Wright & Filippis is in the midst of two acquisitions that will allow the Rochester Hills-based firm to further expand its footprint in the prosthetics and orthotics market. In addition, the company is strengthening its internal team with the addition of three senior staff members filling newly created management positions.
“I can’t release the details because we’re still under a (letter of intent) at this point, but we’re looking at expanding our pediatric patient population through one acquisition,” says Anthony (A.J.) Filippis, CEO and chairman of the board, who notes that other acquisitions are also in the works. “And we’re looking to grow our overall prospects in orthotics through another.”
Another growth area for the company is complex rehabilitation seating and barrier-free home modifications, although Filippis says the company is mostly focused on the clinical aspect of the business, or patient care. Overall, the trend Filippis sees in the market for high-tech componentry lends itself to the organization’s goal of keeping patients healthy, he says. He cites, for instance, a computerized joint that controls a person’s knee and keeps it from buckling, better allowing them to walk.
“The technology we’re seeing is going to keep patients more active with less effort, with whatever injuries or disabilities they may have,” Filippis says. “The more active we can keep patients, the better.”
In addition, Wright & Filippis will implement a new billing process using a cloud-based system, Filippis says. He expects the change to save the company at least 25 to 30 percent in billing-related costs over the next year. “It will allow us to do a lot of the insurance verification online as opposed to having to sit on the phone waiting to get a hold of an insurance company. There’s a lot less overhead, (and it) will also save time for the patient,” he says.
To provide for growth and operational changes, Wright & Filippis recently hired Robert H. Barrow, vice president of operations; Mark W. Burns, vice president of sales; and Paul M. Turek, director of IT. Steve Filippis, formerly vice president of facility operations, has been named executive vice president of mergers and acquisitions.
“We see a significant amount of new and emerging opportunities in the marketplace and believe it is time to strengthen our leadership team,” Filippis says. “While change is going to be the one constant in health care for the foreseeable future, we believe these individuals will put us in a position of advantage.”