Providers

CLEVELAND, Ohio – Medical Service Company has acquired Wisconsin-based Metz Medical, a sleep and respiratory services provider with two locations in the Milwaukee area.  The deal gives MSC access to several new payer contracts.  “We are thrilled to welcome several new team members from Metz into the MSC family,” the company stated in a press release. “We look forward to offering our chronic care solutions across Wisconsin.”  The family owned...

WALTHAM, Mass. – Great Elm Group reported DME revenue of $13.1 million for its third quarter 2021, compared to $14.1 million for the same quarter last year.  It reported a net loss of $5.1 million vs. a net loss of $1.4 million, and adjusted EBITDA of $3.4 million, vs. $2.5 million.  "Overall, we see positive momentum in all aspects of our business,” said Peter A. Reed, CEO. “DME is beginning to see signs of business recovery...

WASHINGTON – As home respiratory providers look past the current public health emergency, they need to have the flexibility and stability to continue caring for patients, says Crispin Teufel, chairman of the Council for Quality Respiratory Care.  “We’ve started to have initial discussions on what happens when this is over,” said Teufel, who is also CEO of Lincare. “If you have set up a patient with COVID, do they need to get...

PLYMOUTH MEETING, Pa. – AdaptHealth has made another large acquisition: Spiro Health, giving it 22 locations in eight states where it doesn’t have much of a presence.  The Massachusetts-based Spiro Health was formed in 2020 with the merger of America's HealthCare at Home, Cape Medical Supply and Health Complex Medical, and is headed up by CEO Gary Sheehan.  “We welcome Gary and the entire Spiro team,”...

PLYMOUTH MEETING, Pa. – AdaptHealth reported net revenue of $482.1 million for the first quarter of 2021, an increase of 152% over the same quarter last year.  Adjusted EBITDA was $104.2 million, a 242% increase, and adjusted EBITDA less patient equipment capex was $61.9 million, a 254% increase.  The company reported a net loss of $4 million for the first quarter of this year versus a net loss of $34.6 million for the same period last year.  “I’m...

PLYMOUTH MEETING, Pa. – AdaptHealth has expanded its credit by $300 million to boost acquisitions and for general corporate purposes.  The company amended its senior secured credit facilities to increase its term loan by $100 million and to expand the maximum borrowing capacity under its revolving credit facility from $250 million to $450 million.   “We appreciate the support of the company’s lenders as we continue to execute on the company’s...

TACOMA, Wash. – When it comes to selling CBD products, provider Destinae Graham believes in putting your money where your mouth is.  “I’m a firm believer in, how can you sell unless you’ve personally tried it?’” said Graham, division manager for Tacoma, Wash.-based American Medical Company & Supply. “I personally was struggling with plantar fasciitis. I had been wearing braces, getting x-rays. (Muscle Mx) gave me some samples, and by day...

NEW YORK – Tomorrow Health’s new partnership with Geisinger Health Plan makes it the “missing link” for the plan’s members by enhancing their experience obtaining home medical equipment and supplies, says co-founder and CEO Vijay Kedar.  Tomorrow Health, which recently closed on $25 million in Series A round funding led by Andreessen Horowitz, will coordinate all medical equipment and supplies for Geisinger’s more...

PLYMOUTH MEETING, Pa. – Luke McGee has been placed on unpaid leave from his roles as co-CEO and director of AdaptHealth after authorities in Denmark formally charged him with alleged tax fraud.  The alleged fraud stems from personal activity that occurred between March 2014 and August 2015, and has no connection to AdaptHealth’s business, according to a statement from the company’s board of directors.  “The board of directors...

YARMOUTH, Maine – An increase in oxygen reimbursement is a shot in the arm for the HME industry, say providers. CMS in March released an updated fee schedule for oxygen that will result in an increase in fee schedule amounts ranging from $6.72 to $8.19 in former competitive bidding areas; $5.17 to $5.43 in other non-rural areas; and $4.14 to $6.82 in non-contiguous and rural areas, according to the VGM Group. “This is a big thing for our industry, and it needs to be celebrated,”...