SG Homecare and Western Drug Medical Supply have announced their merger to form a new health company named Stance Health Solutions. Jay Wendt, the CEO of SG Homecare, revealed the plans via LinkedIn, stating that the branding for the newly formed company will be rolled out both internally and externally in the first three months of 2024. Wendt will also serve as the CEO of Stance Health Solutions following the acquisition of Western Drug Medical Supply by SG Homecare, with the involvement of their private equity sponsor, Sverica Capital, which occurred in April 2024.
Wendt expressed enthusiasm about this development, saying, “Exciting times for this growing organization.” The merger brings together SG Homecare and Western Drug Medical Supply, both of which provide a comprehensive range of home medical equipment (HME) and collectively generate over $150 million in annual revenue. They operate a combined total of 28 locations and employ more than 500 staff members.
In related news, Soleo Health has launched an ambulatory infusion suite in Greenwood Village, Colorado, intended to augment its existing home infusion services. The new facility, conveniently located near major medical centres and highways, offers private infusion suites and is staffed by registered nurses experienced in managing complex health conditions, including chronic inflammatory demyelinating polyneuropathy (CIDP) and multiple sclerosis (MS). This new establishment follows Soleo Health's earlier opening of a similar suite in Farragut, Tennessee, and is part of the company's strategy to expand access to specialised healthcare across the United States.
In a different sector, Eastern MedTech has announced the appointment of Michael Rabinovsky as the director of financial health optimization, a newly created role aimed at enhancing financial management within the company. Rabinovsky brings over ten years of expertise in medical billing and knowledge of emerging technologies to the position. Peter Falkson, CEO at Eastern MedTech, expressed his excitement about Rabinovsky's appointment, highlighting the potential for re-thinking company practices towards achieving its financial goals for 2025.
Meanwhile, Tycon Medical Systems based in Norfolk, Virginia, has filed a notice about a cybersecurity incident affecting its customers' personal information. The company is providing affected individuals with information on how to place security freezes on their credit reports and is offering complementary credit monitoring services through IDX, which includes coverage for identity theft recovery.
Simultaneously, the National Coalition for Assistive and Rehab Technology (NCART) is advocating for the permanent retention of telehealth flexibilities that were extended by Congress until March 2025. The organization aims to secure Medicare coverage for remote services related to complex rehabilitation technology provided by physical and occupational therapists. NCART members highlighted the positive impacts of telehealth, noting that these services have increased beneficiaries' access to rehabilitation evaluations while reducing travel challenges.
As trends surrounding artificial intelligence automation continue to take shape within various industries, insights into emerging technologies and future forecasts indicate a significant shift in business practices. The integration of AI tools is expected to streamline operations, enhance efficiency, and introduce transformative changes in how companies interact with customers and manage their internal processes.
Source: Noah Wire Services