December 18, 2020
HME NEWS (CHICAGO) - With the diabetes management industry growing by leaps and bounds, Frank Brumfield, CEO and owner of FSB Companies, a private investment firm, knew it was time to sell Pinnacle Medical Solutions, a company he’s been involved with since 2006.
“We’re excited to plug in the patient-focus model that The FSB Companies and the Pinnacle management team had built over the years into a much broader platform,” he said. “We wanted to be able to continue to scale along with the industry.” So in December, he sold the Southaven, Miss.-based provider of insulin pumps and continuous glucose monitors to AdaptHealth.
Brumfield spoke recently with HME News about how Pinnacle is primed to accelerate AdaptHealth’s presence in the diabetes market and beyond.
HME News: Why did you want to sell to AdaptHealth?
Frank Brumfield: The DME space has long been fragmented and it will continue to consolidate quite a bit. Adapt is a group I wanted Pinnacle to be a part of. I think it could be a one-stop shop for patients. Diabetes patients often have a lot of co-morbidities. (They might need) CPAP or incontinence supplies, along with an insulin pump and CGM supplies. That’s where Adapt is going, and this gives Pinnacle a bigger seat at the table.
HME: What does Pinnacle bring to that table?
Brumfield: We take care of patients and provide them with the best pump or CGM, along with making it easy to reorder their monthly supplies. With our custom technology and our people and processes, we are able to get someone a pump in five days. The industry standard is 35. If you are a mom with a kid with Type 1 diabetes, you want it as soon as possible. Every day counts.
HME: Is technology a big part of your success?
Brumfield: The diabetes space has evolved from test strips to really cutting-edge technology with CGMs. Dexcom has been a huge force in this space, along with Medtronic, Insulet and Tandem. The business is taking off due to technology and the quality of life it was driving. Our technology was important during the sale process – it allows us to demonstrate how we can drive results. It’s very important to us, but also to the doctors, the insurers, the manufacturers and, of course, the patients, but it’s also important to Adapt. We’re good at what we do.
Theresa Flaherty - Managing Editor