Strange Tony,
Financial rapscallions continue to harm hospice care. Kaiser Health News reported:
According to a 2021 analysis, the number of hospice agencies owned by private equity firms soared from 106 of a total of 3,162 hospices in 2011 to 409 of the 5,615 hospices operating in 2019. Over that time, 72% of hospices acquired by private equity were nonprofits. And those trends have only accelerated into 2022.
My coworkers know the bane of private equity from three years of abuse under the hands of TPG Capital, and Welsh, Carson, Anderson and Stowe. Humana will sell us down the river to yet another profit maximizer, Clayton, Dubilier and Rice.
Kindred Hospice revenues were $399 million for Q1 and $382 million in Q2 or $781 million for the first six months of the year. Pretax profits were $62 million for Q1 and $64 million in Q2 or $126 million for the first half of 2022.
Humana's Q2 SEC filing is sparse on Kindred Hospice's financial operations and capital structure. It provides even less for the home health operation it is keeping. I don't understand how the SEC lets Humana get away with providing so little information on a company it acquired in full in August 2021 and still owns/operates.
Financial rapscallions want as little information in the public sphere as possible. That way people won't see their greed and cruelty on paper. Rest assured, their distorted priorities are acutely felt by hospice staff and patients. The cuts just keep on coming.
Anonymous
Aveanna Healthcare with Tony Strange and Rod Windley shared Q2 results. It included a $470 million write down in Goodwill. Bain Capital saddled Aveanna with debt which will take a very long to work down given what little cash the company generated.
ReplyDeleteI expect CDR to add at least $1 billion in additional debt to Kindred Hospice/Community Care. That will generate deal fees for CDR. CDR may also take an annual management fee. It all spells less money for employees as CEO David Causby searches for his next King's ransom ( his fifth or sixth?).