HME News

APR 2017

HME News is the monthly business newspaper for home medical equipment providers. This controlled circulation publication reaches 17,100 home medical equipment services providers, including traditional HME dealers & suppliers, hospital- and pharmacy-o

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Rx and Specialty Providers h M e N ews / AP r I l 2017 / www.h M e N ews. COM 17 2016 Order your kit today at: www.hmenews.com/toolkit $79 S A L E • Custom spreadsheet that allows you to enter your own company data and automatically compares it to the latest industry averages • Slides from the HME Financial Benchmarking presentation at the 2016 HME News Business Summit • PDF file of the full 2016 HME Financial Benchmarking Survey results Discover areas where your business needs improvement, see how you stack up against others and identify key metrics you can track. The HME Benchmarking Toolkit is developed based on the annual HME Financial Benchmarking Survey conducted by HME News and Steven Richards & Associates. The data was first presented at the 2016 HME News Business Summit. Each toolkit includes a flash drive that contains: Business Summit Insulet posts 24% increase in revenue b ILLERI c A, Mass. – Insulet Corp. has reported fourth quarter rev- enue of $103.6 million, repre- senting year-over-year growth of 24%. Net loss was $9.2 million vs. $15.9 million. Fourth-quarter revenue in the U.S. for Omnipod was $61.3 million, a 17% increase, and internationally, $20.8 million, a 35% increase. Revenue from compliance aggressively, and our outcomes are significantly better than the published indus- try averages. HME: With the reimbursement hits the industry has taken in recent years, many providers are cutting costs, but MedBridge has taken the opposite tack. Pace: Competitive bidding has been very challenging for this industry. We want to minimize the impact that has had on our business, but leverage our scope and scale to bring new custom- ers into our view. At MedBridge, ensuring the patient outcome gives us a great foundation to build upon. Cutting costs works in the short term, but it will always come back to bite you in the end. HME BioScrip could entertain future acquisitions, but its main prior- ity right now is implementing its CO r E initiatives (see related story), g reenleaf says. P A y M e N t GAP BioScrip is joining other providers in getting a fix for the payment gap for home infusion created by the 21st Century Cures Act. g reen- leaf says the government can be short-sighted when it comes to reimbursement. "They only look at what is the reduction in drug costs," he said. "They don't look at, if we reduce the drug cost by this much, what is going to happen to the patient? i t expands the number of people seen in hospitals, in long-term acute care and in skilled nursing facilities." Br IG ht future Despite the challenges, g reenleaf is optimistic about the future of the home infusion industry. With hospital capacity lowering, 10,000 people per day turning 65 or older, and the proliferation of technology that makes it easier to manage and monitor patients at home, they are in the right place. "There is not a more convenient, less expensive, higher quality way to achieve care for our consumers and patients," he said. HME GREENLEAF C o n T i n u E D F R o M p R E V i o u s p A G E p A c E C o n T i n u E D F R o M p R E V i o u s p A G E b IOS c RI p C o n T i n u E D F R o M p R E V i o u s p A G E model, a move that reduces pay- ments so drastically that, essen- tially, they no longer cover services. Another provision in the act pro- vides payments for these services, but not until 2021. BioScrip estimates the impact of the provision to be $24 million to EB i TDA in 2017, but says cost-cut- ting initiatives, including an 11% reduction in workforce, should off- set about $15 million of that. HME drug delivery was $19.6 million, a 34% increase. Insulet reported full year revenue of $367 million, rep- resenting year-over-year growth of 39%. Net loss was $27.2 million vs. $61.6 million. Full-year revenue in the U.S. for Omnipod was $229.8 million, a 21% increase, and inter- nationally, $71.9 million, a 78% in- crease. Revenue from drug delivery was $65.3 million, a 92% increase. Among Insulet's highlights in 2016: its divestiture of Neighborhood Dia- betes' medical supplies distribution business to focus on growth oppor- tunities in insulin and drug delivery. PharMerica sees significant decreases in net income LOUISVILLE, Ky. – PharMerica Cor- poration, a national provider of specialty home infusion and other pharmacy services, has reported $534.4 million in revenue for the fourth quarter of 2016, a 2.7% increase compared to the same quarter in 2015. Net income was $7.7 million, a 61.9% decrease. PharMerica reported $2.091 bil- lion in revenue for all of 2016, an increase of 3.1%. Net income was $21.6 million, a 38.5% decrease. For 2017, PharMerica projects rev- enue in the range of $2.3 billion to $2.4 billion for 2017. HME

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