Archive: July 2022

AMSTERDAM – Philips has established a “recovery trajectory” for its sleep and respiratory care business, but discussions with the U.S. Department of Justice on a proposed consent decree to resolve identified issues could impact the company’s plans. The company’s trajectory includes an estimated EUR 600 million in sales of Respironics sleep systems by 2025, up from an expected EUR 200 million in 2022 and more in line with the EUR 700 million in 2019, pre-recall.  “This...

BALTIMORE – A new national coverage determination that eliminates the certificate of medical necessity requirement for home oxygen therapy provides an opening to revisit standardized clinical data elements, industry stakeholders say.  Through Aug. 3, stakeholders are urging members in the House of Representatives to sign on to a Dear League letter that asks CMS to adopt CDEs for home oxygen equipment and supplies.  “The industry has taken this opportunity to...

BANNOCKBURN, Ill. – Option Care Health delivered a solid second quarter, even as it navigated pressures from a tight labor market and rising inflation, company execs said on a recent call.  “Our focus on recruiting our existing team members every single day and recruiting new members to the team helps ensure that we have capacity and vital skills necessary to provide advanced care to our patients,” said John Rademacher, CEO.   With its recent acquisitions of SPIN...

TIFTON, Ga. – Tyler Riddle, a second-generation provider and “elder millennial,” says it’s never been a more important time to advocate for the HME industry.  "Things change and we’re constantly being challenged, (but) we’re highly adaptable,” said Riddle, president of MRS Homecare, a full-service provider with 12 locations covering mainly rural Georgia. “Coming out of COVID has been exciting – supply chain issues have started working...

AUSTIN, Texas – Hanger, a national provider of O&P, has entered into an agreement to be acquired by Patient Square Capital, a dedicated health care investment firm, for approximately $1.25 billion.  Under the terms of the agreement, Hanger stockholders will receive $18.75 in cash per share, representing an approximate 29% premium to the 30-calendar day volume-weighted average price (VWAP) ending July 20, 2022. Upon completion of the transaction, Hanger will become a privately held company...

AUSTIN, Texas – Hanger, a national provider of O&P, announced today that it has entered into an agreement to be acquired by Patient Square Capital, a dedicated health care investment firm, for approximately $1.25 billion.  Under the terms of the agreement, Hanger stockholders will receive $18.75 in cash per share, representing an approximate 29% premium to the 30-calendar day volume-weighted average price (VWAP) ending July 20, 2022. Upon completion of the transaction, Hanger will become...

ELYRIA, Ohio – Invacare has secured a term loan agreement of up to $104.5 million with certain funds managed by Highbridge Capital Management LLC. The company has also entered into private exchange agreements providing for the settlement of $5 million aggregate principal amount of the company’s outstanding 5.00% Series II convertible senior notes due 2024 and up to $55.3 million aggregate principal amount of its outstanding 4.25% convertible senior notes due 2026. “We are pleased...

SUNNYVALE, Calif. - Somnoware, a cloud-based platform for enhanced respiratory care management, has released a Fax Intake Module to streamline the fax intake process with easy-to-use functionality for patient referrals. “Somnoware’s intake module eliminates paper processes, saves time, and reduces errors,” said Andrew Scheinbach, Somnoware product manager. The module enables users to send, receive and manage patient documentation digitally—all within the platform. With an...

ST. PAUL, Minn. – 3M will spin off its health care division to create a standalone business focused on wound care, oral care, health care IT and biopharma filtration.  The company says the health care division, with approximately $8.6 billion in sales in 2021, will be a diversified technology leader with a deep and diverse portfolio of trusted brands, global capabilities and leadership in attractive end-market segments. It says the move better positions the division to deliver industry-leading...

CLEARWATER, Fla. – A lawsuit has been filed against Lincare, alleging the provider was negligent in ensuring the protection of customer data.  The lawsuit, which seeks class action status, was filed on behalf of Catherine Cottam on July 14 in the U.S. District Court, Middle District of Florida.  In an email to HME News, Lincare stated:  “In September 2021, Lincare identified unusual activity on certain systems within its network.  We took immediate action...