Tucson Investor Eyes Home Health Acquisitions to Launch $20 Million Business
A former executive of a Tuscon-based social services provider has his sights set on acquiring several home health providers to launch a new home health company, the Arizona Daily Star reports.
Fletcher J. McCusker, formerly the founder, chairman and chief executive officer of Providence Service Corp., announced last week that he has started Sinfonia Healthcare.
With more than $20 million in capital, the company intends to acquire four Tucson home health providers to launch Sinfonia, though McCusker did not divulge which providers were on his radar.
Arizona Daily Star reports:
Sinfonía currently employs six people but expects its workforce to grow, and in particular expects to need skilled nurses, McCusker said. If deals on acquiring the four local home health providers go through, that will immediately add 50 employees, he said.
Among other things, the business will offer home-based nursing, physical therapy, speech therapy, hospice, companion care, durable medical equipment and pharmacology, he said.
McCusker predicts that full implementation of the federal health law will drive a need for his business. When provisions of the Patient Protection and Affordable Care Act kick in, millions of previously uninsured Americans are expected to be covered by health plans, and there will be an even greater need to keep people out of hospitals, he said.
Sinfonía’s funding includes a commitment of more than $20 million for acquisitions from Alliance Bank of Arizona and Petra Capital of Nashville, McCusker said, adding that the company is still raising money.
McCusker might have some of his work already cut out for him, the article suggests, as innovations in home-based geriatric and hospice care have been emerging in the Tucson area.
Written by Jason Oliva