The latest company run by veteran Nashville entrepreneur Rich Roberts has apparently entered the acquisition phase of its business plan, saying this week it has purchased five distributors of equipment that helps treat sleep disorders.
Sleep Nation didn't disclose any details about its Continuous Positive Air Pressure (CPAP) business acquisitions and calls to company officials weren’t returned Wednesday. But in their statement this week, Roberts and his team — which includes Frontstream Payments founder Emmett Seibels and several Simplex Healthcare alums — said they want to broaden the footprint of their CPAP Care Club subsidiary.
"These acquisitions will greatly increase our ability to service thousands of more CPAP patients nationally," said Roberts, who is CEO of year-old Sleep Nation. "We partner with our acquisitions to provide them cash to grow their business while providing excellent service to the patients after the acquisition. Our team of associates makes sure that the patient receives the supplies when they need them in a convenient manner."
Of course, there are uncertainties — especially now, in the wake of the Affordable Care Act and the laws and regulations it will bring with it.
"The uncertainties in the industry due to Medicare's competitive bidding process, higher regulation requirements and the desire for [durable medical equipment companies] to move to higher reimbursing therapies have led many DMEs to look for new ways to finance their companies," Roberts said.
Roberts made his entrepreneurial name in Nashville by co-founding with Greg Daily payment processor PMT Services in the mid-1980s. He later also built and sold Verus Financial. More recently, he was in the news for legal reasons, first for facing felony assault charges and then for being sued by federal officials over an unauthorized dam on property he owns in Humphreys County.