18 unchanged sentences
is a holding company incorporated in British Columbia under the Business Corporations Act in December 2016.
−Removed: The common shares of Viemed trade in the United States on the Nasdaq Capital Market under the trading symbol "VMD" and trade in Canada on the Toronto Stock Exchange (the "TSX") under the trading symbol “VMD.TO”.
+Added: The common shares of Viemed trade on the Nasdaq Capital Market under the trading symbol "VMD".
Viemed’s registered and records office is located at Suite 2800, Park Place, 666 Burrard Street, Vancouver, British Columbia V6C 2Z7 Canada and its principal executive office is located at 625 E.
3 unchanged sentences
Information contained on any website referred to in this Annual Report on Form 10-K is not part of this Annual Report on Form 10-K.
+Added: VIEMED HEALTHCARE, INC.
+Added: (Tabular amounts expressed in thousands of U.S.
+Added: Dollars, except per share amounts)
+Added: December 31, 2023 and 2022
Products and Services
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Viemed provides home medical equipment through the following service programs:
−Removed: VIEMED HEALTHCARE, INC.
−Removed: (Tabular amounts expressed in thousands of U.S.
−Removed: Dollars, except per share amounts)
−Removed: December 31, 2022 and 2021
◦ Respiratory disease management , including treatment of Chronic Obstructive Pulmonary Disease (“COPD”), aims to improve quality of life and reduce hospital readmissions by using proven methodology and leading technologies, such as non-invasive ventilation (“NIV”), percussion vests, and other therapies.
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Additionally, Viemed patient related capital expenditures can be financed through its existing commercial credit facilities comprised of a revolving credit facility of up to $30.0 million, a delayed draw term loan facility of up to $30 million, and an accordion feature allowing the Company to increase the size of such facilities by up to an additional $30 million, subject to certain conditions, for a total borrowing capacity of up to $90 million.
−Removed: While Viemed currently has no immediate plans to draw on these facilities, the credit facilities allow flexibility in funding future operations.
+Added: VIEMED HEALTHCARE, INC.
+Added: (Tabular amounts expressed in thousands of U.S.
+Added: Dollars, except per share amounts)
+Added: December 31, 2023 and 2022
Government Regulation
7 unchanged sentences
and even the termination of our ability to provide services, including those provided under certain government programs such as Medicare and Medicaid.
−Removed: VIEMED HEALTHCARE, INC.
−Removed: (Tabular amounts expressed in thousands of U.S.
−Removed: Dollars, except per share amounts)
−Removed: December 31, 2022 and 2021
Centers for Medicare and Medicaid Services
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However, we are uncertain if non-invasive ventilators and oxygen and PAP devices will be included in future competitive bidding programs.
−Removed: The current Round 2021 contracts expire on December 31, 2023 and CMS has not announced a new round of competitive bidding.
+Added: The current Round 2021 contracts expired on December 31, 2023 and CMS has not announced a new round of competitive bidding.
Historically, CMS announces new rounds of competitive bidding and starts the process approximately 18 months prior to the contract start date.
34 unchanged sentences
Federal False Claims Act and Civil Monetary Penalties Law .
−Removed: The Federal False Claims Act provides, in part, that the federal government or a private party on behalf of the government may bring a lawsuit against any person whom it believes has knowingly presented, or caused to be presented, a false or fraudulent request for payment from the federal government, or who has made a false statement or used a false record to get a claim paid or to avoid, decrease or conceal an obligation to pay money to the federal government or who has knowingly retained an overpayment.
+Added: The Federal False Claims Act (“FCA”) provides, in part, that the federal government or a private party on behalf of the government may bring a lawsuit against any person whom it believes has knowingly presented, or caused to be presented, a false or fraudulent request for payment from the federal government, or who has made a false statement or used a false record to get a claim paid or to avoid, decrease or conceal an obligation to pay money to the federal government or who has knowingly retained an overpayment.
In addition, amendments in 1986 to the Federal False Claims Act have made it easier for private parties to bring whistleblower lawsuits against companies.
+Added: Further, on June 1, 2023, the United States Supreme Court issued a decision further clarifying the meaning of “knowingly” presenting a false claim for purposes of the FCA.
+Added: This decision places newfound emphasis on the subjective beliefs of the person or entity making the claim, which may invite closer scrutiny of health care providers’ subjective beliefs as to the compliance of claims submitted to governmental healthcare programs.
The Civil Monetary Penalties Law provides, in part, that the federal government may seek civil monetary penalties against any person who presents or causes to be presented claims to a Federal healthcare program that the person knows or should know is for an item or services that was not provided as claimed or is false or fraudulent, or the person has made a false statement or used a false record to get a claim paid.
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Any penalties, damages, fines, exclusions, curtailment or restructuring of our operations could adversely affect our ability to operate our business, our financial condition and our results of operations.
−Removed: State fraud and abuse provisions .
−Removed: Many states have also adopted some form of anti-kickback and anti-referral laws and false claims acts that apply regardless of payor, in addition to items and services reimbursed under Medicaid and other state programs.
−Removed: In some states, these laws apply and we believe that we are in compliance with such laws.
−Removed: Nevertheless, a determination of liability under such laws could result in fines and penalties, as well as restrictions on our ability to operate in these jurisdictions.
VIEMED HEALTHCARE, INC.
2 unchanged sentences
December 31, 2023 and 2022
+Added: State fraud and abuse provisions .
+Added: Many states have also adopted some form of anti-kickback and anti-referral laws and false claims acts that apply regardless of payor, in addition to items and services reimbursed under Medicaid and other state programs.
