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Sleep Solutions, Inc. Names Richard Hassett, M.D., New CEO
Date:12/1/2009

GLEN BURNIE, Md., Dec. 1 /PRNewswire/ -- Sleep Solutions®, Inc. (SSI), the leading diagnostic service provider for home testing and evaluation of sleep-disordered breathing, today announced it has named Richard Hassett, M.D., as its chief executive officer. Hassett was most recently president of Matria Healthcare, during its growth from a $250 million healthcare holding company into a $350 million industry leader in total population health, and its subsequent sale for nearly $1 billion. Hassett joined SSI's board of directors last winter and had been closely working with the management team during its CEO search.

Hassett's focus will be to manage the company's growth as market demand for highly accurate and cost-effective in-home testing products and services for obstructive sleep apnea (OSA) continues to increase. With OSA's prevalence rate equal to that of diabetes, the medical and managed care communities are increasingly in favor of a routine, in-home OSA detection model that reduces costs to payers and increases convenience for patients.

OSA is frequently seen in patients with diabetes, obesity, hypertension and heart disease, contributing to increased healthcare costs and adverse clinical outcomes. SSI's offerings are proven to result in accurate diagnosis and appropriate treatment of OSA, reducing costs and clinical complications.

"There is enormous potential for Sleep Solutions to assist physicians, patients and payers in cost-effectively managing this epidemic and to capture a significant share of the nearly $3 billion spent annually in the U.S. for the diagnosis of sleep disorders," Hassett said. "Our in-home diagnostic model is equivalent to in-lab tests for the diagnosis of OSA, but can be performed for a fraction of the cost while enhancing consumer comfort and privacy. The achieved savings can be passed through to managed care companies, employers and patients, making our offerings more attractive to all. It's a win-win in today's healthcare environment."

SSI already has contracts with managed care organizations covering more than 100 million lives and primary care physicians are increasingly aware of the public health burden of OSA. This service allows them to prescribe highly-accurate, ultra-convenient in-home tests, ensuring the proper care of their patients.

"Managed care payers and certain at-risk industries are already looking at this carefully. In the transportation sector, for example, high-profile companies and regulatory entities are moving toward proactive OSA risk detection and management to avoid catastrophic accidents," Hassett said. "As an increasing number of employers, doctors and managed care organizations discover the value of SSI's in-home testing model, the resulting demand is expected to significantly enhance the company's revenues."

"Rick has a strong history of fostering significant company growth," said D. Keith Grossman, chairman of the SSI board of directors and managing director of lead investor TPG Biotech. "His leadership expertise, combined with his extensive clinical practice background and proven ability to deliver results, makes him uniquely qualified to help further drive our brand's growth and success nationwide."

Kevin Quinn, vice president of sales and marketing for Sleep Solutions, commented, "In Rick, Sleep Solutions has found a leader with a proven track record of delivering extraordinary results and has had a positive impact on the company and leadership team during the CEO search. His wide-ranging achievements in the medical industry in general and the managed care segment in particular will strengthen our overall senior leadership team, further enhancing our ability to execute our long-range strategic plans."

Said Hassett, "I am delighted to have the opportunity to join Sleep Solutions full-time and build on the remarkable success that is already underway. I am looking forward to working with the executive team, my fellow board members, and all of the employees who have helped to grow SSI to where it is today."

Sleep Solutions, Inc. (SSI) is a privately held diagnostic service provider for home testing and evaluation of sleep-disordered breathing, which includes the diagnosis of Obstructive Sleep Apnea (OSA). The company is a Medicare-approved Independent Diagnostic Testing Facility (IDTF) and is accredited by The Joint Commission. Sleep Solutions® offers physicians and their patients a fast, cost-effective, accurate and comfortable alternative to in-laboratory sleep studies. The NovaSom® QSG® diagnostic system utilizes proprietary sound analysis technology to detect sleep apnea. Shipped directly to the home, the multi-night test is conducted in the patient's natural sleep environment, thereby collecting the most accurate data for airflow, breathing effort, snoring, blood oxygen saturation, and heart rate. For more information, please visit: www.sleepsolutions.com.

SOURCE Sleep Solutions, Inc.


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SOURCE Sleep Solutions, Inc.
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