Rotech hurt by bad debt
ORLANDO – Rotech Healthcare’s bad debt weighed down its financial results for the fourth quarter, the provider reported in March. “Our fourth quarter 2011 financial results were negatively impacted by contractual and bad debt adjustment levels of $6 million higher than planned,” stated President and CEO Phil Carter in a release. “We are making efforts to reduce these higher than normal adjustment levels but such efforts may not result in any material reductions until the second quarter of 2012.”
Less compensation for Lincare execs
CLEARWATER, Fla. – Some top execs at Lincare did not receive cash bonuses last year, which significantly reduced their annual compensation. CEO John Byrne’s total compensation was $968,770 in 2011, compared to $1.97 million for 2010. CFO Paul Gabos received a base salary of $467,423 and total compensation of $487,598. Shawn Schabel, president and COO, received a base salary of $623,541 and total compensation of $664,426. Lincare pays executive bonuses based on earnings per share. The company’s 2011 earnings per share of $1.93 did not meet its goal of $2.15.
Lincare named in lawsuit
ST. CLAIRE COUNTY, Wis. – The estate of a nursing home resident has named Lincare as one of the defendants in a lawsuit, according to local news reports. According to the suit, filed Feb. 28 in St. Clair County Circuit Court, Rachel Magers, age 100, was receiving liquid oxygen from a portable tank supplied by Lincare, when it sprang a leak and froze inside her nostrils. Magers sustained frostbite in the March 2010 incident, and suffered debilitating pain until her death in May 2010, states the suit. The suit seeks more than $400,000. Also named in the suit: two nursing homes and Caire, which manufactured the tank.
Kendall’s Home Medical merges with Avera
BROOKINGS, S.D. – Kendall’s Home Medical merged with Avera Home Medical Equipment and opened a new location, Avera officials announced in March. The site will be Avera’s 15th location, and will offer a full line of HME, as well as retail and rental products. Former Kendall’s owner Michelle Friedrich will join Avera as a site manager.
Pennyrile hosts ‘after hours’ event
HOPKINSVILLE, Ky. – Pennyrile Home Medical hosted fellow chamber of commerce members in March as part of a monthly “Chamber After Hours” event. The event allowed the provider to showcase its offerings, said owner Dave Chesnut. “Until they see everything in front of them, it’s hard to grasp the diversity of products that we offer, and how we are part of the medical community,” he said.