+Added: In some states, these laws apply and we believe that we are in compliance with such laws.
+Added: Nevertheless, a determination of liability under such laws could result in fines and penalties, as well as restrictions on our ability to operate in these jurisdictions.
Foreign Corrupt Practices Act and Other Anti-Corruption Laws .
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• the breach notification rules, which require covered entitles to provide notification to affected individuals, the HHS and the media in the event of a breach of unsecured protected health information.
+Added: VIEMED HEALTHCARE, INC.
+Added: (Tabular amounts expressed in thousands of U.S.
+Added: Dollars, except per share amounts)
+Added: December 31, 2023 and 2022
In 2009, Congress passed the American Recovery and Reinvestment Act of 2009 (“ARRA”) which included sweeping changes to HIPAA, including an expansion of HIPAA’s privacy and security standards.
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HITECH also increased the civil and criminal penalties that may be imposed against covered entities, business associates and possibly other persons and gave state attorneys general new authority to file civil actions for damages or injunctions in federal courts to enforce the federal HIPAA laws and seek attorney fees and costs associated with pursuing federal civil actions.
−Removed: VIEMED HEALTHCARE, INC.
−Removed: (Tabular amounts expressed in thousands of U.S.
−Removed: Dollars, except per share amounts)
−Removed: December 31, 2022 and 2021
The 2013 final HITECH omnibus rule (the “HITECH Final Rule”) modifies the breach reporting standard in a manner that makes more data security incidents qualify as reportable breaches.
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healthcare reimbursement systems may significantly reduce reimbursement or otherwise impact coverage for our medical devices, or adverse decisions relating to our products by administrators of such systems in coverage or reimbursement issues could have an adverse impact on our financial condition and results of operations.
+Added: VIEMED HEALTHCARE, INC.
+Added: (Tabular amounts expressed in thousands of U.S.
+Added: Dollars, except per share amounts)
+Added: December 31, 2023 and 2022
Third-Party Reimbursement
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The Medicare and Medicaid statutory framework is subject to administrative rulings, interpretations and discretion that affect the amount and timing of reimbursement made under Medicare and Medicaid.
−Removed: VIEMED HEALTHCARE, INC.
−Removed: (Tabular amounts expressed in thousands of U.S.
−Removed: Dollars, except per share amounts)
−Removed: December 31, 2022 and 2021
CMS, which is the agency within the HHS that administers both Medicare and Medicaid, has the authority to decline to cover particular products or services if it determines that they are not “reasonable and necessary” for the treatment of Medicare beneficiaries.
A coverage determination for a product, which establishes the indications that will be covered, and any restrictions or limitations, can be developed at the national level by CMS through a National Coverage Determination (“NCD”) or at the local level through a Local Coverage Determination (“LCD”) by a regional DME MAC.
−Removed: CMS could issues new NCDs or the regional DME MACs could issue LCDs related to a full range of respiratory DME products.
+Added: CMS could issue new NCDs or the regional DME MACs could issue LCDs related to a full range of respiratory DME products.
If such NCDs or LCDs are issued or revised, they could significantly alter the coverage under Medicare and materially impact our business.
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If we are unable to expand coverage of our products by additional commercial payors, or if third-party payors that currently cover or reimburse for our products reverse or limit their coverage in the future, our business and results of operations could be adversely affected.
+Added: VIEMED HEALTHCARE, INC.
+Added: (Tabular amounts expressed in thousands of U.S.
+Added: Dollars, except per share amounts)
+Added: December 31, 2023 and 2022
Emerging Growth Company Status
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If some investors find our common shares less attractive as a result, there may be a less active trading market for our common shares and our share price may be more volatile.
−Removed: VIEMED HEALTHCARE, INC.
−Removed: (Tabular amounts expressed in thousands of U.S.
−Removed: Dollars, except per share amounts)
−Removed: December 31, 2022 and 2021
In addition, Section 107 of the JOBS Act also provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards.
2 unchanged sentences
The respiratory care industry is highly competitive.
−Removed: While Viemed is one of the top three providers of NIV and related services in the United States, its current competitors may gain market share, and any new entrants, with greater financial and technical resources, may provide additional competition.
+Added: While Viemed is one of the top providers of NIV and related services in the United States, its current competitors may gain market share, and any new entrants, with greater financial and technical resources, may provide additional competition.
Accordingly, there can be no assurance that Viemed will be able to grow its operations organically to meet the competitive environment.
Significant Customers
−Removed: For the years ended December 31, 2022 and 2021, Viemed had no customers that accounted for 10% or more of its consolidated traditional revenue streams.
+Added: For the years ended December 31, 2023 and 2022, Viemed had no customers that accounted for 10% or more of its consolidated revenue streams.
Viemed earns revenues by seeking reimbursement from Medicare and private health insurance companies, with the Medicare program of the United States government being the primary entity making payments.
2 unchanged sentences
These pricing guidelines are subject to change at the discretion of CMS.
−Removed: At December 31, 2022, Viemed had 743 employees, in addition to consultants working directly with hospitals and other healthcare providers to help simplify the administrative process for patients transitioning from hospital to home care.
+Added: At December 31, 2023, Viemed had 996 permanent employees, in addition to temporary employees and independent contractors engaged through the Company's healthcare staffing and recruitment services to supplement the workforce needs of third party healthcare facilities.
+Added: VIEMED HEALTHCARE, INC.
+Added: (Tabular amounts expressed in thousands of U.S.
+Added: Dollars, except per share amounts)
+Added: December 31, 2023 and 2022
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.