Strange Tony,
Debt rating agency Fitch downgraded ProMedica in its latest review. The debt went from BB+ to BB- due to a significant decline in liquidity (readily available funds). A news report offered:
...the negative watch reflects the "uncertainty" regarding the $710 million sale of its hospice and home healthcare business to Gentiva since the sale has not received all the necessary approvals yet from regulators. According to Fitch, ProMedica plans to use money from the sale to pay down roughly $452 million of certain debts.
Moody's is yet to update its review of Gentiva debt listed under "Charlotte Buyer." I don't expect changes until regulators give their stamp of approval.
In November 2022 Moody's downgraded another home health and hospice provider Aveanna Healthcare. Aveanna's executive team came from Gentiva after Kindred Healthcare purchased the company. Former Gentiva executives partnered with financial rapscallion Bain Capital.
Aveanna released its first quarter 2023 results. The home health and hospice division experienced a 15.8% decrease in revenue in the first quarter of 2023 relative to 2022. Aveanna is pursuing "additional direct and indirect cost initiatives" while growing admissions. Executives are committed to growing hospice margins in 2023. They expect positive cash flows for the last six months of the year from "top line and cost management" initiatives. No Wall Street analyst asked about home health/hospice during the earnings call.
None asked about the evils of financial rapscallion hospice ownership and Aveanna executives avoided the topic as well. Their greed and pillaging will continue.
Anonymous
Thank you for making me aware of the Amedisys-Option Care Health deal.
ReplyDeletehttps://investors.optioncarehealth.com/news-releases/news-release-details/option-care-health-and-amedisys-combine-creating-leading
Option Care Health was once owned by financial rapscallion Madison Dearborn Partners. It took the company public in 2021.
ReplyDeletehttps://www.mdcp.com/portfolio/option-care
Tennessee Social Worker said:
ReplyDeleteThe overall day-to-day work as a social worker wasn't bad but the company culture is terrible. The entire Nashville office has quit several times in the past few years. Corporate leaders are standoffish and rude to local staff. There is a huge corporate emphasis on billing for as many visits as possible rather than quality patient care. Mileage reimbursement is significantly below the IRS standard.
Pros
Flexible day, autonomy, co-workers, and serving patients in the community
Cons
Toxic corporate culture, productivity focus over quality of patient care, constant turnover and terminations