Companies in the News
Companies in the News
BW signs contract with New York Corp.M
Bindley Western’s (Indianapolis) wholesale drug division, Bindley Western Drug Company, and the New York City Health and Hospitals Corp. (HHC) have signed a three-year pharmaceutical supply agreement. Under the agreement, Bindley Western will become the distributor for 22 HHC facilities. For Bindley Western, the contract represents incremental sales of more than $72 million annually and more than $216 million for the three-year contract term.
HHC’s healthcare system includes six certified home health agencies.
Cimtek hires Pinnacle to sell products on line
Cimtek Commerce (Johnson City, TN), an e-commerce solution provider for the medical supply industry, said last week it has signed Pinnacle MedSource (Alpharetta, GA) to sell its home medical products via its medicalbuyer.com Web site.
By selling its HME products on medicalbuyer.com, Pinnacle MedSource will broaden its exposure to home care providers with a low incremental cost of sales.
Interwest sees 39% increase in 1Q00 revs
Interwest Home Medical (Salt Lake City) saw an increase of 39% in its 1Q00 revenues, to $10.7 million from $7.7 million in 1Q99. The company posted a net income for the quarter ended Dec. 31 of $740,000, 18 cents per share, compared to a 1Q99 net income of $406,000, 10 cents per share.
President/CEO James Robinson said the 1Q00 results reflect the "successful integration of the recent acquisition in Denver" and the continued focus by Interwest on its core business of respiratory/oxygen services.
Olsten renews contract with Cigna
Olsten Health Services (Melville, NY) renewed its agreement with Cigna HealthCare to provide Cigna’s members with home care services. The agreement is now is its fifth year, Olsten said.
In other news, Olsten’s Center for Workforce Strategies just released a study, Managing Workplace Technology, that reported eight out of 10 executives agree that technology is having a profound and positive effect on workplace productivity.
Option Care signs agreement with Healthplan
Option Care’s (Bannockburn, IL) specialty pharmacy and distribution division, OptionMed, has entered into an exclusive prescription drug agreement with Healthplan Southeast.
Under the terms of the agreement, OptionMed will provide injectable prescription drugs to Healthplan Southeast members for adminisration in patients’ homes and in physicians’ offices. Healthplan Southeast provides services to 75,000 members in the northern counties of Florida.
TLC posts first results as separate company
Tender Loving Care Health Care Services (TLC; Lake Success, NY) reported a 3Q00 ended Nov. 30 net loss of $5.3 million, 45 cents per share, compared to a 3Q99 net loss of $44.7 million, $3.91 per share. The results, TLC said, are the first for the company as a separate publicly held company since the spin off from Staff Builders in October 1999.
The company saw total revenues in 3Q00 of $61.6 million, a decrease of $13.6 million, or 18.1%, from revenues of $75.2 million reported in 3Q99. The drop in revenues was primarily due to a decrease in Medicare revenues and a drop in the number of the company’s operating locations to 105 as of Nov. 30, from 157 locations a year earlier, TLC said.
Subscribe Now for Access
You have reached your article limit for the month. We hope you found our articles both enjoyable and insightful. For information on new subscriptions, product trials, alternative billing arrangements or group and site discounts please call 800-688-2421. We look forward to having you as a long-term member of the Relias Media community.