Mergers & Acquisitions
Air Products Acquires DependiCare: Allentown, Pa.-based Air Products, a global supplier of gases and performance materials, March 18 acquired Broadview, Ill.-based DependiCare Home Health.
Although the companies did not disclose the financial terms of the deal, Air Products said the DependiCare acquisition brings to 50 the number of home care locations Air Products owns in the United States. DependiCare will become part of American Homecare Supply, which Air Products acquired in October, and will retain the DependiCare name, as well as its 125 employees. Additionally, Roger Miller will continue as president of DependiCare.
DependiCare's operations add approximately 10,000 patients to Air Products' existing base of approximately 300,000 patients worldwide, and Air Products plans to increase its home care businesses by approximately 12 percent annually.
Home Care Supply Acquires First Medical: The No. 1 company on HomeCare's 2002 list of the top home medical equipment providers — Home Care Supply — has purchased Bryan, Texas-based First Medical of Texas.
With branches in Bryan and Navasota, First Medical will increase Beaumont-based Home Care Supply's Texas locations to 22, bringing the company's total number of locations to 57.
Noteworthy
Weeks Group Plans Workshops for HME CEOs: The Weeks Group, a consulting firm in Melbourne, Fla., has scheduled two, two-day workshops for chief executive officers of home medical equipment companies. The first, for CEOs of companies with annual sales between $1 million and $2.5 million, will take place June 9 and 10; the second, for CEOs of companies with annual sales between $2.5 million and $5 million, will take place June 12 and 13. The registration deadline is May 9. For information or to register, call 888/430-6919 or visit www.weeksgroup.com.
Fraud & Abuse
HME Provider Gets Jail Time for Defrauding Medicare, Medicaid: A federal grand jury in Tampa March 18 sentenced Barry Haught — a durable medical equipment provider who owned several companies — to 7 years in prison and a fine of $14.4 million for his role in two schemes to defraud Medicare and Medicaid.
The 55-count indictment charged Haught and his co-conspirators with submitting false claims for wheelchairs, alternating pressure mattresses and other DME; and laundering money. In May 2002, Haught pleaded guilty to one count of conspiracy to commit Medicare and Medicaid fraud and to launder the proceeds.
So far, at least 10 other individuals and 12 corporate defendants have either pleaded guilty or been convicted as a result of the ongoing investigation, dubbed “Operation Hardgear.” The U.S. Attorney for the Middle District of Florida March 4 sentenced Rene Livio, a former DME sales representative, to a prison term of 12 months and one day.
For breaking news, go to www.homecaremonday.com, the electronic news service of the home medical equipment industry.
