Viemed zeroes in on organic growth

LAFAYETTE, La. – Organic growth is the “highest priority” for Viemed Healthcare, said company execs on a recent call to discuss financial results for the third quarter. 

For the quarter, the company saw 11% sequential growth in its sleep business, which now comprises 17% of Viemed’s product mix, driven by the “springboard” acquisition of HMP in June. 

“We’ve consistently demonstrated that we are in a position to grow independently, leveraging our existing capabilities, infrastructure and expertise,” said CEO Casey Hoyt. “Geographically, we are expanding into new areas, capitalizing on the strengths and synergies brought by HMP to penetrate markets that were previously untapped. We are also growing complementary products and services that align with our core offerings.”  

Viemed’s core complex respiratory business, driven by home ventilation, saw a 12% increase in patients compared to one year ago. 

With a new CMS rule aimed at greater oversight and accountability for Medicare Advantage plans set to take effect in 2024 and the number of patients on MA plans continuing to increase, Hoyt sees opportunity for further growth there. 

“Right now, they are denying care for no clinical reason,” he said. “That’s broken and the opportunity to fix it remains a great challenge and opportunity for us to grow in the coming years.” 

With Viemed’s focus on organic growth taking center stage, the company’s still active M&A pipeline will be “supplemental” to growth, says Hoyt. 

“In a landscape where interest rates are rising and deal volumes are declining, we are fortunate to not be relying on acquisitions to fuel our growth,” he said. “Our view is that our company is reasonably recession proof with the increasing need to care for an aging population yearning for more comfortable care in the home.”