Viemed Wins Complete Overruling of Appealed OIG Claims Resolving Multiyear Process With HHS and CMS
January 23 2023 - 09:00AM
Viemed Healthcare, Inc. (the “Company” or “Viemed”) (NASDAQ:VMD and
TSX:VMD.TO), a national leader in respiratory care and
technology-enabled home medical equipment services, announced the
ruling of a U.S. Department of Health and Human Services
Administrative Law Judge (“ALJ”) with respect to the appeal of
claims related to findings from the U.S. Department of Health and
Human Services Office of Inspector General (“OIG”). The ALJ’s
Decision overturned all remaining disputed claims. As a result,
Medicare Administrative Contractors returned 100% of the previously
remitted funds to Viemed.
“We are extremely pleased with the judge’s
decision in this matter, which reaffirms the high integrity of our
clinical protocols and sets the record straight. In addition to
restoring our long-standing reputation as a best-in-class provider
and industry leader, the extensive appeals process was important to
us in order to ensure that the right patients continue to have
timely access to this life saving care,” said Casey Hoyt, Viemed’s
CEO.
In the May 2021 report, the OIG reviewed the
claims of 100 of the Company’s patients in an audit of non-invasive
ventilation in the home. The OIG concluded that 98% of the sampled
claims did not comply with Medicare requirements, asserting that
the therapy was not necessary for those patients, in direct
contradiction to the conclusions of the prescribing providers. The
OIG recommended that the Centers for Medicare and Medicaid Services
(“CMS”) issue an extrapolated overpayment and recoup funds from
Viemed. Through the statutory appeals process, the Company disputed
the OIG’s findings, maintaining that the report ignored each
patient’s diagnosis and supporting documentation from treating and
prescribing physicians and applied clinical guidelines that are
contrary to CMS’ accepted standard of care. The ALJ’s decision
resolved all remaining appealed claims in Viemed’s favor, resulting
in a $0 overpayment for patient claims addressed by the OIG.
Hoyt further stated, “The available data and
research confirms that timely access to non-invasive ventilation in
the home improves health outcomes while simultaneously driving down
overall healthcare costs. We will urgently communicate these
compelling and clarifying results with payors and treating
physicians so that more patients nationwide can receive the
lifesaving care they need and deserve.”
ABOUT VIEMED HEALTHCARE, INC.
Viemed is a provider of in-home medical
equipment and post-acute respiratory healthcare services in the
United States. Viemed’s service offerings are focused on effective
in-home treatment with clinical practitioners providing therapy and
counseling to patients in their homes using cutting-edge
technology. Visit our website at www.viemed.com.
For further information, please contact:
Glen AkselrodBristol
Capital905-326-1888glen@bristolir.com
Todd ZehnderChief Operating OfficerViemed
Healthcare, Inc.337-504-3802investorinfo@viemed.com
Forward-Looking Statements
Certain statements contained in this press
release may constitute “forward-looking statements” within the
meaning of the U.S. Private Securities Litigation Reform Act of
1995 or “forward-looking information” as such term is defined in
applicable Canadian securities legislation (collectively,
“forward-looking statements”). Often, but not always,
forward-looking statements can be identified by the use of words
such as “plans”, “expects”, “is expected”, “budget”, “potential”,
“scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”,
“believes”, or “projects”, or the negatives thereof or variations
of such words and phrases or statements that certain actions,
events or results “will”, “should”, “may”, “could”, “would”,
“might” or “will be taken”, “occur” or “be achieved” or the
negative of these terms or comparable terminology. All statements
other than statements of historical fact, including those that
express, or involve discussions as to, expectations, beliefs,
plans, objectives, assumptions or future events or performance,
including the anticipated health and cost benefits associated with
non-invasive ventilation in the home and the anticipated
communication of the ALJ’s ruling, are not historical facts and may
be forward-looking statements and may involve estimates,
assumptions and uncertainties that could cause actual results or
outcomes to differ materially from those expressed in the
forward-looking statements. Such statements reflect the Company's
current views and intentions with respect to future events, and
current information available to the Company, and are subject to
certain risks, uncertainties and assumptions. Many factors could
cause the actual results, performance or achievements that may be
expressed or implied by such forward-looking statements to vary
from those described herein should one or more of these risks or
uncertainties materialize. These factors include, without
limitation: the general business, market and economic conditions in
the regions in which the Company operates; the impact of the
COVID-19 pandemic and the actions taken by governmental
authorities, individuals and companies in response to the pandemic
on our business, financial condition and results of operations,
including on the Company's patient base, revenues, employees, and
equipment and supplies; significant capital requirements and
operating risks that the Company may be subject to; the ability of
the Company to implement business strategies and pursue business
opportunities; volatility in the market price of the Company's
common shares; the Company’s novel business model; the risk that
the clinical application of treatments that demonstrate positive
results in a study may not be positively replicated or that such
test results may not be predictive of actual treatment results or
may not result in the adoption of such treatments by providers; the
state of the capital markets; the availability of funds and
resources to pursue operations; reductions in reimbursement rates
and audits of reimbursement claims by various governmental and
private payor entities; dependence on few payors; possible new drug
discoveries; dependence on key suppliers and the recall of certain
Royal Philips BiPAP and CPAP devices and ventilators that we
distribute and sell; granting of permits and licenses in a highly
regulated business; competition; low profit market segments;
disruptions in or attacks (including cyber-attacks) on the
Company's information technology, internet, network access or other
voice or data communications systems or services; the evolution of
various types of fraud or other criminal behavior to which the
Company is exposed; the failure of third parties to comply with
their obligations; difficulty integrating newly acquired
businesses; the impact of new and changes to, or application of,
current laws and regulations; the overall difficult litigation and
regulatory environment; increased competition; changes in foreign
currency rates; increased funding costs and market volatility due
to market illiquidity and competition for funding; critical
accounting estimates and changes to accounting standards, policies,
and methods used by the Company; the Company’s status as an
emerging growth company and a smaller reporting company; and the
occurrence of natural and unnatural catastrophic events or health
epidemics or concerns, such as the COVID-19 pandemic, and claims
resulting from such events or concerns; as well as those risk
factors discussed or referred to in the Company’s disclosure
documents filed with the U.S. Securities and Exchange Commission
(the “SEC”) available on the SEC’s website at www.sec.gov,
including the Company’s most recent Annual Report on Form 10-K and
Quarterly Report on Form 10-Q, and with the securities regulatory
authorities in certain provinces of Canada available at
www.sedar.com. 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.
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