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Tag: AdaptHealth


On the Editor's Desk

I have questions

November 21, 2023Liz Beaulieu, Editor

YARMOUTH, Maine – One of the most interesting takeaways from the HME News Business Summit in Charlotte, N.C., Oct. 22-24, was just how much commercial insurers care about patient satisfaction.   Brad Heath, an executive vice president with AdaptHealth, was part of a panel at the Summit on disruptive partnerships with payers. AdaptHealth, along with Rotech Healthcare, as we all know, has a contract with Humana to provide certain home medical equipment services to its Medicare Advantage...

AdaptHealth, HME News Business Summit, Humana, Medicare Advantage


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Providers

AdaptHealth ready to ‘take responsibility’

November 10, 2023Theresa Flaherty, Managing Editor

PLYMOUTH MEETING, Pa. – AdaptHealth underestimated the size and complexity of ramping up its Humana contract, resulting in a $10 million miss against expectations, company execs said on a call to discuss third quarter earnings.  “Onboarding members is taking longer than we had anticipated, resulting in a reduction to our expected revenues from Humana,” said Richard Barasch, chairman and interim CEO. “Nevertheless, we remain confident that this agreement will achieve...

AdaptHealth, CPAP, Diabetes, Humana


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In brief: AdaptHealth’s Q3, Medela’s spin-off, Braff Group’s milestone 

November 8, 2023HME News Staff

PLYMOUTH MEETING, Pa. – AdaptHealth reported net revenue of $804 million for the third quarter of 2023, an increase of 6.3% over the same quarter one year ago.  Net loss was $454.1 million compared to net income of $16.1 million, largely resulting from a $511.9 million pre-tax write down of goodwill.  Adjusted EBITDA was $161.2 million, compared to $160.2 million, an increase of 0.6%.  “We are pleased with the results of the third quarter,” said Richard Barasch,...

AdaptHealth, Medela, The Braff Group


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Providers

AdaptHealth: Q3 ‘powered by sleep’

November 7, 2023HME News Staff

PLYMOUTH MEETING, Pa. – AdaptHealth reported net revenue of $804 million for the third quarter of 2023, an increase of 6.3% over the same quarter one year ago.  Net loss was $454.1 million compared to net income of $16.1 million, largely resulting from a $511.9 million pre-tax write down of goodwill.  Adjusted EBITDA was $161.2 million, compared to $160.2 million, an increase of 0.6%.  “We are pleased with the results of the third quarter,” said Richard Barasch,...

AdaptHealth


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In brief: Bid language moves, AdaptHealth gets sued, NC DME wins

November 3, 2023HME News Staff

WASHINGTON – Language that would extend the 75/25 blended Medicare reimbursement rate in non-bid areas through 2024 is included in a draft of omnibus health care legislation in advance of a Senate Finance Committee mark-up session that could take place as early as this week.  Inclusion in this initial draft of legislative language to be considered by the committee does not guarantee the 75/25 provisions from S. 1294 will, ultimately, pass into law, but it's a significant step...

AdaptHealth, Bid Relief, BOC, Tomorrow Health


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Class action filed against AdaptHealth

November 2, 2023HME News Staff

PLYMOUTH MEETING, Pa. – A class action lawsuit has been filed against AdaptHealth alleging the company misrepresented the strength of its diabetes business, causing investors to pay inflated prices for shares in the company.  The lawsuit, filed Oct. 24 in the United States District Court for the Eastern District of Pennsylvania by the Allegheny County Employees Retirement System, alleges that between Aug. 4, 2020, and Feb. 27, 2023, AdaptHealth and certain senior executives overcharged...

AdaptHealth, Diabetes, Lawsuit


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In brief: AdaptHealth moves on, Boeye moves to Parachute 

September 22, 2023HME News Staff

PLYMOUTH MEETING, Pa. – AdaptHealth and Crispin Teufel have agreed to terminate Teufel’s employment contract.  The company had appointed Teufel as CEO in June, with a start date of Sept. 1, but he was sued in August by former employer Linde, which was seeking to block his appointment for an unspecified time. In the lawsuit, Linde alleged breach of contract, breach of duty of loyalty and misappropriation of trade secrets.   In a filing in late August with the U.S....

AdaptHealth, Crispin Teufel, Parachute Health, Rob Boeye


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Crispin Teufel

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AdaptHealth, Teufel part ways

September 20, 2023HME News Staff

PLYMOUTH MEETING, Pa. – AdaptHealth and Crispin Teufel have agreed to terminate Teufel’s employment contract.  The company had appointed Teufel as CEO in June, with a start date of Sept. 1, but he was sued in August by former employer Linde, which was seeking to block his appointment for an unspecified time. In the lawsuit, Linde alleged breach of contract, breach of duty of loyalty and misappropriation of trade secrets.   In a filing in late August with the U.S....

AdaptHealth, Crispin Teufel, Lincare, Linde


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Crispin Teufel

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Court grants TRO, delaying Teufel’s start date

August 30, 2023HME News Staff

PLYMOUTH MEETING, Pa. – Crispin Teufel won't take the reins as AdaptHealth’s new CEO until at least October amid efforts by his former employer to block the move, according to online news reports. In a filing with the U.S. Securities and Exchange Commission, AdaptHealth said a U.S. District Court issued a temporary restraining order preventing Teufel from starting his employment with AdaptHealth until Oct. 15. Lincare filed a lawsuit in Connecticut district court against Teufel,...

AdaptHealth, Crispin Teufel, Lincare


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Lincare sues former CEO 

August 22, 2023HME News Staff

CLEARWATER, Fla. - Lincare has filed a lawsuit in Connecticut district court against former CEO Crispin Teufel, who plans to join competitor AdaptHealth on Sept. 1, for breach of contract, breach of duty of loyalty and misappropriation of trade secrets.  Lincare seeks a temporary restraining order, preliminary and permanent injunctive relief, damages and attorney fees.  “Since defendant’s resignation, plaintiffs have uncovered evidence demonstrating that defendant used...

AdaptHealth, Crispin Teufel, Lincare


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