Strange Tony,
Gentiva's purchase of ProMedica's Heartland Hospce/Homecare will close in Q2 2023. Goldman Sachs committed financing for the deal while six other investment banks advised Clayton, Dubilier and Rice (60% owner) and Humana (40% owner).
Original financing for CDR's stake in Gentiva went through Charlotte Buyer. Moody's is yet to issue an update to their rating given the deal terms.
This shows how disconnected hospice has become from its founding principles. It's now an executive and financial rapscallion moneymaker. Sad, even tragic for those our hospice serves..
Anonymous
they're not hiding what they're doing, meanwhile NHPCO AAHPM HPNA etc keep clutching their pearls and clucking their nonsense
ReplyDeletehttp://www.deathnurse.com/2023/03/game-over.html
ReplyDeleteA great destroyer of quality is leveraged buyouts according to quality guru Dr. W. Edwards Deming. They no longer call it LBO, it's now private equity.
Deletehttps://beyondcommandandcontrol.com/library/systems-principles/demings-seven-deadly-diseases/
Chemed Corporation and various wholly-owned subsidiaries, including Vitas Hospice Services LLC and Vitas Healthcare Corporation, have agreed to pay $75 million to resolve a government lawsuit alleging that defendants violated the False Claims Act (FCA) by submitting false claims for hospice services to Medicare. Chemed, which is based in Cincinnati, Ohio, acquired Vitas in 2004. Vitas is the largest for-profit hospice chain in the United States.
ReplyDeleteThe settlement resolves allegations that between 2002 and 2013 Vitas knowingly submitted or caused to be submitted false claims to Medicare for services to hospice patients who were not terminally ill.
https://www.justice.gov/opa/pr/chemed-corp-and-vitas-hospice-services-agree-pay-75-million-resolve-false-claims-act
the classics never go out of style
Deletethis is also a good take on the backstory
(yeah, Matt Gaetz is his spawn)
https://www.tampabay.com/news/politics/legislature/senate-president-don-gaetzs-former-company-sued-for-medicaid-fraud/2120026/