Strange Tony,
Gentiva Hospice will buy Promedica's Heartland Hospice/Home Care in a $710 million deal. Gentiva is buying 120 hospice locations serving 9,000 hospice patients with 4,000 employees.
“This transaction is an exciting development for patients and their families that will enable us to extend our best-in-class caregiver recruitment and retention programs and provide high-quality care to more patients in more areas throughout the country,” Causby said in a press release. “Heartland is a high-quality hospice and home care provider that shares our values on compliance and putting patients first, and my colleagues and I look forward to growing our number of caregivers so we can expand access to the highest-quality care for more seniors.”
Gentiva CEO David Causby is familiar with merging hospice organizations. Then COO Causby botched the integration of Harden's hospices into Gentiva.
Our hospice never heard from Causby, not as COO, CEO or CEO/financial rapscallion partner. He's consistently shown "profit matters" most. When talented, dedicated hospice nurses raised quality of care issues they were shown the door.
"Senior Housing News" report on the buyout stated:
Although Gentiva couldn’t share a precise breakdown for the number of assisted living residents it caters to....
More like wouldn't. Homecare Homebase tracks patient location and is able to differentiate between various types of senior living.
Moody's rates Gentiva's (Charlotte Buyer) debt and is yet to mention any impact of deal financing. There are two equity partners, CDR (60%) and Humana (40%). The announcement indicated additional debt will be incurred.
Goldman Sachs Bank USA is providing financing to Gentiva. Deutsche Bank Securities Inc., UBS Investment Bank, BNP Paribas Securities Corp., Citizens Bank, N.A., Truist Securities and Wells Fargo are serving as financial advisors and providing financing.
Heartland Hospice was once part of ManorCare. The Carlyle Group, another financial rapscallion, drove ManorCare into bankruptcy. Promedica purchased ManorCare's remains in 2018. Both companies were based in Toledo, Ohio.
There is a history of financial rapscallions bleeding both Gentiva and Heartland. Spin is as spin does. That's not the heart of hospice. It is the corporate executive/financial rapscallion way. Our hospice has felt their greed over and over and over.
Anonymous
Arizona RN provides some insight for Heartland Hospice nurses:
ReplyDelete"Do not work for this company"
This company has horrible pay and benefits
Management is toxic, either highly demanding and rude or non existent
R.N Case Managers see patients 6-9 daily and documentation takes around an hour or longer full assessment and updates on all care plans every visit
Case Managers work overtime every work week at least 50 hour weeks and they take advantage with salary
CNAs expected to see 7-9 visits daily
No bonuses
This company doesn’t even give you a christmas card
This company will take pay away and often you will not receive your correct pay and mileage
Benefits horrible and do not cover anything or the claim doesn’t work
Supplies provided are not available most of the time and very strict
Pts often do not have adequate supplies and do not have adequate wound supplies
Doctors do not answer or ignore nurse requests especially with pain management issues
Run away and do not work here! This company only cares about Marketing and money made!
Illinois RNCM offered "All about the $$$$"
ReplyDeleteConsistently understaffed, training is non-existent, favorites get away with murder, can't schedule your own patients, zero help when stuck, no work/life balance. Unprofessional and expectations are not clearly relayed. Co-workers are amazing and the director works very hard. Pay is fair, but not worth it. No support from corporate.
"can't schedule your own patients"
ReplyDeletethat's messed up, I ran into this at a VNA and I guess that's how it works in home care - dispatcher/runners
as one old-timer mgr put it: "I just need warm bodies to throw out there"
warm bodies = hospice nurses
out there = patients and families on hospice
Rumor is Gentiva drastically overpaid for Promedica/Heartland Hospice in an effort to keep a competitor from the purchase. Running scared from competition to the tune of a couple hundred million more? Heartland should prepare for a takeover of management and clinical leaders and botched rebranding.
ReplyDeleteI'm not a major player or master of the universe, but it seems to me $710M was a fire sale considering their reported #4 position in national share of hospice market - my guess is that the place was in shambles so maybe it was like an auction at a junkyard - everyone knows exactly where the sale is taking place
DeleteNews reports don't provide enough information to assess the price paid. Moody's ratings update will likely be the only source and there is no word yet from them.
ReplyDeleteunderstood, total speculation on my part
DeleteGentiva Hospice RN in Arkansas said:
ReplyDeleteThis is the worst place I have worked. Upper "leadership" is an absolute joke. They have no idea what they're doing. The company is being run into the ground.