In brief: Sanomedics buys Prime Time, PE firm backs AxelaCare
MIAMI – Sanomedics International, a medical technology holding company, has acquired Prime Time Medical, a Largo, Fla.-based HME provider, for $3 million, according to a press release. The acquisition is Sanomedics’ third in the HME industry. “Prime Time Medical is another step in our continual process of expanding our portfolio while we implement our growth strategy,” stated Keith Houlihan, co-founder and president of Sanomedics. Sanomedics seeks to acquire sleep therapy operating businesses to develop a portfolio of products and services in this growing market. Its goal: to provide sleep apnea patients with an “end-to-end” service platform, according to the release. Prime Time Medical, a provider of mobility devices, portable oxygen concentrators, compressors, diabetic supplies and respiratory products, posted about $5 million in revenue for 2012, according to the release. The acquisition is tentatively scheduled to close April 24, 2013.
New PE firm gets behind AxelaCare
LENEXA, Kan. – AxelaCare Holdings, a home infusion therapy provider owned by Denver-based private equity firm Excellere Partners, was recently acquired by Harvest Partners LP, a private equity firm based in New York, according to multiple reports. “The company’s investment in processes, technology and people has led to an efficient, scalable model with opportunity for continued growth as a larger share of the population seeks access to these vital services,” stated Ira Kleinman, senior managing director at Harvest Partners, in a press release. AxelaCare, founded in 2008, is based in Lenexa, Kan. Terms of the transaction were not disclosed.
Prodigy Diabetes Care, OK Biotech align ownership
CHARLOTTE, N.C. – Prodigy Diabetes Care, a distributor of diabetes testing supplies, has acquired substantial ownership of the publicly owned shares of OK Biotech, a manufacturing partner based in Taiwan, according to a press release. For its part, OK Biotech has purchased a minority stake in Prodigy Diabetes. The two companies formed the new relationship to meet the demand of a consolidated customer base for high-volume, lower cost diabetes testing supplies, according to the release. Once the 72% cut to diabetes supplies was announced as part of Round 2 of competitive bidding, Prodigy Diabetes made a concerted effort to “strengthen our affiliation with OK Biotech and meet with many of the bid winners to offer them our best pricing,” stated Rick Admani, COO of Prodigy Diabetes. “We knew we needed to take an aggressive approach to the new Medicare program,” he stated.
Amazon makes foray into HME
SEATTLE – Amazon.com has launched an online store that will sell certain home medical equipment, according to a press release. The store, called “50+ Active and Healthy Living,” will sell incontinence supplies, daily living and mobility aids, blood pressure monitors, and diabetes management items, but HME comprises only a fraction of the hundreds of thousands of products offered. Other products include everything from vitamins and supplements to activity monitors.
Emphasis on revenue, innovation for Heartland 2013
WATERLOO, Iowa – Nearly 80 sessions, featuring 20 new speakers, are slated for The VGM Heartland Conference, June 10-13 in Waterloo, Iowa, according to a press release. “We’re focusing on revenue opportunities, business innovations and networking,” stated Ron Bendell, president of VGM. “We’ve added small group discussions on business topics, and sessions that are designed to help our members succeed with new revenue sources and take proactive approaches to the audits that are plaguing HME.” On June 10, four pre-conference educational sessions will be offered, including “Sales Training Fast and Furious” presented by Louis Feuer, an HME industry veteran. Chad Knaus, crew chief for Jimmie Johnson, a five-time NASCAR champion, will provide the keynote address titled, “Building a Successful Team in a Competitive Environment.” Early bird registration rates apply for those who register by May 17.
Clinton to keynote NCPA convention
ALEXANDRIA, Va. – Former president Bill Clinton will deliver the keynote address at the National Community Pharmacists Association’s annual convention and trade expo, according to a press release. “ The organization’s 115th annual convention is scheduled for Oct. 12-16, 2013, at the Walt Disney World Swan and Dolphin Resort in Orlando, Fla. NCPA is currently running an early bird promotion special until June 30, 2013.
Provider short takes
Watermark Medical, a sleep apnea diagnostics company which recently merged with Columbia, S.C.-based SleepMed, has received $32.2 million from at least 20 investors since the merger, according to an SEC filing. Founded in Boca Raton, Fla., in 2008, the company manufacturers an at-home headset called ARES, which uses sensors to compile data designed to measure a patient’s risk for sleep apnea, the article noted…Hayward Medical Market, an HME and bathroom safety company in the San Francisco area, has founded an online shopping site to supplement its three Bay Area locations, according to a press release. The website—www.medmartusa2.com— offers 4,000 medical products, including incontinence products, walking aids, wheelchairs and nebulizers…National Incontinence, a distributor of incontinence supplies, has implemented a new live chat feature on its website that allows customers to communicate with staff.
Vendor short takes
Pride Mobility Productshas named Andrew Pyrih its new senior vice president of domestic sales. Pyrih will focus chiefly on strategic development of Pride’s retail mobility business, while working closely with Jay Brislin, vice president of Quantum Rehab…Top End, Invacare’s sports and recreation division, is sponsoring the Greenville 2013 Para-Cycling Open, slated for April 19-21 in Greenville, S.C. The competition is for athletes with physical disabilities, including both para-cyclists and handcyclists…Ankota, a cloud-based business portal for healthcare companies, has raised $2 million to expand its sales, marketing and technology staff, according to an article from medcitynews.com. The company, which helps coordinate the transition of care between providers and physicians, will add between 12 and 15 new staff members this year.