Viemed bolsters growth plans

LAFAYETTE, La. - Viemed Healthcare has racked up new payer contracts and added multi-function ventilators to its product portfolio, as it pushes to have a larger presence nationwide.

With only a fraction of the estimated 25 million Americans with COPD diagnosed, there's significant growth potential for a provider like Viemed, says CEO Casey Hoyt.

“Our country has to embrace home-based providers to prepare for the masses of patients headed our way,” he said during a recent conference call to discuss the company's financial results. “Patients, payers and providers all know this and are seeking out solutions.”

Viemed reported revenues of approximately $23.5 million for the third quarter of 2019, a 37% increase compared to the same period in 2018. It reported a net income of $3 million, a 22% increase. The company grew its vent patient count by 36% compared to the same period last year and 4% over the second quarter.

Hoyt called the third quarter Viemed's “best ever” for the company's network development department, with new commercial, Medicare Advantage, Medicaid managed care, national payer and eight regional networks added to its roster.

“These wins translate into us having access to market growth with access to over 9.6 million covered lives,” he said.

One opportunity Viemed sees on the horizon: competitive bidding for non-invasive ventilators. Although a bill introduced Oct. 31would delay inclusion of the product category by five years, execs say they are ready to go either way.

“We see it as an ability for our company to expand faster and to get into some areas that we probably wouldn't have had in the next 18 months,” said Hoyt. “We're ready to go if it's in, and, if it's not, we'll adjust accordingly.”

In recent quarters, Viemed has added oxygen, lymphedema pumps and AffloVests to its product offerings. The addition of multi-function vents allows the company to reach new markets, says Hoyt.

“Our clinicians are just super pumped about this offering,” he said. “We've got a really great relationship with the manufacturer, and they identify that Viemed is a company that's very patient-centric driven. And so they are helping us expand into newer markets, newer ALS markets that we haven't been in.”