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Carmel's Dormir raises $12M from VC firms

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Carmel-based Dormir Inc., which operates sleep study centers and sleep equipment stores around the country, raised $12 million in venture capital from three out-of-state firms.

The company plans use the proceeds to acquire six to 10 companies this year and more next year, according to CEO Tim Miller. Dormir is trying to scoop up financially weak sleep diagnostic and therapy companies.

Dormir already operates 32 sleep diagnostic centers and 31 retail stores. It acquired 12 of those locations earlier this year went it purchased two companies in Florida.

Dormir, which Miller launched in 2005, now employs 212, more than 80 of which are at its Carmel headquarters.

Dormir focuses on diagnosing patients with sleep apnea, which has been shown to contribute to numerous chronic diseases, such as hypertension.

"If we can bring these patients in and effectively treat them, we believe that we will save dollars to the health care system," Miller said.

Miller said he started to look for acquisitions after the federal Medicare program cut reimbursement for sleep therapy last fall, which has weakened many of his competitors. He said Dormir has continued to grow even after the reimbursement cuts.

The firm leading the investment round was Connecticut-based CHL Medical Partners. Also contributing were Georgia-based Noro-Moseley Partners and Massachusetts-based Excel Venture Management.

Miller declined to disclose Dormir's current revenue. However, he said he hopes to grow the company to 170 locations and more than $100 million in revenue by the end of 2012.

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  1. The deductible is entirely paid by the POWER account. No one ever has to contribute more than $25/month into the POWER account and it is often less. The only cost not paid out of the POWER account is the ER copay ($8-25) for non-emergent use of the ER. And under HIP 2.0, if a member calls the toll-free, 24 hour nurse line, and the nurse tells them to go to the ER, the copay is waived. It's also waived if the member is admitted to the hospital. Honestly, although it is certainly not "free" - I think Indiana has created a decent plan for the currently uninsured. Also consider that if a member obtains preventive care, she can lower her monthly contribution for the next year. Non-profits may pay up to 75% of the contribution on behalf of the member, and the member's employer may pay up to 50% of the contribution.

  2. I wonder if the governor could multi-task and talk to CMS about helping Indiana get our state based exchange going so Hoosiers don't lose subsidy if the court decision holds. One option I've seen is for states to contract with healthcare.gov. Or maybe Indiana isn't really interested in healthcare insurance coverage for Hoosiers.

  3. So, how much did either of YOU contribute? HGH Thank you Mr. Ozdemir for your investments in this city and your contribution to the arts.

  4. So heres brilliant planning for you...build a $30 M sports complex with tax dollars, yet send all the hotel tax revenue to Carmel and Fishers. Westfield will unlikely never see a payback but the hotel "centers" of Carmel and Fishers will get rich. Lousy strategy Andy Cook!

  5. AlanB, this is how it works...A corporate welfare queen makes a tiny contribution to the arts and gets tons of positive media from outlets like the IBJ. In turn, they are more easily to get their 10s of millions of dollars of corporate welfare (ironically from the same people who are against welfare for humans).

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