DENVER--(BUSINESS WIRE)--BioScrip, Inc. (NASDAQ:BIOS) ("BioScrip" or the "Company"), the largest independent national provider of infusion and home care management solutions, today announced that the U.S. Congress today passed the Medicare Home Infusion Therapy Access Act of 2017 (H.R. 3163/S. 1738) as part of the Continuing Resolution. The legislation provides for a transitional benefit payment, beginning January 1, 2019, for Medicare Part B home infusion services, which will continue until the commencement of a permanent payment structure under the 21st Century Cures Act, currently expected to take effect in 2021.
“The newly passed Medicare home infusion transition benefit is a real win for patients, the healthcare system and home infusion providers, including BioScrip,” said Dan Greenleaf, President and Chief Executive Officer of Bioscrip. “Passage of this critical legislation ensures that infusion therapy continues to take place in the home setting, supporting higher quality of life for thousands of chronically ill patients while driving lower systemwide healthcare costs and utilization. We thank lawmakers for their unwavering efforts to enact this legislation, which provides a sustainable payment bridge until a permanent payment structure is implemented under the 21st Century Cures Act. We also express our sincere gratitude for the resolve of our employees and Board of Directors in championing this important benefit for our patients.”
BioScrip will continue to work with the Centers for Medicare and Medicaid Services (CMS) to ensure a seamless start to the new Medicare home infusion benefit in 2019.
Based upon the Company’s analysis of the reimbursement provisions included in the Medicare Home Infusion Therapy Access Act of 2017 (H.R. 3163/S. 1738) and the Company’s patient census, BioScrip believes that enactment of this legislation will add a minimum of $9 million of EBITDA for the Company in 2019.
Forward-Looking Statements – Safe Harbor
This press release includes statements that may constitute "forward-looking statements," that involve substantial risks and uncertainties. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. In some cases, forward-looking statements can be identified by words such as "may," "should," "could," "anticipate," "estimate," "expect," "project," "outlook," "aim," "intend," "plan," "believe," "predict," "potential," "continue" or comparable terms. Because such statements inherently involve risks and uncertainties, actual future results may differ materially from those expressed or implied by such forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those in the forward-looking statements as a result of various factors. Important factors that could cause or contribute to such differences include but are not limited to risks associated with: the President’s ability to veto the legislation, the implementation of the legislation and regulations developed in connection with its implementation, other changes in governmental reimbursement, government regulation, the impact of any future health care reform, the Company's ability to grow its core Infusion revenues, the Company's ability to continue to experience positive results from its financial improvement plan to reduce operating costs; the Company’s ability to comply with the covenants in its debt agreements; the success of the Company’s initiatives to mitigate the impact of the Cures Act on its business; reductions in federal, state and commercial reimbursement for the Company's products and services; increased government regulation related to the health care and insurance industries; as well as the risks described in the Company's periodic filings with the Securities and Exchange Commission. The Company does not undertake any duty to update these forward-looking statements after the date hereof, even though the Company's situation may change in the future. All of the forward-looking statements herein are qualified by these cautionary statements.
About BioScrip, Inc.
BioScrip, Inc. is the largest independent national provider of infusion and home care management solutions, with approximately 2,200 teammates and nearly 80 service locations across the U.S. BioScrip partners with physicians, hospital systems, payors, pharmaceutical manufacturers and skilled nursing facilities to provide patients access to post-acute care services. BioScrip operates with a commitment to bring customer-focused pharmacy and related healthcare infusion therapy services into the home or alternate-site setting. By collaborating with the full spectrum of healthcare professionals and the patient, BioScrip provides cost-effective care that is driven by clinical excellence, customer service, and values that promote positive outcomes and an enhanced quality of life for those it serves.
