Air Products enters Atlanta market
ATLANTA - Air Products Healthcare continued its march through the south when it acquired a five-location, $20-million HME here in November. The company, a former Option Care franchise, provides home infusion therapy, DME and home respiratory therapy. “It’s a major company, and if they wanted to do smaller deals and roll them into it they could,” said an industry watcher. Air Products Healthcare now has branches stretching from New Hampshire to Atlanta, with plans to ultimately penetrate the highly desirable Florida market. “There are more acquisitions to come,” said an Air Products spokesperson, noting the company intends to spend $50 million to $75 million a year on acquisitions.
Walgreens signs big deal with United
DEERFIELD, Ill. - Walgreens Health Initiatives began providing HME services last month to members of United HealthCare, one of the largest managed care organizations in the United States. Through this nationwide agreement, WHI will provide home infusion, home medical equipment and respiratory services, including respiratory medication to all United HealthCare plans and participating affiliates. WHI operates HME facilities in Arizona, Florida, Illinois, Indiana, New Mexico, Texas and Wisconsin. WHI initially will serve United HealthCare members in these states.
Lincare’s revenue jumped 19% in 2003
CLEARWATER, Fla. - Lincare added 85 new operating centers in 2003, bringing its total number of locations to 727. During 2003, the company added 33 new operating centers through the acquisition of 13 companies with approximately $81 million in annual revenues. Lincare added 52 locations through internal expansion in 2003, according to the company’s year-end financial statement released Feb. 10. Revenues for the year ended Dec. 31, 2003, totaled $1.1 billion, a 19% increase over 2002. The 19% increase in annual revenues was comprised of 10% internal growth and 9% acquisition growth. Net income for the year ended December 31, 2003, was $232.1 million compared to net income of $190.4 million for the prior year.