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PHM builds on momentum with new investor

March 15, 2024Theresa Flaherty, Managing Editor

KENT, Wash. – Performance Home Medical was recently acquired by a private equity firm and plans to use the investment to become a “disruptor” in the market.  The company is looking at a number of states to expand into, and while acquisitions with the right partners are on the table, PHM is “great at the organic side,” too, says Dan Vasilj, president and CEO.  “We’ve had a lot of success focusing on the small details and that’s really...

Dan Vasilj, Larry Mastrovich, Performance Home Medical


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Providers

Sheehan not sitting on HME sidelines

March 15, 2024HME News Staff

SANDWICH, Mass. – After years of “ill-fated policy decisions,” the HME industry is finally enjoying some stability, but providers need to leverage technology if they want to fully benefit from the more positive environment, says Gary Sheehan.  “In terms of the reimbursement rate environment and the regulatory environment – that’s pretty well-known,” says Sheehan. “So, what you are back to now is a growth environment for providers. But you can’t...

Gary Sheehan, Scorton Creek Capital


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Providers

AdaptHealth works on diabetes, as sleep & oxygen make gains

March 1, 2024Theresa Flaherty, Managing Editor

PLYMOUTH MEETING, Pa. - Diabetes revenue for the fourth quarter of 2023 was down 3.8% against the prior year, driven in part by compression on insulin pumps, but AdaptHealth execs say they plan a big push to boost that part of the business in 2024.  Pump revenue in 2022 was about $160 million, and the company expected revenue of about $120 million in 2023.  “We came right in line with that expectation,” said Jason Clemens, CFO, during a recent call to discuss the company’s...

AdaptHealth, Home Oxygen Equipment, Insulin pumps


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Providers

Joerns sells rental biz in certain states to MasVida

February 28, 2024HME News Staff

CHARLOTTE, N.C. – Joerns Healthcare has entered into a definitive agreement to sell its rental service network in Florida, Georgia, Louisiana, Oklahoma and Texas to MasVida Health.   As part of the transaction, MasVida has acquired Joerns products and associated operational assets in the territory, but Joerns has retained and will continue to operate its medical equipment sales and services business. Joerns will also partner with MasVida to support its expansion moving forward.  "Joerns...

Home Medical Equipment (HME), Joerns Healthcare, MasVida Health


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Providers

AdaptHealth: ‘Strategic initiatives have started to produce results’ 

February 27, 2024HME News Staff

PLYMOUTH MEETING, Pa. – AdaptHealth reported net revenue of $3.2 billion for fiscal year 2023, an increase of 7.7%.  Despite the revenue increase, the company reported a net loss of $678.9 million, largely due to a substantial pre-tax goodwill impairment of $830.8 million.  AdaptHealth's adjusted EBITDA for 2023 was 13%, reaching $670.8 million. Free cash flow increased to $143.2 million from a negative $17.6 million in 2022.   "We closed out 2023 with strong...

AdaptHealth, Financial Results


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Providers

Rotech provides notification of Philips breach 

February 26, 2024HME News Staff

ORLANDO, Fla. – Rotech Healthcare on Feb. 23 provided notification of a recent privacy incident experienced by Philips Respironics that may have impacted certain information of patients who purchased Philips sleep and respiratory devices from Rotech.  “Although Rotech is unaware of any misuse of information resulting from this event, we are providing this notice in an abundance of caution,” the company stated on its website.  When reached for comment, a spokesman...

Philips Respironics, Rotech Healthcare, security breach


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Edward Pesicka

Providers

Owens & Minor bullish on ‘growth engine’

February 23, 2024Theresa Flaherty, Managing Editor

RICHMOND, Va. – Owens & Minor executives say they will use the company’s Patient Direct business to underpin a five-year strategic plan as the segment continues to outpace the market.  Owens & Minor in December unveiled its Vision 2028 plan, which identified critical components for long term success: accelerating growth in areas of the business with high potential, optimizing businesses to drive stronger long-term profitability, and leveraging its strong balance sheet by investing...

Owens & Minor, patient direct


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Hardik Mehta

Providers

Quipt addresses investigation, commits to e-prescribing

February 23, 2024Theresa Flaherty, Managing Editor

CINCINNATI – Quipt Home Medical’s strong fiscal first quarter was tempered by news of a recently-announced investigation into certain claims, during a recent earnings call.   Quipt has disclosed that it has received a civil investigative demand from the U.S. Attorney’s Office for the Northern District of Georgia pursuant to the False Claims Act regarding an investigation concerning whether the company may have caused the submission of false claims to government health...

e-prescribing, Investigation, Quipt Home Medical


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Amy Hester

Providers

Amy Hester on why we should take fall risk seriously

February 21, 2024HME News Staff

BENTON, Ark. - HD Nursing has developed a fall prevention program based on a predictive analytics tool that looks at nine factors, including age, fall history, medications, mental status and mobility issues, and then assigns a score to determine a person’s fall risk.  “Based on that score, we know you are at risk, what the degree is of that risk, and what is driving that risk,” says Amy Hester, CEO and chairwoman of HD Nursing, a patient safety solutions company she founded...

Amy Hester, Fall Prevention, HD Nursing


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Providers

Owens & Minor’s Patient Direct posts 8% increase

February 20, 2024HME News Staff

RICHMOND, Va. – Owens & Minor reported fourth quarter revenue of $664 million for its Patient Direct segment, up 8% compared to the fourth quarter of 2022.  Consolidated revenue was $2.7 billion, an increase of 4%, year-over-year.  “We once again delivered on our commitments and had a strong finish to 2023, demonstrated by our top-line growth across both business segments, robust profit growth and exceptional operating cash flow which allowed us to further strengthen our...

Home Medical Equipment (HME), Owens & Minor


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