Business Briefs: InnovAge’s For-Profit Conversion
InnovAge Converts to For-Profit to Fund The NextFifty Initiative
InnovAge, a Denver, Colorado-based provider of in-home care services, affordable senior housing and other health care and day programs, has finalized an agreement with private equity firm Welsh, Carson, Anderson & Stowe (WCAS) to expand its services and convert from a non-profit entity to a for-profit.
WCAS agreed to provide financing to InnovAge, which has locations in Colorado, New Mexico and California, for the conversion, which was approved by Colorado’s State Attorney General. The net proceeds of the sale of InnovAge assets total $196 million with a potential $8 million earn out in 2018. The proceeds will be used to fund the newly created NextFifty Initiative, a Colorado-based nonprofit organization dedicated to funding missions-driven senior care initiatives that provide community services for seniors and caregivers.
InnovAge’s programs touched nearly 93,000 people in 2015. The company is an industry leader for the affordable housing program model, the Program of All-Inclusive Care for the Elderly (PACE).
AAHomecare, VGM Group Advocacy Groups to Merge
The American Association for Homecare (AAHomecare) and VGM Group Inc. plan to merge their respective consumer advocacy groups into a single, industry-wide platform to unify consumer advocates nationwide.
Save My Medical Supplies and People for Quality Care will combine under the brand the People for Quality Care to advocate for those who rely on home medical equipment (HME).
“This coordinated, collaborative effort builds upon our past successes while streamlining advocacy efforts to maximize impact,” Tom Ryan, AAHomecare president and CEO, said in a statement. “Combining assets enable the consumer message to be heard through the halls of Congress as we fight for desperately needed reforms to preserve the home care benefit that millions of Americans depend on.”
The merged group intended to use its combined resource to better reach, educate and engage consumers affected by health care policies and to advocate their message to Congress.
Comfort Keepers Becomes a Home Health Agency
A Pennsylvania-based location of the national franchise home care provider Comfort Keepers has become the first in the state to get its home health care license, according to local CNN outlet GANT News.
The new license allows Comfort Keepers of Centre, Blair and Clearfield counties to provide more services to its clients without needing to work with several home health and home care agencies. The business adds skilled care, including medication administration, insulin syringe filling, catheter hygiene and wound care to its services.
Comfort Keepers franchises traditionally provide in-home care such as personal care, dementia care, light housekeeping, companionship and meal preparation. The international company has more than 700 locations around the world.
BAYADA Enters Joint Venture with Cape Regional Health System
BAYADA Home Health Care and Cape Regional Health System (CRHS) entered into a joint venture to form a new company in New Jersey: Cape Regional Home Health Care Managed by BAYADA.
The partnership became effective in May, and the venture will serve high-risk patients following hospital discharges. The company providers short-term nursing and therapy to help patients recover following an illness, injury or surgery to reduce the risk of re-hospitalization.
“We are thrilled to enter into this joint venture with Cape Regional Medical Center to serve the needs of Cape May County residents,” David Baiada, BAYADA’s COO for home health, hospice and quality, said in a statement. “We look forward to working with Cape Regional Health System to provide care as we always do—with compassion, excellence and reliability.”
Michigan-Based Home Health, Aging Groups Set to Merge
Benzie Home Health Care and Benzie County Council on Aging, both Benzie County, Michigan-based organizations, are joining forces to serve one of the fastest growing senior populations in the state. The merger is expected to be completed by October.
Benzie Home Health Care was created in 1973 and established as a non-profit organization in 1975. It provides personal care, housekeeping, companionship, meal preparation and more. The Benzie County Council on Aging provides homemarker services, home delivered meals and senior oral health services.
Written by Amy Baxter