Tag: rotech healthcare

WATERLOO, Iowa – VGM Group has named Jeremy Stolz president of VGM & Associates, after serving as interim president since June.  Stolz will also continue in his role as president of VGM Fulfillment and as a member of VGM’s senior leadership team.  “Jeremy is an influential leader in the home medical equipment industry,” said Mike Mallaro, CEO of VGM Group. “He understands both the challenges members of the industry face. as well as the opportunities that...

WASHINGTON – Rotech Healthcare has paused its plans to go public.  The company filed for an initial public offering* of up to $100 million in July 2021, with plans to list on the Nasdaq under the symbol ROTK.  “(We’re) just timed out for now,” said President and CEO Tim Pigg in an email to HME News. “We have not updated but do plan to continue to update once the market changes.”  Rotech’s filing was declared abandoned on Aug. 3, according...

BARBOURSVILLE, West Va. – Best Home Medical has sold to Rotech Healthcare, according to Medtrade Monday. The company’s owner, Regina Gillispie, RRT, who was the 2018 Van Miller Homecare Champion, is semi-retiring. “After more than 30 years in the HME industry, I made the decision to sell my company to semi-retire,” Gillispie, an active advocate of the industry on Capitol Hill, told Medtrade Monday. “I appreciate all the information and friendships that my membership...

ORLANDO, Fla. – Rotech Healthcare Holdings has filed for an initial public offering of up to $100 million and plans to list on the Nasdaq under the symbol ROTK.  The company had $534 million in sales for the 12 months ended March 31, 2021.  Rotech Healthcare offers a comprehensive range of home medical equipment and products and services across five core business lines: oxygen, ventilators, sleep therapy, wound care and DME. The company's payer mix includes commercial insurers,...

ORLANDO, Fla. – Rotech Healthcare has obtained $425 million in new financing via an amended and reinstated credit agreement with a diverse group of lenders.  The provider used part of the proceeds to pay a $100 million dividend to its holding company and will use the remainder to support growth through strategic acquisitions.  “This new credit agreement provides Rotech with sufficient...

ORLANDO, Fla. - Rotech Healthcare has acquired certain respiratory assets of Good Night Medical.The deal will benefit patients in Ohio, Texas, Georgia, Arkansas and North Carolina, where existing Rotech locations will work with Good Night Medical to coordinate service for those patients.“Good Night Medical is a great fit with Rotech,” said Tim Pigg, Rotech CEO. “Both companies have strong ventilator programs.”In October, Rotech obtained a $315 million credit agreement with...

ORLANDO, Fla. - Rotech Healthcare has obtained a $315 million credit agreement to, in part, fuel strategic acquisitions.The agreement, with lenders SunTrust Bank, SunTrust Robinson Humphrey, Regions Bank and Fifth Third Bank, includes a $250 million five-year term loan, a $15 million revolving credit facility and a $50 million acquisition credit facility.“I am pleased with the completed refinancing,” said CEO Tim Pigg. “This agreement provides us with sufficient capital over the...

CLEARWATER, Fla. - Rotech Healthcare has agreed to pay $9.68 million for submitting false claims for portable oxygen contents to Medicare, according to an April 12 press release from the Department of Justice.As part of the settlement, Rotech admitted to billing portable oxygen contents to Medicare for beneficiaries who did not use or require them. Additionally, the company admitted to billing Medicare regardless of whether such contents were delivered, the release states.“This settlement serves...

ORLANDO, Fla. - Rotech Healthcare has obtained a $185 million credit facility to “continue (its) growth strategies.”The five-year agreement with SunTrust Bank, SunTrust Robinson Humphrey, Inc., Regions Bank and Fifth Third Bank comprises a $160 million loan and a $25 million revolving line of credit, according to a press release.“I am pleased with the completed refinancing and want to thank SunTrust, Regions and Fifth Third for leading this effort,” said Tim Pigg, CEO of Rotech....

YARMOUTH, Maine - While it's not unusual for national providers to send query letters to providers that may be looking to sell, their tone this time around feels decidedly different, some of those providers say.A recent letter from Rotech Healthcare details the cuts in Medicare reimbursement for oxygen and CPAP, and notes that Medicaid rates are expected to decline to Medicare rates and that audits are rejecting valid claims."These drastic financial impacts have caused many DME companies to consider...