In brief: Quipt’s focus, MobilityWorks’ milestone, RoundTable’s new location 

CINCINNATI – Quipt Home Medical, which reported revenue of $64 million for the third quarter of 2024, a 6.1% increase year over year, says it is “focused on identifying synergistic acquisition candidates” in the wake of Owens & Minor buying Rotech Healthcare. 

“The recent acquisition of a larger peer in our industry underscores the significant valuation gap we have in the marketplace compared to our fundamentals,” said CEO and Chairman Greg Crawford. “Furthermore, we anticipate a potential dislocation in the marketplace based on historical developments when large M&A takes place, and, if applicable, we are confident in our ability to pick up market share.” 

Other results from the quarter: 

• Recurring revenue for Q3 continued to be strong, representing 82% of total revenue, driven by overall growth in new equipment set-ups. 
• Adjusted EBITDA for Q3 was $14.2 million, or 22.3% of revenues, compared to Adjusted EBITDA for Q3 2023 of $13.9 million or 23% of revenues, representing a 2.7% increase year over year. 
• Net income (loss) for Q3 was $(1.7) million, or ($0.04) per diluted share, as compared to $(1.0) million, or $(0.03) per diluted share for the same period in 2023. 

Quipt says it served 270,087 unique patients in the nine months ended June 30, 2024, a 12.9% increase year over year. It says it completed 641,786 unique setups/deliveries, a 17.3% increase. 

The company says it continues to experience steady demand trends and referral patterns for respiratory equipment, including CPAPs, BiPAPs, oxygen concentrators, ventilators and resupply and other supplies. 

MobilityWorks hits 100 

RICHFIELD, Ohio – MobilityWorks has expanded to 100 locations across the country, the company announced on Aug. 13. 

This milestone was made possible through the company’s strategic acquisitions in Washington, Utah, Oregon and Oklahoma. 

“The journey from our first location in Akron, Ohio, now to our 100th, is not just a reflection of our company growth but a celebration of the lives we’ve impacted along the way,” said Bryan Everett, CEO. “While we’re proud to have established a strong presence across the nation, the real accomplishment comes in knowing we’re making mobility options more accessible than ever for the clients we serve every day. This would not be possible without the talented and dedicated team members who passionately support our mission.” 

MobilityWorks plans to open another location in Raleigh, N.C., by the end of the year. 

The company, which is a portfolio company of Flexpoint Ford, a private equity firm that specializes in investments in the health care and financial services industry, is a large retailer of wheelchair accessible vehicles and mobility equipment and services. 

• MobilityWorks marked its 25th year in business in 2022. 
• CEO Bryan Everett talked with HME News in 2020 about his vision for the company. 

RoundTable Health Care now serves Outer Banks 

BARCO, N.C. – RoundTable Health Care, a provider of home respiratory and mobility products and services, has opened a new location in Barco, N.C., to serve patients throughout the Outer Banks and surrounding areas, according to the Island Free Press. COO Joeli Olson told the newspaper the company opened a new location in Barco, because people in the area have had to travel an hour or more to larger cities like Norfolk, Va., to get services. “We are excited to be taking a locally owned company to a new state and new community and continue to provide the best personalized care for their needs,” Olson said. “We aren’t a cookie-cutter company. That’s our commitment to the patients and their doctors and referral sources.” Round Table Health Care has a sister company, Mountaineer Home Medical, which has locations in West Virginia and Maryland. The company plans to host a grand opening at the location on Aug. 19 with light refreshments, product demos and door prizes. 

Rehab Medical makes list based on 95% growth 

INDIANAPOLIS – Rehab Medical has been included on the 2024 Inc. 5000 list of fastest-growing private companies in the country for the third time. The company says it has grown 95% over the last three years under the leadership of CEO Patrick McGinley, who was named Midwest Entrepreneur of the Year in 2022. “When your vision is to be the leader in complex rehab technology, you’d better have the best team,” said Jason Carney, vice president of human resources for Rehab Medical. “And to build and maintain that team, you need to have a great culture. The path to executing on this vision, set by our CEO Patrick McGinley, has become our roadmap to success.” Rehab Medical’s organic growth has included new offices in Louisiana and North Carolina and a team of assistive technology professionals that now totals 100. “We’re constantly talking about strategic executions, following the process and holding the line,” said Carney. “These have become our business fundamentals that fuels our growth and has allowed us to be featured on the Inc. 5000 fastest-growing private companies in America list for the third time.” 

