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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
 D4wwld/u1b9Ld7s+LuZlj7uqlyLvgwbn1wF+Uj90vHMyoAeztQzpukOTQPirRYPi
 Jf2Qx5SvZr0dfSe9/T4VQg==

<SEC-DOCUMENT>0000930413-03-003769.txt : 20031224
<SEC-HEADER>0000930413-03-003769.hdr.sgml : 20031224
<ACCEPTANCE-DATETIME>20031224102609
ACCESSION NUMBER:		0000930413-03-003769
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031222
FILED AS OF DATE:		20031224

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HANGER ORTHOPEDIC GROUP INC
		CENTRAL INDEX KEY:			0000722723
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-SPECIALTY OUTPATIENT FACILITIES, NEC [8093]
		IRS NUMBER:				840904275
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		TWO BETHESDA METRO CENTER
		STREET 2:		SUITE 1300
		CITY:			BETHESDA
		STATE:			MD
		ZIP:			20814
		BUSINESS PHONE:		3019860701

	MAIL ADDRESS:	
		STREET 1:		TWO BETHESDA METRO CENTER
		STREET 2:		SUITE 1300
		CITY:			BETHESDA
		STATE:			MD
		ZIP:			20814

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SEQUEL CORP
		DATE OF NAME CHANGE:	19890814

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CELLTECH COMMUNICATIONS INC
		DATE OF NAME CHANGE:	19860304

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			JPMP MASTER FUND MANAGER L P
		CENTRAL INDEX KEY:			0001243235
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-10670
		FILM NUMBER:		031072953

	BUSINESS ADDRESS:	
		STREET 1:		JP MORGAN PARTNERS LLC
		STREET 2:		1221 AVENUE OF THE AMERICAS 40TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10020
		BUSINESS PHONE:		212 899-3400

	MAIL ADDRESS:	
		STREET 1:		C/O JPMORGAN PARTNERS LLC
		STREET 2:		1221 AVENUE OF THE AMERICAS 40TH FL.
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10020
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>c30226_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<!-- - EDGAR Ease Plus 1.0                                   07/25/03  TT    -->
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
   <periodOfReport>2003-12-22</periodOfReport>
   <notSubjectToSection16>1</notSubjectToSection16>
    <issuer>
        <issuerCik>0000722723</issuerCik>
        <issuerName>HANGER ORTHOPEDIC GROUP INC</issuerName>
        <issuerTradingSymbol>HGR</issuerTradingSymbol>
   </issuer>
   <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001243235</rptOwnerCik>
            <rptOwnerName>JPMP MASTER FUND MANAGER L P</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>JP MORGAN PARTNERS LLC</rptOwnerStreet1>
            <rptOwnerStreet2>1221 AVENUE OF THE AMERICAS 40TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10020</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
         <isDirector>0</isDirector>
         <isOfficer>0</isOfficer>
         <isTenPercentOwner>1</isTenPercentOwner>
         <isOther>0</isOther>
      </reportingOwnerRelationship>
   </reportingOwner>
 <derivativeTable>
   <derivativeTransaction>
      <securityTitle>
         <value>7% Redeemable Preferred Stock</value>
            <footnoteId id="F2"/>
      </securityTitle>
      <conversionOrExercisePrice>
         <value>16.50</value>
      </conversionOrExercisePrice>
      <transactionDate>
         <value>2003-12-22</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>S</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>26500</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>1403.39</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>D</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <exerciseDate>
         <value>2003-12-22</value>
      </exerciseDate>
      <expirationDate>
            <footnoteId id="F5"/>
      </expirationDate>
      <underlyingSecurity>
         <underlyingSecurityTitle>
           <value>Non-Voting Common Stock</value>
         </underlyingSecurityTitle>
         <underlyingSecurityShares>
           <value>1606060</value>
            <footnoteId id="F3"/>
         </underlyingSecurityShares>
      </underlyingSecurity>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>1381</value>
            <footnoteId id="F4"/>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
           <value>I</value>
         </directOrIndirectOwnership>
         <natureOfOwnership>
           <value>Indirect Nature</value>
            <footnoteId id="F1"/>
         </natureOfOwnership>
      </ownershipNature>
   </derivativeTransaction>
 </derivativeTable>
   <footnotes>
      <footnote id="F1"> The amounts shown in Table II represent the beneficial ownership of the Issuer's equity securities by J.P. Morgan Partners (BHCA), L.P. (JPM BHCA&quot;), a portion of which may be deemed attributable to the Reporting Person because it is the sole general partner of JPM BHCA.  The actual pro rata portion of such beneficial ownership that may be deemed attributable to the reporting person is not readily determinable because it is subject to several variables, including the internal rate of return and vesting within JPM BHCA.</footnote>

      <footnote id="F2"> The Company is entitled to require the 7% Redeemable Preferred Stock to be converted into non-voting common stock on or after July 2, 2002, if the average closing price of the common stock for 20 consecutive trading days is equal to or greater than 175% of the conversion price.</footnote>

      <footnote id="F3"> These shares were initially convertible into 1,606,060 shares on non-voting common stock of the Issuer.  However, accrued and unpaid dividends on the 7% Redeemable Preferred Stock will have the effect of increasing the number of shares of common stock issuable upon conversion of the 7% Redeemable Preferred Stock.</footnote>

      <footnote id="F4"> These shares were initially convertible into  83,697 shares of non-voting common stock of the Issuer.  However, accrued and unpaid dividends on the 7% Redeemable Preferred Stock will have the effect of increasing the number of shares of common stock issuable upon conversion of the 7% Redeemable Preferred Stock.</footnote>

      <footnote id="F5"> There is no expiration date.</footnote>
   </footnotes>
   <ownerSignature>
      <signatureName>JPMP Master Fund Manager, L.P.</signatureName>
      <signatureDate>2003-12-22</signatureDate>
   </ownerSignature>
   <ownerSignature>
      <signatureName>By: JPMP Capital Corp., its General Partner</signatureName>
      <signatureDate>2003-12-22</signatureDate>
   </ownerSignature>
   <ownerSignature>
      <signatureName>/s/ Mitchell Blutt</signatureName>
      <signatureDate>2003-12-22</signatureDate>
   </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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