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Hasco Medical looks to roll up HMEs |
| 'We think there is (opportunity) to become a national player from full-line DME to respiratory to power mobility and everything in between' |
By Theresa Flaherty Managing Editor - 07.29.2010
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MOBILE, Ala. - Hal Compton thinks the HME industry is ripe for consolidation and he's the man to do it.
The former retail executive, along with several others, formed holding company Hasco Medical about two years ago with the intent of acquiring established healthcare companies. The company went live on the OTC Bulletin Board in April and has begun sending inquiry letters to prospective sellers.
"There's not really a national player in DME," said Compton. "You've got Apria and Lincare that chase respiratory, you've got the Scooter Store which is power mobility. We think there is (opportunity) to become a national player from full-line DME to respiratory to power mobility and everything in between."
Hasco currently operates one full-line DME, the Mobile, Ala.-based Southern Medical, which serves about 3,500 patients in Alabama, Florida and Mississippi.
For now, the company's targeting the Southeast, but it is steering clear of the nine competitive bid areas, said Compton.
"We are kind of waiting to see where that lands before we jump into those markets," he said. "But, in the last month or so since (the bid amounts were announced), we have definitely seen more people getting a hold of us attempting to sell their businesses."
Hasco is offering a mix of owner-financing, cash and stock incentives to prospective sellers. The company is backed by a line of credit and a private investor--Compton's father, a former CEO of CompUSA, the electronics retail giant.
So far, Hasco has looked at companies with sales of up to $10 million that have anywhere from 0% to 80% Medicare. Individual companies would be folded under the Hasco umbrella but retain their own names.
"Our goal is not to go out and put the Hasco name on every company that we acquire," said Compton. "We are hoping to bring some synergies in as we acquire these, but a lot of them have already built names for themselves in each market."
Compton may have his work cut out for him. Other players with no HME background have been drawn to the industry's demographics, only to find out dealing with Medicare and other third-party payers is a whole different animal than other business markets.
"Traditional HME is not a retail business," said Bob Leonard, an analyst with Pittsburgh-based M&A firm The Braff Group. "Will it become one? Maybe over time, with the baby boomers, who'll have the cash and the mindset to pay for what they want."
Compton is confident he can make it work.
"Whether it's DME, computers or clothes, the model is still the same at the end of the day," he said. "It's providing a product to a consumer. Customer service is going to be the key--keeping the doctors, nurses and patients happy so they want to come see you again and again."
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HME News Info Center |
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CALENDAR
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| 2-2 Can You Really Do That? Debunking Medicare Myths | September 2, 2010 @ 2:00pm EST
This webinar will set out to distinguish the difference between Medicare myths and reality. Participants will learn what is really acceptable under Medicare guidelines and will have the opportunity to get their own Medicare myths debunked.
Cost is $99. Register at: http://www.miravistallc.com/recent_services.php
| | 9-9 Pre-Payment Review & RAC Audits: Steps to Prepare for and Survive These Eve | 2:30-4:00 p.m. ET
Don’t miss the “Pre-Payment Reviews and RAC Audits: Steps to Prepare for and Survive These Life-Altering Events” teleconference on Thursday, September 9, 2010 from 2:30- 4:00 p.m. ET, with Jeffrey Baird, Esq., Brown & Fortunato.
To participate in the September 9 teleconference, complete the form and return the member registration fee of $129/non-member registration fee $189, per phone line by Wednesday, September 8, to Ashley Wyatt, AAHomecare, 2011 Crystal Drive, Suite 725, Arlington, VA 22202, 703-535-1880 or fax to 703-836-6730. You will receive instructions on connecting to the call as well as any handouts or additional information by e-mail. Please submit questions in advance to ashleyw@aahomecare.org no later than September 8. No refunds after September 8.
| | 10-10 "Sales Skills for 'Competitive' Times" | AAHomecare teleconference. 2-3:30 p.m. ET. FMI: 703-535-1880
| | 11-11 CAMPS Exemptee Training | San Diego, Calif.
Anyone applying for an exemptee license through the Department of Health Services and is responsible for overseeing prescription devices should be sure to attend this seminar. After this training program, attendees will be knowledgeable of the U.S. Pharmacopoeia standards that apply to the storage and handling of drugs; practical ways of complying in storage, handling and distributing dangerous devices; understand medical terminology as it relates to prescriptions, appropriate abbreviations, dosages and format. To register:
http://member.campsone.org/cgi-shl/TWServer.exe?EREG:OrderEvent:EX-SD
| | 12-14 2010 HME News Business Summit | Data and Market Intelligence You Can’t Get Anywhere Else!
The tools and strategies you need to drive revenue and cut costs are at the 2010 HME News Business Summit. We deliver real-life case studies, original research and industry benchmarks. Join your peers for two days of top-notch education and networking.
Nashville Hilton Downtown
Nashville, Tenn.
