Generic Hospice

When hospice reverts to the lowest common denominator and leaders obsess about metrics, it's time to speak. Self-inflated leaders assume clinicians give until their backs break, given no raises for years. A clinical ladder is a rainbow’s pot of gold. Others have a sorrier job and must be motivated by money. Abysmal leaders dangle extrinsic rewards for admission, hiring and EDBITA targets. “Sign on” bonuses entice people into a poor work environment. Employees’ voice equals their raise, zero.

Friday, January 26, 2024

KKR's BrightSpring IPO

Strange Tony,

Financial rapscallions hoped to get nearly $1 billion from taking BrightSpring Healthcare public. Their take fell far short as investors were skeptical of the company's debt load, its valuation and KKR's dual role as sponsor and IPO underwriter.

The stock is yet to trade on NASDAQ. Their website indicates bids around $12 for the stock, which IPO'd at $13.

Abode Hospice is part of BrightSpring and former CEO Mike McMaude is the President of BrightSpring's Home Health Division.

Working in hospice is hard enough. Working for greedy executives and senior management jilted by the investment community adds a significant level of stress.

BTSG will eventually trade at some market clearing price. How low that is remains to be seen, but I expect an executive tirade to follow.

Anonymous