Kindred Hospice/Curo Health Sale: Private or IPO?

 

Strange Tony,

The Senate Finance Committee's letter to Kindred at Home CEO David Causby had a September 3rd deadline for response.  The Senate Committee asked for detailed information on finances and operations.  The committee missed two significant areas in their letter, executive stock ownership and Humana's role as operating partner alongside two financial rapscallions.

Will the Senate letter steer Humana to sell Kindred Hospice/Curo Health to yet another financial rapscallion instead of conducting an independent public offering (IPO)?  Such a move would keep financial statements away from public scrutiny.   

Our hospice continues to implode under 100% Humana ownership.  Most of the Mean Girls fled the sinking ship and are now with competing hospices.  I am sure they will continue their damaging ways there.  Meanwhile, Humana's reign of error continues.

Anonymous

Is Gentiva Name Coming Back?

Strange Tony,

Humana has the opportunity to name the hospice division it intends to spin off.  Possible names are:

1.  Kentucky Homecare Parent - the name used by Humana and financial rapscallions to buy Kindred at Home in summer 2018.

2.  Gentiva (New) -  the entity issuing debt to finance Humana et al's buyout in summer 2018.

3.  Kindred Hospice -  the larger hospice entity bought in the Kindred at Home purchase

4.  Curo Health Services -  the smaller hospice entity added shortly after Humana's KAH acquisition

5.  CenterHell - the payor agnostic "Center" name selected by Humana plus the evil management instituted by greedy Humana executives "Hell".

It looks like Gentiva might be returning, especially as the Director of Corporate Communications for the company has a gentiva.com e-mail address.  Will they bring back Tony Strange?  There is a nod to his YCCOM promotion in the message from KAH.  

Just like they always have executives profited handsomely.  Hospice staff got jack squat under Humana's CenterHell.

Anonymous

Kentucky Homecare dba Kindred at Home's Board

Humana purchased the rest of Kindred at Home in August with plans to sell/spin off/IPO the hospice division.  The latest public information on the Kindred at Home (Kentucky Homecare) board showed financial rapscallion representatives from TPG Capital and WCAS.  Those gentleman are likely gone from the board and celebrating their massive returns.

SEC and state filings revealed Kentucky Homecare's board.  Humana executives Bruce Broussard and Susan Diamond spoke to Morgan Stanley this week.

 

CEO Broussard's background looked like an executive washroom or a pandemic bunker.

CFO Susan Diamond offered the following expression after the moderator asked about future plans for Kindred at Home.  

Broussard did not address the sale of the hospice division, nor did CFO Diamond.  They view care in the home as a cost center, which likely means Kindred at Home's longtime "no raise" and "mileage theft" strategies will remain in place.  

The sale of the hospice division will provide billions in capital to parent Kentucky Homecare/Humana.  Hospice employees will see none of that.  

Anonymous

Broussard Appointed to HP Board

Strange Tony,

Humana parked our hospice's HP Laserjet color printer when it took over as the operating partner for Kindred at Home.  We used that color printer to create personalized certificates, birthday cards and other special occasion cards for hospice patients, their families and staff.  

When Humana installed Curo's crappy technology they did not add the color printer to the network.  The printer had new ink cartridges.  A few months later they removed it.

Management said a hospice our size, over 100 patient daily census, did not warrant a color printer.  I asked management if we could just use up the remaining ink.  Our site just paid for those new laserjet cartridges.  Humana said no.

I assume most of Kindred Hospice's 178 locations had a color printer and that nearly all those disappeared.  HP must not have been aware of Humana CEO Bruce Broussard's decimation of their hospice footprint when it appointed him to their board.  

It took Broussard time and an outside vendor to understand the importance of celebrating patient life events.  His desire to grow hospice EBITDA robbed our hospice of that durable gift to patients, families and staff.  

HP pays board members over $300,000 per year.  That a minor payday for Broussard, who plans to flip our hospice for up to 26x EBITDA.  Greed ruined our hospice and Humana is but the latest owner making bank on our backs.

Anonymous