Providers

CINCINNATI – Quipt Home Medical has dipped its toe into the diabetes market, which company execs say represents a “promising avenue” for growth.  The company started testing the market in fiscal 2023, offering CGMs and supplies in certain markets, CEO Greg Crawford said on a call to discuss second fiscal quarter 2024 earnings.  “The early signs have looked pretty good for us, so now we're in the process of expanding that around the rest of the company,”...

EVANSTON, Ill. – Synapse Health’s Tony Kilgore hopes his background in DME will offer some reassurance to reluctant providers as the company implements its new capitated agreement with UnitedHealthcare.  The agreement, for standard DME in Georgia and North Carolina for UHC’s Medicare Advantage plan members enrolled in HMO and PPO plan, was announced May 1 and takes effect Aug.1.    “We're all from the industry, we've walked in the shoes, we've...

CINCINNATI – Quipt Home Medical reported revenue of $64 million for its second fiscal quarter 2024, a 10% increase year over year.  Revenues for the six months ended March 31, 2024, were $129.3 million, a 31% increase year over year.  “We are very proud of the resilience of our business and our ability to maintain our strong margin profile amid certain industry-related challenges experienced during fiscal Q2,” said Greg Crawford, CEO and chairman. “We have...

TUSTIN, Calif. – SG Homecare, a provider of HME and supplies, has acquired Western Drug Medical Supply, creating a platform to scale in Southern California’s home care market.  The combined entity has more than $150 million in annual revenue and more than 500 employees.  "This is a transformative moment for both SG Homecare and Western Drug Medical Supply," said Jay Wendt, CEO, SG Homecare. "We're committed to a seamless integration, fostering a...

PLYMOUTH MEETING, Pa. – AdaptHealth’s diabetes business “outperformed expectations” during the first quarter of 2024 and company execs are cautiously optimistic that their efforts to boost the segment are starting to make headway.  Diabetes revenue was $149.3 million for the quarter, a 2% increase and the first year-over-year increase for the segment since the second quarter of 2023, driven by the company’s moves to double its sales force, name Briah Carey as...

PLYMOUTH MEETING, Pa. – AdaptHealth reported revenue of $792.5 million for the first quarter 2024, a 6.4% increase over the prior year, surpassing expectation of $769.87 million.  Adjusted EBITDA increased to $158.5 million, an 18.3% increase. Free cash flow was negative $38.9 million compared to $51.1 million, primarily driven by delayed payments resulting from the Change Healthcare cyberattack.  “I am pleased to report that AdaptHealth had an excellent first quarter,”...

RICHMOND, Va. – Owens & Minor’s Patient Direct segment saw “minimal impact” on its top line growth from the Change Healthcare cyberattack, but it did see more of an impact on receivables, say company execs.  On a recent call to discuss its earnings for the first quarter 2024, Edward Pesicka, president & CEO, said the company was still working to clear up backlogs.  “We were not immune from the impact; however, we are currently working with Change Healthcare...

FORT WORTH, Texas – MasVida Health’s recent acquisition of Joerns Healthcare’s rental business opens the door to new geographies, cross-selling opportunities and referral relationships, says Joshua Robertson, president and CEO.  The companies announced in February that MasVida, which provides respiratory, oxygen, wound therapy and other DME to post-acute care facilities throughout Texas, would acquire Joerns Healthcare’s products and associated operations in Florida,...

RICHMOND, Va. – Owens & Minor reported consolidated revenue of $2.6 billion in the first quarter of 2024, representing year-over-year growth of 4%.  Of that, Patient Direct revenue was $638 million, up 5%.  “Our solid performance in the first quarter was in line with our expectations, as we delivered top-line growth in both segments, adjusted operating margin expansion and improved year-over-year profitability,” said Edward Pesicka, president & CEO. “At the...

MINNEAPOLIS – UnitedHealthcare has entered into a capitated arrangement with Synapse Health for standard DME in Georgia and North Carolina for its Medicare Advantage plan members enrolled in HMO and PPO plans.   The change, announced on UHC’s website on May 1, is effective Aug. 1.  DME providers will need to join the Synapse Health network to continue to provide standard DME for these plan members. Synapse Health will reach out to providers with details about joining...