National contract to accelerate growthTranscript excerpts:
We have added important insurance contracts, including a new national contract with a top 5 insurance payer in the United States, added significant infrastructure and personnel, all of which has enhanced our national coverage sphere over an area that includes over 5 million COPD sufferers in the United States.
To this end, on April 26, we announced the execution of a national insurance contract with a top 5 payer in the United States. This is a significant milestone for Quipt as we scale across the country as it gives us the ability to immediately leverage the national contract when we acquire a provider to capture more eligible patients accelerating expansion efforts.
We also feel there is more opportunity for us to secure additional national contracts, and we will continue to work with other large commercial payers to help them better understand our strong patient-centric model and the benefits to patients and payers alike.
As far as the national insurance contract, really what that allows us to do is the ability as we continue to acquire is that we can immediately and not start accepting that particular payer in that at all of our locations.
For example, around 65% of our sites had already accepted the insurance, but the -- so this opened up the additional 35% of our sites that could immediately and that start taking that insurance. And even with the recent acquisition, that opened up some of their particular locations that we would be able to start accepting that national payer.
So -- but once again, in that the -- truly the national contracts and that really allow us in that to enter into continuum areas in that and also on the acquisition front, when we acquire a company, if they don't already accept that insurance contract that we're immediately able to start accepting the insurance through the infrastructure, which allows us to kind of leverage in that those operations and build that scale that we've been talking about.