding company, have closed on a strategic investment.
Proceeds from the investment, the first outside capital that O2 Concepts has raised since launching in 2010, will support international expansion, manufacturing facility enhancements and new product development.
“Our partnership with BOK Financial Capital Corporation allows us to accelerate our already impressive rate of growth,” said Rob Kent,...
O2 Concepts lands capital for int'l expansion
July 30, 2015HME News Staff
OKLAHOMA CITY, Okla. - O2 Concepts and BOK Financial Capital, a financial services holding company, have closed on a strategic investment.Proceeds from the investment, the first outside capital that O2 Concepts has raised since launching in 2010, will support international expansion, manufacturing facility enhancements and new product development.“Our partnership with BOK Financial Capital Corporation allows us to accelerate our already impressive rate of growth,” said Rob Kent, president...
Short takes: Franciscan, Cloud9
July 30, 2015HME News Staff
Franciscan Companies has donated nearly $3,000 worth of medical equipment to Operation Walk Syracuse, a nonprofit that helps arthritic patients in developing countries receive total-joint replacements at no cost. Franciscan Companies is an affiliate of St. Joseph's Health and provides HME, respiratory therapy and sleep disorder treatments in New York and Pennsylvania…inSleep Health has received 510(K) clearance from the FDA for its Cloud9 Anti-Snoring System. Designed for home use, the prescription...
Prism Medical reports second quarter results
July 30, 2015HME News Staff
TORONTO - Prism Medical on July 28 reported sales of $14.1 million for the three months ended May 31, 2015, compared to $10.3 million for the same period last year. Net income was $430,000 vs. $21.3 million. The Canadian DME manufacturer and provider reported net sales of $26.3 million for the six months ended May 31, 2015, compared to $20.3 million for the same period last year. Net income was $832,000 vs. $22.1 million. The company intends to increase shareholder value through organic growth and...