Strange Tony,
Kindred Hospice/Community Care is being acquired by Falcon Hospice which will be owned 60% by Clayton, Dubilier and Rice with Humana holding onto the other 40%.
Kindred Hospice/Community Care is currently under Gentiva Health Services with Humana having a 100% stake. Moody's said Gentiva's debt will be called and Falcon will have to issue debt at higher interest rates. That may or may not happen given the structure of the deal.
Falcon Holdings will purchase 60% of the shares of KAH Hospice (the indirect owner of Kindred Hospices) that are owned by Gentiva (which is owned by Humana). Upon consummation of the transaction, Falcon Holdings and Gentiva will own 60% and 40% respectively of Falcon Hospice and Falcon Hospice GP.
The sole limited partner of Falcon Hospice is CD&R Falcon Holdings, L.P., a Cayman exempted limited partnership whose limited partners include investment fund entities of Clayton, Dubilier and Rice LLC.
Falcon Hospice will own 100% of KAH Hospice. KAH Hospice is the parent to 441 subsidiary hospice, community care and palliative care agencies in 36 states.
Financial rapscallions using a Cayman Islands sub as a tax dodge is not a surprise.
Unique features of falcons (birds of prey) include:
Falcons, use a combination of their talons and their beak to kill a prey animal
Falcons dramatically dive, or stoop, at birds with their wings nearly closed. Peregrine falconss are the fastest diving birds on the planet and can stoop at least 290 kph (180 mph) and have special adaptations in their nostrils that allow them to dive and breathe at such fast descents.
Falcons have a black "mask" of feathers around their faces. The black feathers may help to absorb light, thus reducing glare from the ground. This would help these birds to better identify prey below them.
Our local Kindred Hospice is the prey for CDR's Falcon Hospice. Flesh tearing bears and talons, Lord help all of us.
Anonymous
Executive Director said "Never Again":
ReplyDeleteCompany is very disorganized and disconnected. Little to no training and support. Most hospice patients went without basic supplies to reduce costs.
Advice to Management
Reduce the amount of required calls. Too much time spent listing to other office’s reports. Entrust the local managers to run their offices, too many necessities required to take care of patients and employees got delayed or ignored due to multiple approvals.
Kaiser Health News reported:
ReplyDeleteHospice care, once provided primarily by nonprofit agencies, has seen a remarkable shift over the past decade, with more than two-thirds of hospices nationwide now operating as for-profit entities. The ability to turn a quick profit in caring for people in their last days of life is attracting a new breed of hospice owners: private equity firms.
That rapid growth has many hospice veterans worried that the original hospice vision may be fading, as those capital investment companies’ demand for return on investment and the debt load they force hospices to bear are hurting patients and their families.
https://khn.org/news/article/hospices-private-equity-firms-end-of-life-care/