Viemed inks VA contract

LAFAYETTE, La. - Viemed Healthcare in 2019 continued its growth path, snagging a major contract as it pushed to diversify its product mix, said CEO Casey Hoyt during a recent earnings call.

The company reported net revenues of $21.4 million for the quarter ended Dec. 31, 2019, a 30% increase over revenue less bad debt expense reported for the comparable quarter in 2018. Net income was $2.4 million, a 20% decrease.

For the full year, net revenues were $80.3 million, a 38% increase compared to 2018. Net income was $8.5 million, a 10% decrease.

“At the beginning of 2019, we set a goal to diversify our product mix, as vents were dominating at 99%,” said Hoyt. “We did a real good job of executing on that initiative, as our ancillary products represented 16% of our revenue during the fourth quarter of 2019, and vents made up 84%.”

Ancillary product lines include oxygen, sleep, lymphedema and multi-function vents—all of which have helped Viemed boost the number of payer contracts it holds, says Hoyt. The provider, which now does business in 34 states and is Medicare approved in 46 states, signed 24 new contracts during the fourth quarter of 2019 and added six national contracts in 2019.

One large coup: a national, three-year contract with the Veterans Administration.

“I'm extremely pleased with the work our government relations teams has accomplished, as they have executed on a vision formed over two years ago of bringing Viemed services to veterans suffering with COPD,” said Hoyt.

Other highlights:

Viemed expects to have its Precision and Harvard Medical Study on the impact of non-invasive ventilation on health costs and outcomes published in the third quarter of this year.

The app for the provider's patient engagement portal, PEP, has been completed and the platform is being tested. Once completed, phase two will be rolled out to all of Viemed's patients and it will begin gathering data to provide real-time patient outcomes. hme