In brief: Insulet hits milestone, NCART launches MCO survey

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Friday, March 1, 2019

ACTON, Mass. – Insulet Corp. has reported net income of $9.9 million for the fourth quarter of 2018 compared to a net loss of $6.9 million for the same period in 2017.

The company reported net income of $3.3 million for all of 2018 vs. a net loss of $26.8 million for 2017.

It’s the first time in Insulet’s history that the company has achieved full-year positive operating income and net income.

“Insulet had a remarkable 2018, achieving our third consecutive year of over 20% revenue growth, significantly improving gross margin, and achieving profitability for the first year in the company’s history,” said Shacey Petrovic, president and CEO. “Our fourth quarter and full-year results were driven by strong commercial and operational execution, and gives us great momentum, ensuring more people with diabetes can benefit from our life-changing equipment.”

Insulet reported revenue of $164.9 million for the fourth quarter of 2018, up 26% compared to $130.5 million for the same period in 2017. The company’s flagship product, the Omnipod Insulin Management System, generated revenue of $93.2 million, a 22% increase.

The company reported revenue of $563.8 million for all of 2018, up 22% compared to $463.8 million for 2017. Omnipod generated revenue of $172 million, up 43%.

Looking ahead at 2019, Insulet expects revenue in the range of $662 million to $687 million, representing growth of about 17% to 22%. It expects revenue of $235 million to $244 million for Omnipod, an increase of 37% to 42%.

NCART seeks managed care data

BUFFALO, N.Y. – NCART has developed a survey for suppliers and manufacturers to share information on reduced access to complex rehab technology at the hands of Medicaid managed care organizations. NCART seeks information where a Medicaid MCO has either inappropriately denied coverage of an item or established an inadequate payment amount for the item. The survey is part of a larger effort by NCART to develop a network of legal advocates and agencies to bring focus to MCO coverage and payment problems for complex rehab. “Plans include creating an online forum paired with relevant information and tools to facilitate discussions to ensure compliance with related federal and state statutes,” it said in a bulletin.

RESNA seeks to fill three seats on board

ARLINGTON, Va. – RESNA seeks nominations for three members to sit on its board of directors, the organization announced on Feb. 26. RESNA will accept nominations until March 28. The new members will serve three-year terms from Aug. 2, 2018 to July 31, 2022. Requirements of the position: must be a RESNA member in good standing for three years preceding the nomination. Past board members have participated in and contributed to RESNA organizational activities (e.g. SIGs, PSGs, committees, boards and task forces). There are instances, however, where candidates don’t have this experience, but due to their particular background, skills or contributions in the field or to other organizations they are still good candidates, RESNA says.

VMI bulks up exec team

PHOENIX – Vantage Mobility International has added two executives to its team: Jeff Payne as CFO and Todd Navarette as vice president of sales effectiveness. Payne recently served as vice president of finance/CFO for Comtech EF Data, where he worked across department to set new pricing models, finance arrangements and sales compensation plans that pushed top-line improvement by 35% in two years. He will be responsible for leading the finance team at VMI. Navarette has worked in the industry for more than a decade, including for one of the largest mobility dealerships in the country in both sales and strategic development roles. He will spearhead sales effectiveness programs and performance at VMI.

New CEO to take reins at Integra Partners

NEW YORK – Integra Partners has named Dominic Paniccia as its new CEO, effective March 31. Paniccia succeeds Andrew Saltoun, who will serve as a senior adviser to the organization, according to a press release. Paniccia joined Integra as CFO in 2016 and was named president in 2018. Under his leadership, the company has created a new customer-centric model that has improved operations and increased revenues. Previously, Paniccia has held leadership positions at American Express, AIG and CB Insights. "I'm honored to be appointed to this position," said Paniccia. "Integra is growing, and we're focused on doing what we can to achieve our mission of reducing the friction in health care—making things easier for our clients, which includes health plans and providers—as we manage these benefits."

