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PurposeCare acquires a number of agencies
PurposeCare — a Lorient Capital-backed provider of home care and home health services — has acquired six agencies. The company purchased Purpose Home Health, Alliance Home Health Services, A1 Home Health Care and A1 Nursing Care, Newsome Home Health Care and Honor Home Health.
“The need for well-coordinated care for our nation’s most vulnerable is the primary driver behind PurposeCare,” PurposeCare CEO Rich Keller said in a press statement. “We greatly appreciate our investment partners who believe in our mission and strategy. With their backing we have the opportunity to serve an unmet need in the home-based care delivery system through improved coordination of home-based services.”
The acquisition of Indiana-based Purpose Home Health, in particular, means that PurposeCare will bring its census past 3,000 clients per month.
This acquisition also expands PurposeCare’s Ohio and Illinois presence.
“PurposeCare has a tremendous opportunity to bring a full continuum of care to Midwest dual-eligible patients who are in need of long-term services and supports in their most preferred setting,” Jordan Broome, managing partner at Lorient Capital, said in a statement. “Solving for the well-documented gaps in care faced by the dual-eligible population has been a mission of ours for some time, and we are proud to be backing Rich Keller and the PurposeCare team in this endeavor.”
CenterWell Senior Primary Care to open up 35 new centers
CenterWell Senior Primary Care has announced major growth plans for 2023. The company will open senior-focused primary centers in new markets including Indiana, Mississippi and Virginia, and also open new centers in seven other states where the brand already exists.
CenterWell has plans to open 30 to 35 new senior-focused primary centers via a joint venture with the private equity firm Welsh, Carson, Anderson & Stowe next year.
“It’s so exciting to see CenterWell Senior Primary Care continue to grow and bring primary care access to seniors in Indiana, Mississippi and Virginia,” Reneé Buckingham, president of Humana’s Primary Care Organization, said in a statement. “Many of these new centers bring much-needed primary care to previously underserved areas.”
Currently, CenterWell operates centers in Arizona, Florida, Georgia, Kansas, Kentucky, Louisiana, Missouri, Nevada, North Carolina, South Carolina and Texas. The organization cares for 240,000 patients.
Overall, the expansion brings CenterWell Senior Primary Care’s total geographic footprint to 14 states.
GeoH closes $2M seed investment round
GeoH Inc. has closed a $2 million seed investment round. VisionTech led the round, and Boomerang Ventures, First Leaf Capital and other individual investors completed the round.
“We invested in GeoH because it solves real pain points for home care operators facing a difficult operating environment and who want an ‘easy’ button that facilitates reimbursement,” Ben Pidgeon, executive director at VisionTech, said in a press release. “One of the biggest headaches for this industry is the fact that Medicaid denies payment on a significant number of all home care claims. Home care agencies submit claims only to find out that electronic visit verifications (EVV) or other forms weren’t completed properly, causing a series of denials, resubmissions and payment delays.”
Founded in 2018, GeoH is a medtech software platform for home care agencies. The software addresses EVV and includes scheduling, payroll, billing, reporting,analytics and user management tools.
With $2 million under its belt, the company is focused on growing the company’s footprint and building out the platform’s functionality.
“We’re concentrating on the Midwest, Southeast and Texas to launch and scale, leveraging our ability to bring dramatic improvements to Medicaid claims submissions and billing,” GeoH CEO Tom Bumgardner said in a statement. “We also are working on expanding the platform to include skilled home health services such as occupational, speech and physical therapy and nursing. As more Americans choose to age in place, we intend to empower the home care industry to be right there with them.”
CareMax completes acquisition aimed at value-based care
CareMax Inc. (Nasdaq: CMAX) has completed its purchase of the Medicare value-based care business of Steward Health Care System.
Miami-based CareMax provides primary care, specialty care and coordinated services to older adults. The company also has a proprietary software and services platform.
Steward’s Medicare value-based care business includes a Medicare Direct-Contracting Entity (DCE) and two Medicare Shared Savings Program (MSSP) and accountable care organizations (ACOs).
Additionally, Steward’s network includes 380,000 Medicare Advantage (MA) fee-for-service beneficiaries and 480,000 traditional Medicare beneficiaries.
With the completion of this acquisition, CareMax’s network balloons to 2,000 providers and more than 200,000 senior value-based care patients in 10 states across 30 markets.
Now, CareMax is the exclusive value-based management services organization for Steward’s MA network.
“The completion of the acquisition is transformative for CareMax and represents another significant step CareMax has taken to redefine healthcare for seniors across the U.S.,” CareMax CEO Carlos de Solo said in a statement. “Our hybrid model of a capital-light MSO combined with high-performing medical centers establishes our foundation for industry leadership as we expand value-based care across the country.”
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