Business Briefs: Almost Family Completes Joint Venture
Almost Family Completes Joint Venture With Community Health Systems
Almost Family, Inc (Nasdaq: AFAM) has finalized a previously announced acquisition of a controlling interest in the entity holding the home health and hospice assets of Community Health Systems, Inc. (NYSE: CYH).
The home health and hospice side of Community Health Systems operates 74 home health and 15 hospice locations in 22 states.
“We’re exceptionally pleased to announce the completion of this acquisition,” William B. Yarmuth, CEO of Almost Family, said in a press release. “I’d like to extend a warm and personal welcome to the over 2,800 employees of the joint venture now joining our ever-growing family of home health providers. We are very excited to be entering 2017 to pursue the opportunities we have in these locations with CHS’ as our partner.”
Almost Family now operates 340 locations throughout 26 states.
Amedisys Acquires Home Staff
Louisiana-based home health care and hospice company Amedisys, Inc. (Nasdaq: AMED) has acquired Massachusetts-based home care agency Home Staff, LLC from Fallon Health and VNA Care.
Under the terms of the agreement, Amedisys’ subsidiary Associated Home Care will acquire substantially all of the assets of Home Staff.
“This transaction is exciting not only because it enlarges our personal care footprint in Massachusetts, it also positions us for a future collaboration with an innovative payor to help manage their most vulnerable patients,” Paul Kusserow, president and CEO of Amedisys, said in a press release. “We look forward to partnering with Fallon Health to show the value that our care can bring to programs such as PACE (Program of All-Inclusive Care for the Elderly), SNPs (special needs plans), chronic disease management and population health management.”
Home Staff has offices in Worcester, Needham and West Springfield, Massachusetts. The company has 502 employees, 3,500 clients and has a revenue of $10.5 million.
The deal is expected to close Feb.1. Terms of the deal were not disclosed.
Visiting Nurse Association of Oklahoma Closes
Home health care provider Visiting Nurse Association of Oklahoma has closed due to loss of funding, which largely came from the United Way.
Residents of Tulsa and Oklahoma City who utilized the nonprofit will now have to find alternative options for home health care.
A letter posted on the organization’s door read: “In September, the VNA Board of Directors were informed that our organization would lose the support of a long time significant funder at the end of 2016. This loss has had a considerable impact on our ability to provide for our community. Therefore we regret to inform you that the VNA has closed permanently.”
Hosparus Announced $1.3 Million Expansion
A hospice provider serving 33 counties in Kentucky and Southern Indiana, Hosparus, plans to expand its inpatient care center this year for $1.3 million. The expansion will increase the center’s size from 13,582 square feet to 18,390 square feet and will include a third wing in the building.
“Giving families more space to gather and share their feelings and concerns is important because a key component of a good end-of-life journey is having those difficult discussions,” Terri Graham, senior vice president and chief clinical officer of Hosparus, said in a prepared statement. “Lack of privacy and space for families to convene adds stress to what is already an emotional time for them. We believe we can truly help patients and families move toward peace by creating the right environment.”
Other renovations will include a new classroom, event space, a new chapel, as well as a family lounge with a kitchenette and furniture, updated waiting areas, two new private consultation rooms, a new procedure room and two rooms for transitioning patients.
Construction is expected to begin mid-2017.
LHC Group, LifePoint Health Finalize Joint Venture
After announcing a joint venture in November, LHC Group, Inc. (Nasdaq: LHCG) and health care company LifePoint Health (Nasdaq: LPNT) have finalized the deal, effective January 1, 2017.
“For LHC Group, this joint venture with LifePoint marks an incredible step forward in achieving our company’s purpose: it’s all about helping people,” Keith G. Myers, LHC Group’s chairman and CEO, said in a press release. “Our new partnership represents significant growth for LHC Group—and exciting opportunities for both companies to grow home health and hospice services in the communities we serve, enhancing families’ access to these services and creating healthier communities.”
The joint venture will operate LifePoint’s home health agencies and hospices as well as select LHC Group agencies near LifePoint hospitals.
“LifePoint is constantly striving to improve care coordination and strengthen the entire continuum of care that our patients and their families experience,” William F. Carpenter III, chairman and chief executive officer of LifePoint Health, said in the press release. “As an organization, we recognize when we can benefit from a strong partner who can provider greater, specialized expertise. We’re thrilled to have found this partner for home health and hospice services in LHC Group.”
Written by Alana Stramowski