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LAFAYETTE, La. – Viemed’s sleep and respiratory businesses grew the fastest in 2021, but the company is focused on diversifying into other areas, says CEO Casey Hoyt.
The company has previously placed a lot of emphasis on hiring sales rales reps to grow its core sleep and respiratory businesses, which generated $29 million in net revenues for the fourth quarter, a company record.
“Our goal for 2022 will be to be laser focused on netting 20 new areas, as opposed to setting a hiring goal,” Hoyt told investors on a recent earnings call. “With our improved training programs developed last year, evolved middle management and a new recruiting platform, we are confident we can achieve this 400% growth into new areas.”
Viemed already offers contact and vaccine tracing services and products, and has added behavioral health and health care staffing services.
The company’s relationships with new manufacturers, developed in response to supply chain issues, has created a foundation for this future growth, says Hoyt.
“At this time, we are not expecting supply chain constraints to be limitations on modeled growth,” he said.
OIG issue
Viemed continues to work the Medicare appeals process to resolve issues related to a handful of claims for non-invasive ventilation. In May 2021, the Office of Inspector Generalissued a report saying most of the Medicare claims submitted for NIV by Viemed, under its original name Sleep Management, did not comply with requirements, something that the company has pushed back on.
As part of its efforts, Viemed has submitted to CMS proposed rules related to NIV that, if adopted, could help increase patient access, says Hoyt.
“Unclear guidelines are confusing government agencies on how to properly treat these patients and, ultimately, are limiting access to care for the 95% of patients who need home ventilation,” he said. “We need to get this right from a policy standpoint, and I am confident we will through the development of formulary rules through the national coverage determination.”