Hanger, Inc. Company Profile

Background

Hanger, Inc., formerly known as Hanger Orthopedic Group, Inc., is a leading provider of orthotic and prosthetic (O&P) services and products in the United States. Established in 1861 by James Edward Hanger, the first amputee of the American Civil War, the company has a rich history of clinical excellence and innovation. Headquartered in Austin, Texas, Hanger operates over 925 patient care clinics across 47 states and the District of Columbia, employing approximately 6,400 individuals.

Key Strategic Focus

Hanger's strategic focus encompasses:

Patient Care Services: Providing comprehensive, outcomes-based O&P services to individuals with amputations, limb differences, neuromuscular disorders, and other musculoskeletal anomalies.

Products & Services: Designing and distributing branded and private label O&P devices, products, and components, as well as offering post-acute rehabilitative solutions.

Technological Innovation: Developing and integrating advanced technologies, such as the Insignia™ system, to enhance the fitting process for prosthetic and orthotic devices.

Financials and Funding

As of October 3, 2022, Hanger, Inc. was acquired by Patient Square Capital, LP, transitioning from a publicly traded entity to a privately held company. Prior to the acquisition, Hanger had a history of strategic acquisitions to expand its market presence and service offerings. For instance, in 2011, the company acquired five organizations, adding approximately $20.2 million in annual net revenue.

Pipeline Development

Hanger's pipeline development focuses on:

Product Innovation: Introducing advanced prosthetic devices, such as the i-LIMB Hand, which replicates the true movement and accuracy of the human hand.

Rehabilitative Solutions: Expanding evidence-based clinical programs for post-acute rehabilitation through subsidiaries like Accelerated Care Plus, serving over 4,000 long-term care facilities and other sub-acute rehabilitation providers across the U.S.

Technological Platform and Innovation

Hanger distinguishes itself through:

Insignia™ System: A proprietary technology that revolutionizes the fitting process for prosthetic and orthotic devices, enhancing patient outcomes.

Innovative Neurotronics: A subsidiary dedicated to developing emerging neuromuscular technologies, such as the WalkAide®, to improve mobility for individuals with neurological conditions.

Leadership Team

As of the latest available information, the leadership team includes:

Vinit K. Asar: President and Chief Executive Officer, leading the company's strategic direction and operations.

Thomas F. Kirk, PhD: Former President and Chief Executive Officer, recognized for his contributions to the company's growth and innovation.

Competitor Profile

Market Insights and Dynamics

The U.S. O&P patient care market is estimated at $4 billion annually, with Hanger Clinic representing about 20% of this market. The industry is characterized by a growing demand for personalized care, technological advancements, and an aging population requiring O&P services.

Competitor Analysis

Key competitors include:

Ottobock: A global leader in medical technology, offering a range of O&P products and services.

Össur: An Icelandic company specializing in non-invasive O&P solutions, known for its innovative prosthetic devices.

Fillauer LLC: A U.S.-based manufacturer of O&P components and devices, serving a global market.

These competitors vie for market share through product innovation, quality of care, and customer service excellence.

Strategic Collaborations and Partnerships

Hanger has established significant collaborations, such as:

CIGNA HealthCare Agreement: Through its subsidiary Linkia, Hanger entered into a national agreement with CIGNA HealthCare to provide O&P products and services, enhancing access for over nine million beneficiaries.

Operational Insights

Hanger's strategic considerations include:

Market Position: Maintaining leadership in the U.S. O&P patient care market by expanding clinic locations and service offerings.

Competitive Advantages: Leveraging proprietary technologies like Insignia™ and partnerships with major healthcare providers to enhance service delivery and patient outcomes.