Humana Inc. (NYSE: HUM) announced Wednesday it will acquire American Eldercare Inc., the largest provider of nursing home diversion services in Florida, for an undisclosed sum.
American Eldercare, established in 1993 as a home health agency, has expanded its services over the last two decades to include home-based skilled nursing, medical rehabilitation and private-duty services to people in their homes.
The company currently operates in 23 counties within Florida.
“As the only Provider Service Network selected to provide Medicaid long-term care services across the entire state of Florida, American Eldercare complements Humana’s core capabilities and strength in serving seniors and disabled individuals with a unique focus on individualized and integrated care,” Humana said in a statement.
Terms of the deal were not disclosed, but Humana reported annualized revenues for American Eldercare of approximately $75 million with that revenue anticipated to increase to more than $1 billion in 2015.
The acquisition is expected to close in the fourth quarter of 2013.
Written by Elizabeth Ecker