Viemed Healthcare Comments on Competitive Bidding Program

Viemed Healthcare, Inc.
·7 min read

LAFAYETTE, La., Oct. 28, 2020 (GLOBE NEWSWIRE) -- Viemed Healthcare, Inc. (the “Company” or “Viemed”) (TSX: VMD.TO and NASDAQ:VMD), a home medical equipment supplier that provides post-acute respiratory care services in the United States, announced its support for the Centers for Medicare & Medicaid Services’ (“CMS”) recent decision to remove oxygen and positive airway pressure (“PAP”) devices from the Competitive Bidding Program (“CBP”) beginning January 1, 2021. CMS intended for 16 product categories to be included in the Round 2021 CBP. However, as previously disclosed, non-invasive ventilators were removed from the 2021 CBP in April 2020. Now, CMS has dropped 13 of the 15 remaining product categories, including oxygen and PAP therapies. CMS is only awarding CBP contracts for the off-the-shelf (“OTS”) Back Braces and OTS Knee Braces product categories. CMS’s stated its reason for not awarding these 13 product categories was “because the payment amounts did not achieve expected savings.”

This decision will once again benefit the millions of CMS beneficiaries, as the access to care will not be inhibited by the CBP. Recently, the Company has grown its offering of oxygen related therapy around the country, providing portable oxygen concentrators, as it continues to expand its world class services to more patients. This recent decision will allow the Company to continue to offer the same high quality therapy to all potential beneficiaries, regardless of where they live.

“We are excited to see CMS announce another step in the right direction. The removal of home medical equipment from the 2021 competitive bidding round will allow us to effectively treat more patients in the home,” said Casey Hoyt, Viemed CEO. “As a result of the new regulatory changes, our company is excited about expanding our ancillary product offerings, which will ultimately contribute to our growth rate. While the current pandemic is ongoing, we believe these types of program changes are big signals from CMS that our country must expand access to home care for a growing population of patients desperately needing to be treated out of harm’s way from COVID-19.”

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, L.L.C. 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

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Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward-looking statements prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking statements are expressly qualified in their entirety by this cautionary statement. Moreover, the Company does not assume responsibility for the accuracy or completeness of such forward-looking statements. The forward-looking statements included in this press release are made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward-looking statements, other than as required by applicable law.