WellSky cracks market for long-term acute care hospitals

LENEXA, Kan. – WellSky, a provider of health and community care technology, has acquired Health Care Software, a provider of integrated clinical and financial IT software for long-term and post-acute care providers, the companies announced Feb. 26. The deal allows WellSky to add long-term acute care hospitals and inpatient psychiatric care, inpatient rehab, senior living and long-term care facilities to its portfolio, which already includes home health, hospice, home infusion and specialty pharmacy. “At WellSky, we’re using innovative technology to connect once-disparate care settings to ensure patients receive seamless quality care, regardless of how they transition during their care journeys,” said Bill Miller, CEO of WellSky. “HCS is highly respected for providing clients with flexible, enterprise software solutions, and together, we’re committed to continuing that legacy and advancing long-term and post-acute care.” WellSky, which is backed by TPG Capital, made several acquisitions in 2018, including Consolo Services Group in December.

Essity taps Feenan

PHILADELPHIA – Essity has named Michael Feenan vice president of sales and marketing for North America. Feenan will be responsible for the medical and incontinence businesses for the U.S. and Canada. Previously, he served as vice president of sales and marketing for incontinence for North America and Canada Medical. Essity, a global hygiene and health company, has several brands, including TENA, Leukoplast, Actimove and JOBST.

State news: Minnesota, Kansas

Minnesota Gov. Tim Walz has released budget recommendations for 2020 and 2021 that include reimbursement cuts for DME, MAMES reports. Walz proposes changing “the medical assistance reimbursement formula for durable medical equipment that is also covered by Medicare to pay equivalent to the Medicare rate…This would reduce payment for DME starting in FY 2019 and reduce the value of recoveries in the forecast starting in FY 2021.” Walz also proposes simplifying reimbursement for products that don’t have a Medicare rate. “This new methodology would be based on the provider’s cost, not billed charges, to ensure the state pays a fair, predictable and efficient rate.” MAMES members will be meeting with state legislators this week to discuss Walz’s proposals…MAMES continues to push for a meeting with Medicaid officials in Kansas in response to a change in reimbursement to 65% of the Medicare non-rural rate on Jan. 1. The association has learned that a provider received a payment from Aetna Better Health of Kansas at 65% of the Medicare non-rural rate. “We now have examples of all three Medicaid MCOs who appear to be using the Medicaid fee for service rates,” MAMES reports.

Double accreditation for Soleo Health

MCKINNEY, Texas – Soleo Health has announced two accreditations: Home Care Accreditation from The Joint Commission and Specialty Pharmacy Accreditation from URAC. Soleo Health went through an onsite survey with the Joint Commission, demonstrating continuous compliance with its performance standards and earning a Gold Seal of Approval, a symbol of quality that reflects an organization’s commitment to providing safe and effective care. Soleo earned a 97.62% score as part of its URAC accreditation, demonstrating its full-service pharmacy capabilities in serving patients with complex conditions. “Earning accreditation from The Joint Commission and URAC—two premiere healthcare quality improvement and accrediting bodies—is sheer evidence of our mission and commitment to providing the highest quality of care,” said CEO Drew Walk. Soleo is a national provider of complex specialty pharmacy and infusion service administered in the home and alternate sites of care. It operates 20 locations throughout the U.S., with pharmacy licensure in 50 states.

Award highlights BOC’s ‘Sales Distinction’

OWINGS MILLS, Md. – The Board of Certification/Accreditation has won a Stevie Award for Sales Distinction of the Year. It’s BOC’s ninth consecutive award. The award for Sales Distinction of the Year in the “Healthcare, Pharmaceuticals and Related Industries” category recognizes the company’s successful growth despite a decline in one of its largest customer target markets: DME. BOC credits its growing customer base and revenue with a customer-centric sales approach and a commitment to guide new customers through the accreditation process. “BOC believes that our growth and sales successes are directly connected to our ability to respond to marketplace needs,” said Claudia Zacharias, president and CEO. “Our relationship and strong communication with customers allow us to understand their business needs and respond based on their valuable feedback.” The Stevie Awards announced the winners during a gala on Feb. 22 at Caesars Palace in Las Vegas.

DreamStation gets heated humidification

MURRYSVILLE, Pa. – Philips has added heated humidification to its DreamStation Go CPAP system. The heated humidifier allows users to easily travel, while still receiving therapy with humidification, as it’s compatible with tap, bottled or distilled water. It also features water-saving technology designed to give users a full night of humidification by learning their sleep patterns and automatically tailoring delivery based on ambient and therapy conditions. Additionally, the humidifier is compatible with Philips’ 12mm micro-flexible tubing and most CPAP masks.