In brief: New president for Associates, new investment for Reliable Medical, new record for Quipt 

WATERLOO, Iowa – VGM & Associates, a VGM Group company, has announced that Lindy Tentinger will become its next president on Jan. 1. 

She will also join VGM’s senior leadership team. 

“Through an extensive interview process, Lindy shined as the best possible candidate to fill this role,” said Jeremy Stolz, who currently serves as president of VGM & Associates and VGM Fulfillment, and who will become CEO of VGM Group at the beginning of the year. “Serving the HME industry is at the core of what we do at VGM. Lindy’s ability to form strategic collaborations and translate vision into action positions us to help usher in an even brighter future for our industry.” 

Tentinger, who began her career with VGM in 2017, currently serves as president of VGM Forbin/forbinfi, which provides digital marketing solutions, as well as IT and security/compliance services, to businesses, with a focus on the HME and financial industries. Previously, she served as senior vice president of marketing for VGM & Associates. 

“I am honored to continue to serve the HME industry as president of VGM & Associates,” Tentinger said. “HME is vital within the health care industry. Our community of providers and partners offers invaluable patient care. I, along with the entire team of dedicated employee owners, am here to ensure long-term success for our industry.” 

VGM Group has already begun the search for the next Forbin president. Both internal and external applicants will be considered. 

Seven Hills Capital doubles down on Reliable Medical 

NASHVILLE and FRANKLIN, Tenn. - Seven Hills Capital has announced its reinvestment in Franklin, Tenn.-based Reliable Medical to support the company's growth strategy into new and existing markets. 

“It’s been a privilege to work hand-in-hand with (CEO Katie Stevens) and the Reliable team to-date,” said Matt Pettit, founding partner of Seven Hills Capital. “We couldn’t be more proud to support RM’s mission and look forward to embarking on our next phase of growth.” 

Seven Hills Capital, a Nashville, Tenn.-based “operator-centric” private equity firm, first invested in Reliable Medical in 2018. 

Reliable Medical has since made a number of acquisitions, most recently Tusk Mobility in Northpoint, Ala., and Capstone Medical Partners in Lakewood, Wash., earlier this year, and Orbit Medical in Chicago in late 2022. 

"The additional investment is a meaningful leap forward for our team to build upon our growth story and people-first philosophy,” Stevens said. “We are thrilled for the opportunity to serve an even larger patient population, to continue our recruitment of ATPs, and to execute on our organic growth initiatives." 

Reliable Medical specializes in complex rehab technology, clinical respiratory products, and DME and supplies. 

NCART announces Lee’s departure, seeks payer relations manager  

WASHINGTON – NCART has announced that Mickae Lee, associate director, is leaving the organization on Jan. 1, 2024. 

She will remain in the industry, working in a government relations role, according to NCART. 

“It has been a privilege to be part of the NCART team and I am beyond grateful for the opportunities and experiences I’ve been afforded during my time here,” Lee said. “It is a true honor to be surrounded by such an incredible group of fellow advocates and, though I am beginning another chapter of my career, I will remain a fierce supporter of this work." 

Lee has contributed to NCART since 2009 and became a full-time employee of the organization in 2013. She assumed the role of associate director in 2021. 

NCART is recruiting a payer relations manager to continue Lee’s efforts to pursue reimbursement relief at the state level, as well as payment for non-covered services.  

“Recent inflationary pressures have only exacerbated the financial strain on complex rehab suppliers,” said Wayne Grau, executive director of NCART. “The economic industry issues continue to challenge NCART members, as they are locked into fixed fee schedules that do not reimburse for services like travel and repair assessment.” 

Those interested in the payer relations manager position can email resumes to info@ncart.us. 

Quipt Home Medical exits FY23 with strong momentum 

CINCINNATI – Quipt Home Medical reported revenue of $221.7 million for fiscal year 2023, a 59% increase compared to the previous year. 

It reported a net loss of $2.8 million vs. a net loss of $4.8 million, and an adjusted EBITDA of 22.8% of revenue vs. 20.9% of revenue. 

“We exited fiscal 2023 with strong momentum across the organization, and substantial operating scale achieved, posting record results,” said CEO and Chairman Greg Crawford. “Our growth strategy continues to yield consistent financial and operational results, and we are pleased with the team’s continuous efforts to expand our patient-centric ecosystem into strategic areas around the country. In fiscal 2024, we anticipate solid organic growth, with the goal of achieving 8% to 10% revenue growth on an annualized basis. In real time, during fiscal Q1 2024, we have seen continued strong demand for our entire diversified respiratory product mix, including sleep products, and expect this to continue through fiscal 2024.” 

Quipt Home Medical says its customer base increased 65% year over year to 285,819 unique patients in fiscal year 2023. It completed 754,414 unique setups/deliveries, a 46% increase. 