Withings joins tech network 

BOSTON – Withings has joined the Innovators’ Network at the American Heart Association Center for Health Technology & Innovation. The center is focused on building and fostering health technology relationships for innovative and scalable solutions, while the network is focused on connecting entrepreneurs, providers, researchers and payers. “Through the innovative medical-grade technology in our at-home and professional smart devices, Withings is offering a more proactive and long-lasting approach to health,” said Eric Carreel, Founder and CEO of Withings. “Becoming a member of the association's Center for Digital Health and Innovation enables all of us to improve patient outcomes and better support healthcare providers. We're looking forward to a prosperous membership and will aim to be an active member of the Center.” Withings says it brings to the network a wealth of knowledge and expertise on monitoring overall health from home using its range of smart devices, including smart scales, smartwatches, connected blood pressure monitors, digital thermometers and sleep mats. 

Telehealth use decreases 

NEW YORK – Telehealth utilization decreased nationally and in every region but the West in May 2024, according to FAIR Health’s Monthly Telehealth Regional Tracker. "We are happy to share these continuing windows into telehealth utilization as this venue of care evolves,” said Robin Gelburd, president of FAIR Health. “This is one of the many ways we pursue our health care transparency mission." Nationally, telehealth claim lines fell from 4.86 % of medical claim lines in April to 4.82% in May, a decrease of 0.8%. In the West, by contrast, telehealth claim lines rose from 6.31% to 6.52%, an increase of 3.3%. In the Northeast, the telehealth share of claim lines fell 0.7%; in the Midwest, it fell 0.4%; and in the South, it fell 0.1%. The data represent the commercially insured population, excluding Medicare fee-for-service, Medicare Advantage and Medicaid. From April to May, acute respiratory diseases and infections fell out of the top five telehealth diagnostic categories in the Northeast and West, replaced in the fifth position by endocrine and metabolic disorders in the Northeast and by diabetes mellitus in the West. Acute respiratory diseases and infections fell from second to third position in the South and remained in fifth position in the Midwest. This diagnostic category remained in second position nationally but fell in percent of telehealth claim lines. 

Jason Dillon adds ‘fresh voice’ at ATLAS 

LAS VEGAS – ATLAS Technologies has added Jason Dillon as vice president of sales. He was most recently director of sales for Trella Health, formerly known as PlayMaker Health. “We are excited to have Jason join the ATLAS team,” said Bill Paul, president/CEO of ATLAST Technologies. “His experience in software solutions and the HME industry will be a welcome addition to our team. We look forward to Jason expanding our customer base and providing ATLAS a fresh voice for providers to grow their businesses. The addition of Jason will allow for more direct provider contact, allowing feedback for development of new enhancement features and tools in our ATLAS technology for our customers.” In his role at Trella/PlayMaker, Dillon supported HME and home infusion providers nationwide by developing software solutions that drove performance and productivity for customers. Under his leadership, the company’s home infusion division grew from generating less than $100,000 in annual revenue to more than$5 million in 2023. The ATLAS family of software includes ATLAS Enterprise Software, ATLAS Clinical Evals Software, TeleHealth Clinical Evals, ATLAS-FIOS and most recently ATLAS RAMP Clinician Relationship Builder. 

DME Service Solutions joins AAHomecare 

SAN DIEGO and ARLINGTON, Va. – DME Service Solutions has partnered with AAHomecare, allowing the company to gain access to the latest industry insights, and regulatory and advocacy updates. Engaging with the association’s educational initiatives and resources will also allow DME Service Solutions to enhance its service offerings, ensuring that its staff members are well-equipped to address the evolving needs of home care providers and their patients. "We are honored to collaborate with AAHomecare, whose dedication to advocating for quality homecare aligns with our mission at DME Service Solutions. We look forward to working alongside AAHomecare and its members to make a meaningful difference in the lives of those we serve," said Ryan Holbrook, president of DME Service Solutions. DME Service Solutions is a health care BPO, delivering customized, HIPAA-compliant workforce solutions that it says enhance productivity and improve customer experience. The company has also partnered with the National Association for Home Care & Hospice. 

Prochant makes list, marks milestone 

CHARLOTTE, N.C. – Prochant has been included on the Inc. 5000 list of fastest-growing companies in the U.S. for the fourth consecutive year. The honor coincides with the company’s 25th anniversary, marking a significant milestone. "We are thrilled to celebrate our 25th anniversary with an appearance on Inc. 5000's prestigious list," said Mathew Mammen, Prochant CEO. "I am so fortunate to have such an amazing team that has helped build this company to where we are today. I am especially happy for my team because this acknowledges the hard work they put into the job day in and day out. We remain dedicated to helping our clients navigate the complexities of healthcare billing and reimbursement, driving efficiency and growth." The Inc. 5000 class of 2024 represents companies that have driven rapid revenue growth, while navigating inflationary pressure, the rising costs of capital and seemingly unrelenting hiring challenges. Among this year's top 500 companies, the average median three-year revenue growth rate is 1,637%. In all, this year's Inc. 5000 class has added 874,458 jobs to the economy over the past three years.