Tag: Protech Home Medical

WASHINGTON – CMS has established a higher rate of $750 to administer monoclonal antibody treatment to Medicare beneficiaries with COVID-19 in their homes, including permanent residences or temporary lodgings.  The new rate accounts for the increased costs associated with the one-on-one nature of this care model and reflects additional information provided to CMS about providing these services in a safe and timely manner.  “CMS’s decision to increase reimbursement...

CINCINNATI – Protech Home Medical plans to change its name to Quipt Home Medical and consolidate its common shares on the basis of one post-consolidation common share for every four pre-consolidation shares, pending regulatory approvals, including TSX Venture Exchange approval. The company expects to complete the name change and consolidation on May 13, and to begin trading on the TSXV under the new symbol QIPT on that day. Protech also expects to get listed on the NASDAQ...

CINCINNATI – Protech Home Medical has accelerated its organic growth initiatives by opening new locations in Daytona Beach, Fla., and Concord, N.H. “With the addition of new locations in Florida and New Hampshire, we continue our aggressive path of scaling our business,” said Greg Crawford, chairman and CEO of Protech. “Our patient-centric model leveraging our interconnected health care platform is providing us much opportunity to gain market share and this is just the beginning...

CINCINNATI – With a platform that it says is ready to scale, Protech Home Medical plans to “make the leap” from a regional to a national respiratory provider, said CEO and Chairman Greg Crawford on a recent earnings call. Protech currently serves more than 120,000 patients through 49 locations in 11 states, including Florida, a market the company recently entered by way of its acquisition of Jacksonville-based Mayhugh’s Medical Equipment, which added 10,000 to its roster. “We...

CINCINNATI – Protech Home Medical reported revenue of $22.8 million for the first quarter of fiscal year 2021, a 32% increase compared to the same period in 2020.  Adjusted EBITDA was $5.1 million vs. $3.3 million, a 53% increase.  “The momentum across the business continues to be robust as evidenced by our first quarter financial and operating results, and I am pleased to saw that we are seeing similar strong trends into our second quarter,” said CEO and Chairman...

WASHINGTON – The CERT error rate for DMEPOS is 31.8% for 2020, an 0.8% increase compared to 2019, according to a recent report from Medicare.  Insufficient documentation is at the root of about 65% of errors, according to the “2020 Medicare Fee-For-Service Supplemental Improper Payment Data,” which reviewed claims from June 2018-June 2019.  Medical necessity represented a small percentage of errors. Other types of...

CINCINNATI – Protech Home Medical has acquired Mayhugh’s Medical Equipment in Jacksonville, Fla., for $5.8 million.  MME, which has trailing 12-month annual revenues of $7 million and adjusted EBIDTA of $1.2 million, is a respiratory focused provider with more than 10,000 active patients, including 5,000 that Protech can immediately add to its resupply program.  The deal marks Protech’s first foray into Florida.  “MME’s heavily weighted...

CINCINNATI – Protech Home Medical reported revenue of $25 million for the fourth quarter of its fiscal year 2020 compared to $19.5 million for the same period the previous year. It reported revenue of $97.8 million for the year vs. $81 million for 2019, a 21% increase.  Adjusted EBIDTA for the fourth quarter was $5.9 million vs. $3.5 million year over year, and for 2020, $20.8 million vs. $14.8 million year over year.  “Our...

CINCINNATI – Protech has issued a letter of intent to acquire a respiratory company in the southern U.S. that would add $7 million in annual revenues and more than 10,000 active patients to its roster. The target company is more than 85% respiratory and offers a high-touch service model. “The acquisition would give us a foundation to build from in the new state with over 10,000 active patients, and a location near a major metropolitan hub, which we would plan to grow both organically...

CINCINNATI - Protech Home Medical has reported preliminary revenue in the range of $26.1 million to $26.5 million for the quarter ended Sept. 30, driven by “robust organic growth.” It reported preliminary adjusted EBITDA in the range of $5.6 million to $6.1 million. “We have seen our sleep business pick up in the back half of the year, approaching levels seen early in 2020 and are optimistic the sleep business will return to and surpass pre-pandemic levels in 2021,” said Greg...