In brief: Oncologix makes buy, ASP figures increase
ALEXANDRIA, La. – Oncologix Tech has acquired Esteemcare and Affordable Medical Equipment Solutions, it announced Oct. 2. The companies, with offices in Columbia and Charleston, S.C., provide respiratory and sleep therapy and hold 45 competitive bidding contracts for CPAP, according to a release. "With $2.5 million in annual revenues and with over 45 additional MSA markets awarded for sales and distribution, the company is uniquely positioned for rapid growth and expansion,” said Wayne Erwin, chairman and CEO of Oncologix. Oncologix is a diversified medical holding company that manufactures Class II medical devices, and provides sales and distribution of home medical products.
Invacare amends credit agreement
ELYRIA, Ohio – Invacare has amended its credit agreement to gain additional flexibility calculating it financial covenants through the duration of the credit agreement. The amendment provides an add back to the company’s EBITDA for warranty accruals up to $10 million and subtracts cash payments when paid in future periods, the company said in a release. “We appreciate the ongoing support of our current lenders,” said Rob Gudbranson, interim president and CEO. “Over the past years, we have proactively managed our business to generate cash, including the divestitures of non-core businesses, and have paid down total debt outstanding by approximately $212.7 million since 2010 to $58.5 million as of June 30, 2014.” IN other financial news, Invacare also announced a quarterly dividend of .0125 per share, payable Oct. 10.
ASP: Perforomist sees healthy jump
BALTIMORE – Third-quarter payments for respiratory drugs is up nearly across the board. Brand name drug Perforomist (J7606) saw the biggest jump, up nearly 90 cents, to $7.46 per dose according to the latest average sales price (ASP) figures. Brovana (J7605) increased to $6.96, up 57 cents from the previous quarter; and budesonide (J7626) increased nearly 48 cents to $5.38 cents per dose. Albuterol (J7613) and ipratropium (J7644) stayed relatively flat, at 14 cents per dose and just under 12 cents per dose, respectively.
Provider makes award triple play
NEW BERLIN, Wis. – Home Care Medical has received the HME Provider of the Year award from the Wisconsin Association of Medical Equipment Services (WAMES). This is the third year in a row the provider has been honored with the award. Also receiving awards: Jim Spellman, director of operations and WAMES president, received the Industry Excellence award for his efforts on the WAMES Legislative Committee; and Donna Smith, director of respiratory care, received the Distinguished Service award for her efforts on the WAMES Respiratory Committee. “This year, Home Care Medical proudly celebrated our 40 year milestone and this award, along with Jim and Donna’s contributions, represent our continued commitment and dedication to excellence,” said John Teevan, Home Care Medical president, in a release.
Dr. Hughes to exit
HINGHAM, Mass. – Dr. Paul Hughes is stepping down from his role as the medical director for Jurisdiction A, according to a bulletin from the Home Medical Equipment Services Association, citing a message from NHIA. Dr. Fred Mamuya will serve as interim director. Mamuya has been with NHIC, the Jurisdiction A DME MAC, for the past two years as ALJ Appeals Medical Director. Dr. Hughes’ last day is Oct. 10
Breathe adds text messaging
KANSAS CITY, Kan. – Breathe has released its latest software enhancement to its text messaging feature, the company announced today. With the new feature, DME sales team members can receive text messages when their office receives prescriptions, if a patient qualifies for oxygen or not, and when the patient is set up on oxygen. “It's our mission to provide and oximetry software solution that continues to evolve based on our clients’ needs, text messaging was a simple software enhancement that has had such a big impact for our clients,” said Amber Yeager, owner of Breathe. Breathe is a nationally recognized independent diagnostic testing facility.
Computers Unlimited founder honored
BILLINGS, Mont. – Computers Unlimited founder Mike Schaer has been inducted into the Montana Business Hall of Fame. Criteria for acceptance include outstanding business performance, high standard of ethics and a willingness to take risks. Schaer, a self-taught computer programmer, launched Computers Unlimited in 1978. Today the company employs nearly 200 people, according to local news reports. His son David took the reins in 2009. Schaer remains on the board as chairman.
ResMed, Brightree plan enhancements
SAN DIEGO – ResMed has expanded its relationship with Brightree, with both companies agreeing to enhance the integration of ResMed’s U-Sleep compliance solution within the Brightree solution and add new features from ResMed’s AirView patient management system. The first of these enhancements is salted to introduced in November. Brightree and ResMed began working together in 2013 to automate the onboarding of patients that use ResMed S9 PAP devices into U-Sleep.
$24 million Medicare fraud alleged
HOUSTON– Angel Mirabal, of Miami, was arrested Sept. 26 on charges of scheming to defraud Medicare. From April 2013 to July 2013, Mirabal allegedly conspired to bill Medicare $24 million in fraudulent claims for reimbursement through Quick Solutions Medical Supplies. According to the indictment said Mirabal and his co-conspirators used fraudulent shell companies to launder and disburse the proceeds from the health care fraud scheme.
YARMOUTH, Maine – San Diego-based ResMed will report its first quarter 2014 financial results Oct. 23, at 4:30 pm EST. The company will host a webcast to discuss operating results and future outlook. Also on Oct. 23, Elyria, Ohio-based Invacare will host a call to discuss third quarter 2014 results. That call is scheduled for 8:30 am EST.