MONTREAL — On Wednesday, Canada's Bio-Solutions Corp. announced that it plans to enter the U.S. HME market.
"Recently, after having multiple organically built 'mom and pop' operations approach us, our board and management have decided this would be a beneficial direction to grow and expand our company," Dr. Gilles Chaumillon, CEO and president, said in a release.
It's no wonder. The company estimates the market at $26 billion a year and said it is growing at 6 percent annually.
Market entry shouldn't be hard, the company's June 15 release stated: "There are literally hundreds of small American made companies in this arena. A lot of them were built by Baby Boomers themselves looking for an exit strategy as private equity has dried up for what the market deems as smaller players."
While many of those smaller companies are thinking about the downside of competitive bidding, Bio-Solutions sees it as an opportunity, Chaumillon said.
"We at Bio see a vast opportunity with Round 2 of Medicare DMEPOS competitive bidding being initiated before 2013. Recent changes will dictate that DME companies must transition away from the traditional fee schedule and enter competitive bidding … As a company, our goal is to align ourselves with those in the competitive bidding process, as well as those working with various Medicare reimbursement programs. The product lines are endless," Chaumillon stated.
Incorporated in Nevada, the company, which makes an organic insecticide and dietary supplements for livestock, said it has hired U.S. consultants to get its new move going.
Said Chaumillon, "Nothing would make me happier than to grow our business, at the same time trying to put Americans back to work. Is that not what it's all about?"