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Elevance Health to acquire CareBridge
Elevance Health (NYSE: ELV) is emerging as another “payvider.” It announced last month that it has agreed to acquire the home-based care company CareBridge. The deal is reportedly worth $2.7 billion.
CareBridge is a value-based solutions platform for home- and community-based services. After its founding in 2019, the company raised significant capital, quickly reaching a $1 billion valuation.
Bill Frist and Brad Smith – the former director of the Center for Medicare and Medicaid Innovation (CMMI) – started the company.
“Carelon recently entered into an agreement to acquire CareBridge, a value-based manager of HCBS for chronic and complex members that will serve as the foundation for Carelon’s home health business, and we are excited to continue to serve all its customers and members,” Elevance CEO Gail Boudreaux said during the company’s most recent earnings call.
Elevance Health also recently acquired Paragon Healthcare, a home-focused infusion provider. Both Paragon and CareBridge will fall under Elevance’s Carelon arm.
Eden Health acquires A Plus Hospice Care
Eden Health of Northern Nevada has acquired A Plus Hospice Care. The deal was official as of Nov. 1.
Eden Health provides home health, hospice and palliative care services to patients in the Western U.S. The M&A advisory firm Agenda Health consulted on the deal, and financial terms of the deal were not disclosed.
“Cultural alignment — A Plus has a phenomenal reputation in the Northern Nevada market, not only are the staff great, but they also have great outcomes as evidenced by their results on Care Compare which align greatly with Eden Hospice’s current standings,” Eden COO Jamie Brown told Hospice News. “For us, this acquisition was an ‘easy’ decision because we knew we would not have to come in and clean up a ton of compliance/regulatory/quality outcome issues at all.”
Mission Health Services acquires Angel’s Crossing Home Hospice
The long term care company Mission Health Services has acquired the Utah-based Angel’s Crossing Home Hospice.
Mission is a nonprofit provider of nursing home, assisted living, short term care, memory care and therapy services. The deal – which Agenda Health also consulted on – represented Misson’s entrance into home-based hospice care.
Angel’s Crossing Home Hospice had passed the 36-month change-of-ownership threshold required by the Centers for Medicare & Medicaid Services (CMS), which made the deal sensible for Mission, according to Hospice News.
Companies featured in this article:
A Plus Hospice Care, Angel's Crossing Home Hospice, CareBridge, Eden Health, Elevance Health, Mission Health Services
