UVM Health Network acquires Yankee Medical for $1 million

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UVM Health Network acquires Yankee Medical for $1 million

Thu, 12/14/2017 - 4:34pm -- tim

by Timothy McQuiston Vermont Business Magazine Burlington's Yankee Medical, Inc, a longtime local supplier of equipment such as wheelchairs, hospital beds and prosthetic limbs, has become part of the University of Vermont Health Network. The Network's affiliated hospitals include The University of Vermont Medical Center. UVMHN said in a statement that the partnership will make the transitions from hospital to home as smooth and beneficial to patients as possible. UVMHN paid $1 million for Yankee Medical, which will continue to operate under its own name under president Scott Wells. The medical device supplier employs 22.

UVM Medical Center photo.

“For more than 40 years, Yankee Medical has been proud to make sure people have access to the medical supplies they need, when they need them,” said Wells, a certified Assistive Technology Professional. “Becoming part of the UVM Health Network will make it easier for us to meet patient needs, which will help improve transitions out of the hospital and managing their condition successfully at home.”

While patients will still have the freedom to choose among equipment suppliers, UVMHN said in the statement, a closer relationship with Yankee Medical supports ongoing efforts by the UVM Health Network to increase its focus on being responsive to the needs of patients and families across the full continuum of care by improving integration with home care services.

“This partnership is another step in advancing the UVM Health Network’s mission to provide the communities we serve with efficient, high quality care,” said John Brumsted, M.D., president and CEO of the UVM Health Network and CEO of the UVM Medical Center.  “Our vision is to support better and more timely access to equipment and services from Yankee Medical and our other main medical equipment suppliers so people can leave the hospital with what they need, just as an outpatient pharmacy works.”

An additional benefit to patients is expected to come from earlier integration of Yankee Medical technicians into home assessments, which are designed to catch potential problems with the installation or use of equipment.

“The last thing you want is for a patient to get home and realize their wheelchair doesn’t fit through all of the doors,” said Wells.  “Avoiding those problems makes a big difference to them and their families.”

Yankee Medical will continue to manage day-to-day operations, and its 22 workers will remain employees of the company.

It will operate under UVMHN's for-profit subsidiary called the University of Vermont Health Network Health Ventures, Inc. The only other for-profit entity under Ventures is the Burlington drug lab Aspenti Health, in which UVMHN holds an 18 percent stake.

Michael Carrese, Media Relations spokesperson at UVMHN, said, "We are looking into the possibility of converting Yankee Medical to a not-for-profit.  Because its business operations are consistent with our own (ie, health care related services), it would likely be eligible for not-for-profit/tax-exempt status."

About The University of Vermont Health Network
The University of Vermont Health Network is an integrated system serving the residents of Vermont and northern New York with a shared mission: working together, we improve people’s lives. 

The partners are:

  *   The University of Vermont Medical Center <https://www.uvmhealth.org/medcenter/Pages/default.aspx>
  *   The University of Vermont Health Network Medical Group
  *   The University of Vermont Health Network – Alice Hyde Medical Center<http://www.alicehyde.com/>
  *   The University of Vermont Health Network – Central Vermont Medical Center<https://www.cvmc.org/>
  *   The University of Vermont Health Network – Champlain Valley Physicians Hospital<https://www.cvph.org/>
  *   The University of Vermont Health Network – Elizabethtown Community Hospital<http://www.ech.org/>
  *   The University of Vermont Health Network – Porter Medical Center

Source: (BURLINGTON, VT) UVMHN 12.14.2017