Quipt Home Medical Corp. is partnering with three major health systems and hospitals in a joint venture that gives Quipt (Nasdaq: QIPT) 60% ownership of Hart Medical Equipment.
“This strategic transaction is expected to enhance Quipt’s presence in the Midwest, add deep health-care system partnerships, and provide the company with immediate entry into Michigan, a large and strategically important market, and new territories in Ohio,” the company said in an Aug. 12 news announcement.
Wilder, Kentucky-based Quipt, a nationwide supplier of home medical equipment (HME), focuses on respiratory technology. Hart Medical Equipment, an HME supplier with 29 branch offices in Michigan and Ohio, is now owned by Quipt, as well as major health systems Henry Ford Health, McLaren Health Care, Blanchard Valley Health System, Wood County Hospital and The Bellevue Hospital, which collectively own the remaining 40%. Additionally, Hart Medical has strategic relationships with “freestanding community-based hospitals, embedding the business into the hospital discharge processes of more than 19 hospitals and affiliated care facilities across its network.”
Hart Medical, the announcement added, reported approximately $60 million in revenue for the 12-month period ending June 2025. The company supports 67,000 patients each month.
Quipt’s ownership interest was estimated to be worth $17 million to 18 million.
“The joint venture is expected to strengthen Quipt’s strategy of expanding relationships with health-care systems and building scalable integration models that embed Quipt into discharge planning and care coordination,” the announcement added. “The joint venture positions Quipt in the evolving health-care reimbursement environment, working alongside health systems heavily invested in value-based care.”
“The Hart Medical board was very focused on finding the right strategic partner to align with our mission of not only caring for patients at home following their discharge, but also supporting their ongoing transitional care needs,” said Barton P. Buxton, board chair of Hart Medical. “As health-care systems continue to explore innovative ways to manage critically ill populations in a payer environment that increasingly drives us toward managing risk, we carefully evaluated our options. Of all the potential partners, Quipt Home Medical demonstrated the strongest platform and shared commitment to continue and expand the important work Hart Medical has begun.”
“Hart’s impressive footprint across Michigan and Ohio and its relationship with world-class health systems like Henry Ford Health, McLaren Health, and Blanchard Valley bring a new level of depth and reach to our platform,” said Greg Crawford, CEO/chairman of Quipt. “This transaction expands our service network to more than 19 hospitals and affiliated care facilities, dramatically increasing our ability to serve patients at critical points of care transition. Importantly, the joint venture structure allows us to collaborate closely with Hart’s leadership team while maintaining operational alignment across the broader Quipt platform. This move is consistent with our strategy to expand our business with strategic relationships with leading health systems, work with hospitals in providing post discharge durable medical equipment products and services and create a scalable template for future growth nationwide.”
