VIEMED’S EMPHASIS ON DATA PAYS OFF - March HME news https://www.hmenews.com/article/viemed-s-emphasis-on-data-pays-off
LAFAYETTE, La. – Viemed Healthcare grew its core business by 21% in 2020 and rolled out several new programs in the fourth quarter that will enhance and diversify the company’s overall business in 2021, says CEO Casey Hoyt.
For one, the company has moved from pilots to national rollouts of both its “Engage” and “View” platforms, which gather data from home respiratory equipment, activity watches, blood pressure cuffs and more in the home. The platforms will eventually merge into one, says Hoyt.
“The results of our pilot showed that we were able to improve RT workflow and efficiencies, while improving our 90-day attrition numbers,” he said.
ViemedHealthcare reported total revenues of $31.2 million for the fourth quarter of 2020, with $5.1 million in sales related to the COVID-19 pandemic and $26.1 million related to its core business. Net revenues for the year were $131.3 million, with $96.9 million from the core business.
Viemed also launched Viemed Clinical Services, a behavioral health division that seeks to reduce ER visits; and inked a deal with Commonwealth ACO, which manages 10,000 patients.
“A partnership with an ACO has been a longtime goal of the company,” Hoyt said. “It would not have been possible to fulfill had we not had the quality data metrics to present to them.”
Looking at the first quarter of 2021, the company provided net revenue guidance of $25.5 million to $26.5 million related to its core business.
“We have continued to see new patient setups run at a slower pace, as the virus has picked up again,” said COO Todd Zehnder. “We fully believe that we will get back to more traditional growth levels as the system begins to normalize.”