The company says its resupply program now represents 47% of its recurring revenue mix and comprises 169,999 patients as of Sept. 30, 2023. 

For the fourth quarter, Quipt Home Medical reported revenue of $62.5 million, a 56% increase compared to the same period in the previous year; a net loss of $1.3 million; and an adjusted EBITDA of 23.5% of revenue. 

NCPA backs new PBM lawsuit 

ALEXANDRIA, Va. – The National Community Pharmacists Association is throwing its support behind another class action lawsuit filed against UnitedHealth Group and its pharmacy benefit manager, OptumRx. The lawsuit, announced by the law firms Berger Montague PC and Cohen & Gresser LLP, claims that UnitedHealth Group and OptumRx have been assessing pharmacy DIR fees in violation of federal antitrust laws and state laws governing contracts. “After years of abuse at the hands of big insurance plans and their PBMs, independent pharmacies are fighting back,” said NCPA CEO B. Douglas Hoey. The plaintiff in the new case, Osterhaus Pharmacy of Maquoketa, Iowa, is also the lead plaintiff in a case against CVS Caremark. The NCPA says UnitedHealth Group and OptumRx control nearly one-third of all prescriptions in the country, and in some areas, they have a virtual stranglehold on the market. The association says independent pharmacies whose patients are covered by UnitedHealth must either agree to the shakedown as part of a “take-it-or-leave-it” contract, or they must allow their patients to be steered to a large mail-order pharmacy or some other big competitor that is often affiliated with other insurance companies. Independent pharmacists who want to learn more about their legal options should visit www.fightpbms.com. 

Philips moves forward with share repurchase  

AMSTERDAM – Philips has completed the cancelation of about 15.1 million of its shares. The canceled shares were acquired as part of the EUR 1.5 million share repurchase program for capital reduction purposes that was previously announced on July 26, 2021. Philips will complete the share repurchase program in April 2024, resulting in a further cancelation of 4.4 million shares in the second quarter of 2024. The company’s current issued share capital amounts to about EUR 182.7 million, representing about 913.5 million common shares. 

Paragon Ventures publishes ebook 

WAYNE, Pa. – Paragon Ventures has published the first in a series of articles to guide companies through the sale, merger and acquisition process. The first article, “Preparing for M&A,” reviews establishing transaction goals, assembling an M&A team and developing a sale strategy. “In the dynamic landscape of business, mergers and acquisitions have become integral for some companies seeking growth, market expansion, or strategic realignment,” Paragon states. “For some business owners, retirement may be a primary motivation for a transaction. Successfully navigating through the complexities of M&A requires more than financial acumen. A well-thought-out sale and integration strategy is crucial to ensure a smooth transition and capitalize on new opportunities.” The second article will review gathering company information and preparing financials. 

Restore Mobility features Pride lift chairs 

BIDDEFORD, Maine – Restore Mobility, an online family-run business offering a range of mobility products, has announced a strategic partnership with Pride Mobility. Restore Mobility will now feature Pride Mobility’s Power Lift Recliners, as well as the company’s Jazzy Power Chairs and Go-Go Scooters. “Our core mission is simple yet powerful: ensuring utmost customer satisfaction,” a company spokesperson said. “Being a small business grants us the opportunity to provide personalized attention and care to each and every customer. We value the essence of simplicity, and we recognize that nothing surpasses the significance of family and well-being.” Restore Mobility also features products from Journey Health and Lifestyle, including the company’s So Lite Scooter, Zoomer Chair, Upbed Standard and Upbed Independence. The company says it offers customers a number of benefits, including a free gift with every purchase, lifetime phone support and troubleshooting, and free shipping. 

Infusion for Health achieves accreditation 

BREA, Calif. – Infusion for Health has achieved accreditation for infusion therapy at its locations in Nevada, Colorado, Arizona and Washington through the Accreditation Commission for Health Care. The company’s locations in California are scheduled to achieve accreditation in the first quarter of 2024. "This accreditation is a testament to our commitment to clinical excellence and exceptional care for our patients,” said Dan McCarty, CEO of Infusion for Health. “I am proud of our team and the pride they take in their work, and I am grateful for ACHC’s acknowledgment of that.” ACHC accreditation marks a major milestone for Infusion for Health, which opened its first outpatient infusion center in 2015 in Thousand Oaks, Calif. The company began to expand to new locations in 2020 and today it services locations throughout northern and southern California, as well as in Arizona, Colorado, Missouri, Nevada and Washington. Infusion for Health also offers a specialty pharmacy that fills prescriptions for at-home infusion therapy treatment for conditions such as Crohn’s disease, rheumatoid arthritis and neurological autoimmune disorders. For both its pharmacy and outpatient services, the company works closely with physicians, insurance providers and others to ensure that care is properly coordinated to achieve the best outcomes for patients.