Kindred Healthcare (NYSE: KND) announced this week it will acquire two home health agencies based in Phoenix and Virgina, further expanding its reach into home health care.
The acquisitions come on the heels of Kindred’s sale of eight non-strategic nursing centers for $49 million to Kindred affiliates, the proceeds of which the company plans to reinvest into its Integrated Care Markets and to use toward home health and hospice acquisitions. Kindred also announced the
In addition, Kindred announced the purchase of the previously leased real estate of Kindred Hospital Bay Area-Tampa for approximately $25 million.
“We plan to continue our efforts to reduce our lease obligations (our most expensive debt) and selectively grow Kindred at Home as part of our Integrated Care Market strategy, which enables us to better Continue the Care for our patients and provide high-quality clinical outcomes throughout an entire post-acute episode,” said Paul Diaz, Kindred CEO.
The home health acquisitions include All Heart Home Health Agency and Hospice, Inc. (“All Heart”), a home health and hospice provider that operates two locations in Norfolk; and Arrowhead Home Health, Inc. and Arrowhead Hospice Centers, Inc. (“Arrowhead”), a home health and hospice provider that operates two locations in the greater Phoenix market.
Terms of the acquisitions were not disclosed.
Kindred has recently ramped up home health acquisitions, having recently acquired a Houston-based home health provider.
Written by Elizabeth Ecker