To review the educational program: http://www.hmesummit.com/speakers.html
To register: https://www.b2bmediaportal.com/hmesummit/hmesummit.aspx
| | 13-17 Blue Ridge Symposium | Four conferences in one week. Choose your specialty or area of interest: Sleep Conference; Asthma Education;Home Care Conference; Respiratory Care Conference
Earn at least six CRCE/CEUs everyday
Location: Blue Ridge Shadows, Front Royal, Va.
Visit us on the Web at: www.valleyhealthlink.com/brs
Contact us at: brs@valleyhealthlink.com
or Call (540) 536-8941
| | 16-16 CAMPS Reception Dinner | 5-6 reception, 6-8 dinner, Hilton Irvine Orange County Airport, 18800 Macarthur Blvd, Irvine
CAMPS invites you to attend a special mixer for an update on the state's budget issues impacting the Medi-Cal program and program changes that impact DME and medical supplies. Special guest speaker: Norma Torres, assembly member. To registeR:
http://member.campsone.org/cgi-shl/TWServer.exe?EREG:OrderEvent:RECPDNR2
| | 17-17 "Essential Acronyms for Office Efficiency: CSR, AR and DSO" | AAHomecare teleconference. 2-3:30 p.m. ET. FMI: 703-535-1880
| | 24-24 “Successful Ingredients: The Recipe for AR Management” | AAHomecare teleconference. 2:30-4 p.m. ET. FMI: 703-535-1880.
| | 30-30 Respiratory Updates Vital to Your Business: Oxygen, CPAP and RAD | 2010 has been a year of change for oxygen, CPAP and RAD suppliers. Join Andrea Stark for this informative webinar and ensure your respiratory business is operating in compliance with the Medicare program. 11am & 3pm EST. Cost: $99 per conference line. For more information or to register, visit: http://www.miravistallc.com/recent_services.php
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| 6-7 JAMES 2010 Annual Conference | This year's theme: "Barriers to Boomers - How to Overcome and Prosper." The conference will be held at the Ocean Place Resort & Spa in Long Branch, N.J. FMI: www.jamesofnj.org.
| | 9-9 CAMPS Exemptee Training | San Francisco, Calif.
Anyone applying for an exemptee license through the Department of Health Services and is responsible for overseeing prescription devices should be sure to attend this seminar. After this training program, attendees will be knowledgeable of the U.S. Pharmacopoeia standards that apply to the storage and handling of drugs; practical ways of complying in storage, handling and distributing dangerous devices; understand medical terminology as it relates to prescriptions, appropriate abbreviations, dosages and format. To register:
http://member.campsone.org/cgi-shl/TWServer.exe?EREG:OrderEvent:EX-SF
| | 15-15 Competitive Bidding: Is it Really Winner Takes All? | With the recently released Round 1 bid amounts scheduled to be implemented in 2011 and the Round 2 bid window set to open next spring, Competitive Bidding is moving full speed with almost no signs of stopping. During this webinar, Andrea Stark will discuss what all DMEPOS suppliers need to know about the Competitive Bidding program, even if you don’t win a contract or plan to bid. 2pm EST. Cost: $99 per conference line. For more information or to register, visit: http://www.miravistallc.com/recent_services.php
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| 4-4 Coverage and Documentation Requirements for the Rehab Provider: Keeping You | This webinar will help suppliers ensure they have a clear understanding of Medicare’s current coverage criteria for mobility assistive equipment. In addition to ensuring the patient meets coverage criteria, mobility suppliers will also learn which documents they must have on file in the event of an audit, and how to walk the fine line between “educating” and “leading” the physician. 3pm EST. Cost: $99 per conference line. For more information or to register, visit: http://www.miravistallc.com/recent_services.php
| | 16-18 Medtrade | Georgia World Congress Center in Atlanta.
Medtrade connects the HME industry. Stay ahead of HME industry changes and find the latest tools to help your clients. Join us at the largest home medical equipment even in the western US as we bring more exhibitors, more ideas, and more products than ever before.
Visit www.medtrade.com for more information and to register.
| | 25-25 DME Workshop: Make Your Accreditation Work for You | ACHC is pleased to announce a new DME workshop, "Make your Accreditation Work for You," on November 15, 2010. This half day workshop, which coincides with Medtrade in Atlanta, is designed to help providers prepare for ACHC Accreditation and is perfect for companies that are renewing accreditation or applying for the first time. In addition to covering ACHC Accreditation Standards, Tim Safley will guide providers through the accreditation process and also demonstrate how accreditation is more than just a requirement. Accreditation can save valuable time and money, give companies a competitive edge and show strengths and opportunities for improvement. Ample question and answer time will be provided during lunch. Experience the ACHC difference and discover all the ways ACHC is working to add value to accreditation.
Providers attending this workshop will also receive a free expo pass for Medtrade. Workshop registration information can be found at www.achc.org. For more information, please contact Stacey Hahn at (919) 785-1214 or at shahn@achc.org.
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