Archive: January 2020
Brightree deepens resupply offering
January 31, 2020Liz Beaulieu, Editor
ATLANTA - Brightree has signed on to buy SnapWorx, a Brentwood, Tenn.-based software company that provides a patient contact management and workflow optimization platform for the CPAP resupply market.
ResMed CEO Mick Farrell announced the deal during the company's Jan. 30 conference call to discuss its financial results for the second quarter of fiscal year 2020.
“The combination of Brightree's technology and logistical services with this new SnapWorx technology creates the largest...
Protech has 'robust pipeline of acquisition targets'
January 31, 2020Theresa Flaherty, Managing Editor
CINCINNATI - Protech Home Medical is poised to grow in a “fragmented and shrinking” home respiratory market, company execs said on an earnings call last week.
“Demand for services continues to rise, but the supply side is fragmented and shrinking, as significant reimbursement cuts have reduced the number of providers,” said CEO Greg Crawford. “This is an industry of scale and Protech is still at the early stages of reaping the full benefits of being one of the only...
In brief: PromptCare buys Premier, Rehab Medical buys Mobility Specialists
January 31, 2020HME News Staff
NEW PROVIDENCE, N.J. - The PromptCare Companies has acquired Hoffman Estates, Ill.-based Premier Specialty Infusion, further expanding its footprint in the Midwest.
PromptCare, a regional provider of complex respiratory and specialty home infusion services, has acquired Premier Specialty Infusion from the family of its CEO, Ashar Hasan.
“Ashar has built an impressive team at Premier and we are delighted to welcome them into the PromptCare family,” said Tom Voorhees, CEO of...
ResMed reports double-digit growth, announces software acquisition
January 31, 2020HME News Staff
SAN DIEGO - ResMed reported net revenues of $736.2 million for the second quarter ended Dec. 31, 2019, compared to $651.1 million for the same period in 2018, a 13% increase.
Net income was $160.6 million compared to $124.6 million, a 29% increase.
“We had a strong December quarter with double-digit top-line growth and further gross margin expansion, as well as continued fiscal discipline that resulted in improvements in operating leverage and double-digit growth at the bottom line,”...
OIG: Non-mail order makes up majority of DST claims
January 31, 2020HME News Staff
WASHINGTON - Non-mail order claims for diabetes testing supplies made up 85% of the total Medicare market between April 1, 2019, and June 30, 2019, according to a new report from the Office of Inspector General. Suppliers provided 25 brands of testing supplies to Medicare beneficiaries via non-mail order and 21 brands via mail order. The OIG sent documentation requests to 594 non-mail order suppliers and 18 mail-order suppliers to conduct its study. A rule outlined in the Medicare Improvements for...
Sleep Coaches heightens patient engagement
January 31, 2020Theresa Flaherty, Managing Editor
MINNEAPOLIS - Mark Boardman has sold his HME business to focus on his proprietary CPAP resupply platform and live-call program called Sleep Coaches.
Boardman first developed the program for his business, after realizing there had to be a better way to connect with his CPAP patients, who only responded to automated phone calls about 15% of the time.
“Right after the patient is set up on CPAP, we have respiratory therapists start following up and we let the patient know that they have...
ResMed says 'innovation' in masks pays off
January 31, 2020Liz Beaulieu, Editor
SAN DIEGO - ResMed's masks and accessories hit constant currency growth of 19% in the U.S., Canada and Latin America for the second quarter of fiscal year 2020.
They hit growth of 16% globally.
“(That's) well ahead of market growth rates, indicating that we gained significant market share,” said CEO Mick Farrell during a conference call Jan. 30 to discuss the company's latest financial results.
ResMed's CPAP devices grew 9% in the U.S., Canada and Latin America,...
Rehab Medical extends reach in Florida
January 31, 2020HME News Staff
INDIANAPOLIS - Rehab Medical has acquired Winter Haven, Fla.-based Mobility Specialists, which has been providing mobility equipment in central Florida for more than 16 years. “We are excited to continue our expansion throughout the state of Florida, where we have had great success over the last decade,” said Rehab Medical President Kevin Gearheart. “This move will allow us to expand our footprint outside of Northern Florida and service more people in the central part of the state,...
Protech reports Q4 revenue increase
January 31, 2020HME News Staff
CINCINNATI - Protech Home Medical reported revenues of $19.5 million for its fourth quarter ended Sept. 30, 2019, an increase of 8% over the same period in 2018. Recurring revenue was $55.1 million, an increase of 26%. Adjusted EBITDA was $3.7 million compared to $5.2 million. Full-year revenue for fiscal year 2019 was $81 million, a 15% increase year over year. “For two consecutive years, we have demonstrated consistent revenue and adjusted EBITDA growth and substantial improvements in EBITDA...
VGM announces Heartland keynote speaker
January 30, 2020HME News Staff
WATERLOO, Iowa - Mark Scharenbroich will keynote VGM's 2020 Heartland Conference, which takes place here June 15-17. Scharenbroich is an Emmy award winner and award-winning author of “Nice Bike: Making Meaningful Connections on the Road of Life.” “Mark is phenomenal at creating those authentic connections our members want with their customers and co-workers,” said Sarah Conger, vice president of events and corporate projects at VGM Group. “His messages are a great...