The company formerly known as Hanger Orthopedic Group Inc. has changed its name to Hanger Inc., according to an announcement made on June 8. The company’s NYSE stock symbol HGR remains the same. The name change was approved by the company’s stockholders during their annual meeting in May.
Hanger President and CEO Vinit K. Asar cited the company’s expansion as the reason for this change:
“Hanger has grown and evolved over the years from solely an orthotic and prosthetic patient care company to one of the leading clinical authorities in the provision of integrated rehabilitative solutions with a full range of services and products. When you consider our continuing disciplined diversification strategy, our former company name was limiting. Having just celebrated our 150th anniversary, the timing is right to position the company for the future, while continuing to emphasize the innovative legacy of our namesake, Mr. James Edward Hanger, the first amputee of the American Civil War.”
The name change is one part of a larger initiative to rebrand and expand the company. In 2010, Hanger began a strategic branding effort that included partnering with external experts to conduct extensive research with nearly 1,000 internal and external stakeholders. Hanger conducted market and internal analyses, focus groups, surveys, and one-on-one interviews with patients and customers, referral sources, industry thought leaders, investors, payers, and competitors. Hanger’s core patient care business has also been renamed: formerly Hanger Prosthetics and Orthotics, it is now simply Hanger Clinic.
On February 1, the company unveiled its extensive rebranding plan at the Annual Hanger Education Fair and National Meeting in Las Vegas, Nev. The plan includes not only new names, but also new logos, designs, and communications across Hanger's various businesses and throughout Hanger Clinic's more than 700 clinics nationwide.
Austin, Texas-based Hanger Inc. provides orthotic and prosthetic (O&P) patient care services, distributes O&P devices and components, and provides therapeutic solutions to the broader post-acute market. Hanger also provides neuromuscular technologies through its Innovative Neurotronics subsidiary, and provides specialized rehabilitation technologies as well as evidence-based clinical programs for post-acute rehabilitation centers through its Accelerated Care Plus subsidiary.