Quipt hints at ‘meaningful’ 2023

CINCINNATI, Ohio – Quipt Home Medical estimates that, based on revenues, it is currently the fifth largest HME supplier in the country, says CEO Greg Crawford. 

The company, which made eight acquisitions in fiscal year 2022, now serves 200,000 active patients through 90 locations in 19 states. 

“This gives us the scale and opportunities to find ways to grow our patient base and penetrate attractive markets, while continuing to streamline our operational platform,” said Crawford on a recent call to discuss the company’s Q4 and fiscal year 2022 earnings. “We anticipate continued momentum going into 2023.” 

Underpinning that momentum: the “best regulatory environment” in more than a decade, says Crawford. 

New Medicare policy for home oxygen therapy and the recently-released Medicare fee schedule adjustments, which deliver reimbursement increases ranging from 6.4% to 9.1%, are among the positive regulatory developments in 2023. 

“That’s extremely meaningful for us, as we have seen margins stabilize and believe peak inflation has already run though our business,” he said. 

Crawford also expects to see “major improvements” in the supply chain in 2023 and predicts that, as the company exits the first few months of the year, it will be back to its pre-pandemic supply levels. On its last earnings call, Quipt reported a CPAP backlog of 6,000 patients. 

“We saw steady and timely inventory allocations of sleep devices through fiscal Q4 and in real time in fiscal Q1 and continue to drive patient setups,” he said. “This real-time development is anticipated to be a powerful tailwind and to significantly contribute to our organic growth in the upcoming year.” 

• Read how Quipt has its eyes on the national stage with a partnership with Cardinal Health.