AdaptHealth continues brisk pace of acquisitions 

PLYMOUTH MEETING, Pa. – AdaptHealth has made another large acquisition: Spiro Health, giving it 22 locations in eight states where it doesn’t have much of a presence. 

The Massachusetts-based Spiro Health was formed in 2020 with the merger of America's HealthCare at Home, Cape Medical Supply and Health Complex Medical, and is headed up by CEO Gary Sheehan. 

“We welcome Gary and the entire Spiro team,” said Josh Parnes, president, on a conference call to discuss the company’s financial results for the first quarter. “Gary and I have collaborated. He’s an innovative and well-respected advocate of the HME industry.” 

The Spiro Health acquisition, completed in the second quarter, is AdaptHealth’s fifth so far in 2021. AdaptHealth completed four acquisitions in the first quarter, including Allina Health Home Oxygen & Medical Equipment, a provider in Minnesota with 10 locations. 

‘Past the pandemic’ 

After some initial softness in January and February, new patient set ups started to pick back up late in the first quarter, says Steve Griggs, co-CEO. 

“March and April popped back nicely,” he said. “We are pretty much past the pandemic and seeing how people are willing to come to the doctor, the labs, come to our offices. We are doing a lot of virtual care still.” 

‘An army behind us’ 

Execs also briefly addressed the elephant in the room: co-CEO Luke McGee, who was placed on unpaid leave in April after authorities in Denmark formally charged him with alleged tax fraud. An investigation being conducted by an independent law firm shows no evidence that there is any connection between McGee’s “private activity” and AdaptHealth. 

“We’re going to miss Luke’s presence, but his strategy is well-established and we believe we will continue to prove that,” said Parnes. “We feel good about where we are. At the end of the day, we have an army behind us – our employees under our management team that we’ve built over the years.”