LAFAYETTE, La., March 12, 2019 (GLOBE NEWSWIRE) -- Viemed Healthcare, Inc. (the “Company” or “Viemed”) (TSX:VMD.TO), a home medical equipment supplier that provides post-acute respiratory care services in the United States, announces that it is aware of the recent announcement by the Centers for Medicare and Medicaid Services (CMS) that Non-invasive ventilators (NIV) will be included in the next round of Competitive Bidding Program (CBP) expected to begin in 2021.
It appears as though the current suspension of the CBP program will continue until 2021, and the 130 areas that were included in the latest rounds of CBP are going to be the areas included during 2021. The Company is currently serving CMS patients in 39 of these CBP areas, and it currently expects that it will continue to expand its patient base in those areas as well as additional CBP areas during its current geographical expansion. Although the Company estimates that less than 25% of its revenue is currently inside of CBP areas, the Company expects to increase the number of patients it serves as it expands the Company’s footprint into more CBP areas.
“While our team continues to prepare for inclusion of NIV in the competitive bidding process, we will be focused on delivering quality care to our expanding patient base under the program and expect to continue our rapid growth throughout the country,” said Casey Hoyt, Viemed CEO. “We feel this change will present great opportunity for those companies who are underleveraged with size and scale, such as Viemed. We look forward to improving our strength and increasing our position as the leader of care for the patients struggling with respiratory illnesses. Our diversification efforts to other payors, including the VA and pediatric patients, continue to be a major focus as well as continuing down the path of supplying additional products.”
ABOUT VIEMED HEALTHCARE, INC.
Viemed, through its indirect wholly-owned subsidiaries Sleep Management, L.L.C. and Home Sleep Delivered, L.L.C., is a home medical equipment supplier that provides post-acute respiratory care services in the United States. Sleep Management, L.L.C. focuses on disease management and improving the quality of life for respiratory patients through clinical excellence, education, and technology. Its service offerings are based on effective home treatment with respiratory care practitioners providing therapy and counseling to patients in their homes using cutting edge technology. Home Sleep Delivered focuses on providing in-home sleep testing for sleep apnea sufferers. Visit our website at www.viemed.com.
For further information, please contact:
Glen Akselrod
Bristol Capital
905-326-1888
glen@bristolir.com
Todd Zehnder
Chief Operating Officer
Viemed Healthcare, Inc.
337-504-3802
investorinfo@viemed.com
Forward-Looking Statements
Certain statements contained in this press release constitute "forward-looking information" as such term is defined in applicable Canadian securities legislation. The words "may", "would", "could", "should", "potential", "will", "seek", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions as they relate to the Company, including: CBP changes not being effective until at least January 1, 2021 and the areas that may be included; the percentage of the Company’s revenue that may be subject to the CBP; the Company expecting to increase the number of patients served; and the Company continuing its rapid growth; are intended to identify forward-looking information. All statements other than statements of historical fact may be forward-looking information. Such statements reflect the Company's current views and intentions with respect to future events, and current information available to the Company, and are subject to certain risks, uncertainties and assumptions, including, without limitation: the CMS continuing with the suspension of the CBP until 2021; the CBP including the areas in 2021 that it has stated; and the Company’s revenue allocation from December 2018 being similar to the future. Many factors could cause the actual results, performance or achievements that may be expressed or implied by such forward-looking information to vary from those described herein should one or more of these risks or uncertainties materialize. These factors include, without limitation: the general business and economic conditions in the regions in which the Company operates; the ability of the Company to execute on key priorities, including the successful completion of acquisitions, business retention, and strategic plans and to attract, develop and retain key executives; difficulty integrating newly acquired businesses; the ability to implement business strategies and pursue business opportunities; low profit market segments; disruptions in or attacks (including cyber-attacks) on the Company's information technology, internet, network access or other voice or data communications systems or services; the evolution of various types of fraud or other criminal behavior to which the Company is exposed; the failure of third parties to comply with their obligations to the Company or its affiliates; the impact of new and changes to, or application of, current laws and regulations; decline of reimbursement rates; dependence on few payors; possible new drug discoveries; a novel business model; dependence on key suppliers; granting of permits and licenses in a highly regulated business; the overall difficult litigation environment, including in the U.S.; increased competition; changes in foreign currency rates; increased funding costs and market volatility due to market illiquidity and competition for funding; the availability of funds and resources to pursue operations; critical accounting estimates and changes to accounting standards, policies, and methods used by the Company; and the occurrence of natural and unnatural catastrophic events and claims resulting from such events; as well as those risk factors discussed or referred to in Viemed’s disclosure documents filed with the securities regulatory authorities in certain provinces of Canada and available at www.sedar.com. Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, the Company does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this press release is made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law.