Dynasplint, Dynasplint, Dynasplint

Re: Dynasplint

The VM company update that was sent was a load of misleading double talk. The Medicare fraud lawsuit means that no bank will extend financing of any kind to Dynasplint, and the financing they have now is unhappy with the state of the company. Mr. Hepburn was direct about the lack of new financing, but less so about the current financing.
For the people who are currently at the company, ask yourself :

Do you really think the government is just going to go away?
Millions of dollars come though the door at Dynasplint - why are your paychecks questionable every single payday?
Are you prepared to come to work some morning and find the doors locked?

 

No one speaks about the manufacturing department! It sucks

 

I'm surprised none of the manufacturing department has not sued

 

I guess corporate is able to remove posts when they like. There was a post about manufacturing a few days ago and now it has disappeared. Shocker!

 

I have seen other posts disappear here in the past as well....

 

Re: Dynasplint

That last part rings prophetic. Sorry to hear they are locking the doors on my friends there, though it sounds like it's been a long time in the making. Best to all. Hope the good ones land on their feet quickly.

 

Re: Dynasplint

Were the doors locked?

 

A friend of mine who works there just texted me that he was laid off. I wonder how many were cut today?

 

Friends are telling me 70% of the company was cut.

 

70%. I was one of them.

 

500 laid off today. Good luck to all my fellow ex-DSI employees.

 

There are 170 employees left of 680ish.

 

Did anyone get any type of severance package? (i.e. extended benefits etc.) or was it just "thank you for your time and don't let the door hit you"?

 

No, nor would I expect that there is any funding left for severance, obviously. They said they are considering this a temporary lay-off and have plans to hire back employees after a three month period on an as needed basis once the debt is paid off.

All I can say is Meredith Deane has put hundreds of people in a very unfortunate situation. Patients are constantly being transferring to/from facilities, from Part A to Part B, etc. I had this happen to me with a patient who originally was a temporary patient: we billed Medicare, therefore. Patient ended up staying at facility longer, status was transferred, unbeknownst to Dynasplint as the facility does not inform of as such. Medicare caught the mistake and it was adjusted once Dynasplint attempted to bill Medicare for the subsequent month's rental. She's just a money-hungry person looking for an easy kill...shame on her.

 

Was it mostly sales or a mixture of everyone? With major metro areas are they just planning on having reps cover more ground? No way can they recover from this. No severance it looks like either, just brutal.

 

any word on what happened to the chicago reps?

 

Mixture of everyone. Almost all of corporate has been let go with the exception of a handful: a couple of SSR's/PARS, two inventory people, and a few very key players. Almost all of the sales force has been let go with the exception of President's Club reps, some RSMs have been demoted. The remaining President's Club reps and managers will cover all the territories and just fit as many as they can.

 

incredible, and they expect to be able to pay off the debt/lawsuit with this skeleton crew bringing in a small amount of revenue? I cant see this working out.

 

Well, there is still revenue coming in from splints in rent. If they are able to pay off the majority of the debt after only a few months, recovery could be possible. It is no secret that Dynasplint could have consolidated a lot of it's lower-performing territories to decrease payroll expenses and also boost valued reps bonuses. Based on the current model, it would definitely be more challenging to recover, but with consolidation it could happen.

Reimbursement has been steadily decreasing over the past year or more because of lower contract rates. Reps have to do so much volume at this point anyways because reimbursement is so low. Not to mention non-coverage in some areas; it makes sense just to have fewer reps covering dense areas and drop-shipping the remainder. Yes, compliance would be lower in non-rep covered areas but most of those areas order so few splints anyways it doesn't really matter.

 

Did they even keep any reauth for the splints still in rental?