Strange Tony,
A Kindred Hospice employee wrote on "Indeed":
The hospice division is up for sale and yet another transition, more corporate speeches, more of the same.
Cue the key employee retention bonuses and promises of no changes. Those no changes turned into massive hospice staff layoffs, reduced holidays, cuts in holiday pay and worse health insurance.
The July 2018 hope of receiving Humana level benefits never materialized for my coworkers. Humana decided the hospice division was disposable for capital raising purposes.
Kindred Hospice executives David Causby and Larry Graham won't say how many millions they made when Humana bought the rest of Kindred at Home from its financial rapscallion partners.
We will be sold to the next round of money changers. Expect more abuse.
Anonymous
Hospice M&A to Stay Hot as Home Health Picks Up Steam
ReplyDeletehttps://hospicenews.com/2022/03/30/hospice-ma-to-stay-hot-as-home-health-picks-up-steam/
"Any divestiture of the hospice/ community care assets would trigger the requirement within the credit agreement to repay the debt and as a consequence could result in a different rating outcome."
ReplyDeletehttps://www.moodys.com/research/Moodys-upgrades-Gentivas-CFR-to-Ba2-stable-outlook--PR_455236
Georgia RN said Kindred Hospice has "no work life balance":
ReplyDeleteNo work life balance. Admissions are given at the end of the shift causing you to work well past the end of the day with no compensation. Extra patients.
This nurse cited KH practice of stealing wages from workers. This happened after Humana and its financial rapscallion partners pushed us under the Curo model (salaried nurses). Curo's smaller operations have been an extremely poor fit for Kindred Hospice's larger sites that already had lean staffing. Salaried nurses have been abused and underpaid. I expect the Justice Department to take some action.
Well now...
ReplyDeleteHumana (NYSE:HUM) is selling a 60% stake in the Hospice and Personal Care divisions of its Kindred at Home subsidiary (KAH Hospice) to Clayton Dubilier & Rice (CD&R) for ~$2.8B in cash, reflecting an enterprise valuation of $3.4B.
The divisions include patient-centered services for Hospice, Palliative, Community and Personal Care.
Upon closing of the transaction, the Hospice and Personal Care divisions will be restructured into a standalone operation, the company said in an April 21 press release.
David Causby, current president and CEO of KAH’s Hospice and Personal Care divisions, will continue to lead the businesses under the new structure.
https://seekingalpha.com/news/3825158-humana-in-discussion-to-sell-hospice-business-to-clayton-dubilier-rice-bloomberg
April 21 (Reuters) - Humana Inc (HUM.N) said on Thursday it would sell a 60% interest in its hospice business, Kindred at Home, for $2.8 billion to private investment firm Clayton, Dubilier & Rice, sending its shares up nearly 2% before the bell.
ReplyDeleteAs usual the posted information makes no sense. If Humana is getting $2.8 billion for 60% of the Kindred Hospice that makes the company worth $4.67 billion. The difference between $4.67 billion and $3.4 billion is likely debt, which has to be refinanced at today's higher interest rates.
ReplyDeleteCDR cites its partnership with David Causby in making another fortune. All Causby ever did was sell us down the river. He didn't care about any employees trying to keep their head above water while he cruised around in his executive yacht.
Rest assured CDR will lever Kindred Hospice up. Prepare for more ownership inflicted pain.
ReplyDeleteHospice marketer said "Good until Curo"
ReplyDeletePros
Before Curo, Kindred was a family. We worked as team and brought results with patient care as a priority. It was a professional environment with high expectations.
Cons
Post Curo, professionalism dropped to nothing short of a red neck circus. Growth expectations were ridiculous and patient care was not on the radar.
Advice to Management
I have heard that Curo leaders have been cleaned out and we leaders in place, with professional standards returning.
Humana, TPG and WCAS decided the Curo model was the way to go. They turned our hospice over the mean girls in management. Staff/patients suffered mightily.
Delete