In brief: M&A heats up, Aeroflow lands Fallon, Collins taps Medline

PITTSBURGH – The home medical equipment (HME) industry is seeing a significant uptick in mergers and acquisitions (M&A) activity in 2026, based on annualized first half data collected and analyzed by The Braff Group.

There were 22 deals for 2025 and 36 deals for 2026, a 63.6% increase, with potential to reach their highest numbers since 2022, according to the firm’s “Mid-Year 2026 Update: The Rebound Continues.”

“When deal flow plunged from 2021 to 2023, you could be forgiven for fearing it might never come back,” the report states. “Well, if deal flow continues at the same pace as the first half of 2026, back it is.”

The Braff Group counted 50 deals for home infusion/specialty pharmacy for 2025 and 66 for 2026, which puts activity on pace to top last year’s by 32% and marks its highest output over the past 10 years.

The firm says recent deal volumes should be compared to pre-pandemic activity, as the impact of the COVID-19 pandemic didn’t completely play out until the end of 2024. And based on its data, overall health care services transaction volume is poised to eclipse pre-pandemic numbers.

“While post-2023 market conditions (when activity began to tick upward) haven’t been all sunshine and roses – stubbornly high interest rates, inflation remaining above the Fed’s target of 2%, unrest in Eastern Europe and the Middle East and economic uncertainty – buyer activity has nevertheless risen steady,” the report states. “Notably, this is despite the fallout from Medicaid cuts introduced in July 2025 and the Jan. 1 expiration of ACA insurance subsidies without which recent gains would almost assuredly be higher.”

• Read the full report here.
• Check out The Braff Group’s M&A Insider in the September issue of HME News here.

Aeroflow Health lands contract with Fallon Health to provide DME

ASHEVILLE, N.C. – Aeroflow Health has partnered with Fallon Health to provide durable medical equipment (DME) to commercial and Medicare members across Massachusetts.

Fallon Health commercial and Medicare members now have access to a wide range of medical supplies through their insurance, including breast pumps, CPAP devices and other essential products.

These members also have access to Aeroflow’s digital platform to verify eligibility, place orders and connect with a network of certified care specialists, simplifying the process of receiving medical support through insurance, the company says.

"Collaborating with providers health plans like Fallon Health allows us to remove barriers to care that often prevent patients from receiving the medical services that can significantly improve their quality of life," said Casey Hite, CEO of Aeroflow Health.

Worcester, Mass.-based Fallon Health, launched in 1977, says it was the first health plan in the state to cover Medicaid recipients (1979), the first in the nation to offer a Medicare Advantage plan (1980) and the only plan in the state to operate a Program of All-Inclusive Care for the Elderly, or PACE (1995).

Earlier this year, Aeroflow partnered with Johns Hopkins Health Plans and the Maryland Community Health System to provide Priority Partners, a Medicaid managed care organization (MCO), with DME for its members across Maryland.

NCPA cautions FTC in Caremark, Zink Health Services settlement

ALEXANDRIA, Va. – The National Community Pharmacists Association (NCPA) has filed public comments with the Federal Trade Commission (FTC) saying it’s worried the agency’s proposed settlement with Caremark and Zink Health Services could have serious unintended consequences on independent pharmacies. The NCPA says it supports meaningful relief that addresses pharmacy benefit manager (PBM) rebate practices that inflate insulin list prices, but it would like to see the FTC narrow its waiver of liability, strengthen data protections and clarify enforcement authority over non-insulin PBM conduct. “The FTC’s insulin case is important, but the settlement should not become a vehicle for giving PBMs broader immunity, weakening future enforcement, or creating new opportunities for misuse of pharmacy-level data,” said Matthew Seiler, senior vice president and general counsel of NCPA. “Independent pharmacies should not be forced to disclose competitively sensitive acquisition-cost information to vertically integrated PBMs that also own their direct competitors just to obtain allegedly fair reimbursement, especially when the proposed data protections are plainly inadequate.” The NCPA’s comments further ask the FTC to build a fuller public record before final approval, including an explanation of how the settlement relates to separate PBM investigations, congressional findings and civil investigative demands. The association emphasizes that federal and state enforcement authority must be preserved, particularly because independent pharmacies often face practical barriers to private enforcement, including arbitration provisions, confidentiality restrictions, high costs, unequal access to information, and potential network consequences. “The commission can and should secure insulin-related relief without handing PBMs a litigation shield for unrelated conduct,” Seiler said. “Any final order should identify exactly what is being resolved, expressly preserve everything else, and make sure independent pharmacies are not forced to disclose sensitive business information to the very companies they compete against.” Read the NCPA’s full comments here.

TBO promotes payer expert to continue expanding Service Hub

LAS VEGAS – Tactical Back Office (TBO) has promoted Lauren Barranti to vice president of payor relations. In this new role, she will continue to expand the company’s Service Hub, which provides clients with executive-level expertise in contracting and negotiations, credentialing, provider enrollment, reimbursement optimization, compliance support and strategic payer relationship management. The Hub, leveraging TBO's fully trained health care professionals, provides health care organizations with an integrated operational model that combines business process outsourcing with specialized health care expertise, the company says. "Lauren has become one of the most trusted resources our clients rely on," said Todd Usher, founder and president of Tactical Back Office. "Her ability to build strong payer relationships, negotiate meaningful contractual improvements, and guide organizations through complex reimbursement and contracting challenges has produced exceptional results for our clients. This promotion reflects both her leadership and the tremendous value she brings to the health care organizations we serve." Most recently, Barranti led a multi-state licensure and compliance initiative that helped a health care organization successfully expand operations into all 50 states. Barranti, previously vice president of managed care for Apria Healthcare, joined TBO earlier this year as a managed care and growth strategy expert.

Collins Surgical taps Medline to streamline DME capabilities

NORTHFIELD, Ill. – A new supply deal agreement will allow Collins Surgical to leverage Medline’s drop-ship program to expand and streamline its durable medical equipment (DME) fulfillment capabilities. Collins Surgical will gain access to Medline’s broad portfolio of DME, with an emphasis on bath safety and mobility products. “Collins Surgical has been serving the community for more than 45 years, and as we continue to grow, it is essential that we partner with organizations that share our commitment to exceptional patient care and operational excellence,” said Kevin Makie, general manager, Collins Surgical. “Medline’s extensive portfolio of medical products, combined with its industry-leading distribution network, enables us to deliver the right products to our patients quickly and reliably. Their knowledgeable sales and support teams help us identify the best solutions for our patients while supporting our continued growth.” The agreement also supports Collins Surgical’s efforts to consolidate its DME business, supported by Medline’s manufacturing capabilities, distribution strength and drop-ship model. “We look forward to supporting Collins Surgical’s continued growth through reliable products, scalable logistics and the operational strength of Medline’s drop-ship program,” said Renee Fisher, senior vice president, national field sales, Medline. “By helping streamline DME fulfillment, we can support Collins Surgical’s ability to focus on what matters most: meeting the unique needs of patients and caregivers across New England.”

• Related: Collins Surgical scales team, offerings