Amedisys Announces New Senior Secured Credit Facility
Amedisys, Inc. (Nasdaq: AMED), one of the largest independent home health, hospice care and personal care companies in the country, has entered into a new secured revolving credit facility.
The new credit facility more than doubles the Baton Rouge, Louisiana-based Amedisys’ borrowing capacity, increasing it from $250 million to $550 million. It also allows for further upsizing in the event Amedisys requires additional capital.
Initial pricing will result in an interest rate reduction at current leverage levels of 50 basis points compared to the current credit facility, according to the company.
Amedisys used proceeds from the facility to pay off its existing senior term loan revolving credit line balance and plans to use additional proceeds from the upsized facility to capitalize on a strong pipeline of acquisition opportunities.
Amedisys has more than 17,900 employees who work throughout 421 care centers in 34 states and Washington, D.C. Overall, the company provides care to more than 369,000 patients a year.
Regent Healthcare Acquires Freedom In Home Care
Regent Healthcare has completed its acquisition of Freedom In Home Care.
Financial terms of the acquisition were not disclosed.
Founded in 2008, Regent Healthcare is one of the largest non-franchised home care agencies in central Maryland, providing in-home companion, personal and skilled nursing care to private-pay and Medicaid-eligible residents in more than 10 counties.
Freedom In Home Care has served the tri-county southern Maryland area since 2011, providing in-home care evaluations, Alzheimer’s and dementia care, personal care services, companion care, licensed nursing assistance, skilled care services and cluster care for assisted living facilities.
Under the terms of the agreement, Freedom In Home Care will be absorbed by Regent Healthcare, which will employ all former Freedom caregivers and assume care for all former freedom clients.
The acquisition will help Regent Healthcare service more Maryland patients and families as a licensed Medicaid provider, according to the company.
Senior Living Community Partners with Aware Senior Care
Waltonwood Lake Boone, a senior living community in Raleigh, North Carolina, is partnering with home care agency Aware Senior Care to provide additional services to independent living residents.
Waltonwood Lake Boone is currently under construction and plans to open in the third quarter of 2018. Once opened, the community will have 121 independent living apartments, 39 assisted living apartments and 23 memory care apartments.
Cary, North Carolina-based Aware Senior Care provides companion and personal care services, along with nursing services, to seniors and individuals who are disabled or chronically ill. The company is veteran-owned and serves the areas of Raleigh, Cary and parts of Apex.
Specifically, Aware Senior Care will help Waltonwood Lake Boone provide home care services to its future independent living residents, allowing them to maintain independence without the worry of home maintenance, according to the assisted living community.
Available services may be expanded as the partnership grows.
Decatur County Memorial Hospital Announces Transition of Home Health Services
Decatur County Memorial Hospital in Greensburg, Indiana, has announced it will transition its home health services and enter into a preferred partner arrangement with Franciscan VNS Home Care, a home health service provider in the region.
The transition has already begun, according to Decatur County Memorial Hospital. It will be complete by the end of July.
Franciscan VNS Home Care has offered employment to the hospital’s current clinical home health staff to help during the transition, the Greensburg Daily News reported.
Rex McKinney, president and CEO of Decatur County Memorial Hospital, told the Daily News that “regulatory requirements” and “financial realities of today’s health care environment” made it too burdensome for the hospital to effectively provide speciality services such as home health care.
Franciscan Health provides home health, hospice, rehabilitation and other types of health services throughout Indiana and Illinois.
Maxwell Healthcare Associates Partners with Excel Health
Maxwell Healthcare Associates, a post-acute operational, financial, technological and regulatory consulting group, is partnering with Excel Health, and analytics firm focused on the home health and hospice industries.
Shoreview, Minnesota-based Maxwell Healthcare Associates specializes in helping post-acute care providers navigate the shift from volume to value. St. Croix Hospice, ProCare Hospice, Jordan Health Services and Traditions Health are among the consulting group’s clients.
Atlanta-based Excel Health is a data-driven business that offers multiple analytics platforms for home health and hospice providers, along with hospital systems, drawing from Medicare Part A and Part B data.
Under the partnership, Maxwell Healthcare Associates will guide Excel Health customers through implementation and subsequent trainings, according to the companies. The partnership will also give Excel Health customers access to Maxwell Healthcare Associates’ outsourced business-intelligence solution allowing providers to simultaneously leverage EMR data and Excel Health market data to make informed decisions.
Home Care Solutions Changes Name, Logo
Home Care Solutions, a Maryland-based home care services provider, has changed its name and logo to better reflect its joint venture origins.
Launched in 2000, Home Care Solutions is a joint venture of Charles E. Smith Life Communities and Augustine Home Health Care. The company, which launched a revamped website as part of the rebranding initiative, will instead be known as SmithLife Homecare moving forward.
Written by Robert Holly