- Viemed Healthcare Inc. (VMD.TO) has been approved for claim funds from a report it started a year ago
- The company provides in-home medical equipment and supporting services in the U.S.
- A review found 77 per cent of the claims are in fact covered by Medicare
- Last year the U.S. government denied nearly all of Viemed’s claims
- Viemed Healthcare Inc. (VMD.TO) is up 7.07 per cent and is trading at $7.12 per share as of 11:59 a.m. ET
Viemed Healthcare (VMD.TO) has been approved for claim funds by the U.S. Department of Health and Human Services Office of Inspector General (OIG).
Viemed is a company that provides in-home medical equipment and post-acute respiratory healthcare services in the U.S.
According to Viemed, a government contractor evaluated the company’s appeals for expense coverages and found that almost 80 per cent of them were considered to be “medically necessary” for patients Viemed treated.
The contractor said that the claims qualify for coverage under the U.S. Medicare rules and regulation which the company believes to be a success for its work. Overpayment amounts regarding the claims will need to be recalculated.
Viemed stated that this outcome overturns the initial recommendations and determinations set out from last year’s claims which denied nearly of all its claims.
“The success of our latest round of appeals is an extremely positive development for patients and their families who depend on payors to hold up their end of the health care delivery network,” said Casey Hoyt, Viemed’s CEO.
According to OIG, 98 per cent of sampled claims did not comply with Medicare requirements and recommended that the Centers for Medicare and Medicaid Services should recover its funds.
Viemed is now waiting for a response for recalculated overpayment amounts, although that may need further appeals.
Viemed Healthcare Inc. (VMD.TO) is up 7.07 per cent and is trading at $7.12 per share as of 11:59 a.m. ET.