Detroit-based Karmanos Cancer Institute has sold its 20-year old hospice program to Residential Home Health in Madison Heights, Michigan for an undisclosed price, reports Crain’s Detroit.
Under the agreement, Residential has agreed to deliver transitional nursing services at Karmanos’ inpatient and outpatients locations, while also providing a rang of post-acute care services.
With the acquisition of Karmanos’ hospice program, Residetial’s President Justin DeWitte told Crain’s Detroit that he projects $10 million in revenue for 2013, more than double of 2012 revenues.
DeWitte also told Crain’s that Residential now has 125 hospice patients with 60 employees and 20 volunteers.
Karmanos’ officials told Crain’s that it sold its hospice program to focus more on its core inpatient and outpatient services.
A Medicare-certified and Joint Commission accredited program that began in 1992, Karmanos provides a variety of hospice services including symptom management and supportive care to patients and their loved ones.
Treating an estimated 6,000 patients each year, Karmanos is one of the nation’s 41 National Cancer Institute-designated cancer centers, reports Crain’s. The company also funds more than 700 cancer research programs and clinical trials.
Written by Jason Oliva