Kindred Hospice to be Eaten by CDR's Falcon

Strange Tony,

Kindred Hospice/Community Care is being acquired by Falcon Hospice which will be owned 60% by Clayton, Dubilier and Rice with Humana holding onto the other 40%.    

Kindred Hospice/Community Care is currently under Gentiva Health Services with Humana having a 100% stake.   Moody's said Gentiva's debt will be called and Falcon will have to issue debt at higher interest rates.  That may or may not happen given the structure of the deal.

Falcon Holdings will purchase 60% of the shares of KAH Hospice (the indirect owner of Kindred Hospices) that are owned by Gentiva (which is owned by Humana).  Upon consummation of the transaction, Falcon Holdings and Gentiva will own 60% and 40% respectively of Falcon Hospice and Falcon Hospice GP.   

The sole limited partner of Falcon Hospice is CD&R Falcon Holdings, L.P., a Cayman exempted limited partnership whose limited partners include investment fund entities of Clayton, Dubilier and Rice LLC.

Falcon Hospice will own 100% of KAH Hospice.  KAH Hospice is the parent to 441 subsidiary hospice, community care and palliative care agencies in 36 states.

Financial rapscallions using a Cayman Islands sub as a tax dodge is not a surprise.   

Unique features of falcons (birds of prey) include:

Falcons, use a combination of their talons and their beak to kill a prey animal

Falcons dramatically dive, or stoop, at birds with their wings nearly closed. Peregrine falconss are the fastest diving birds on the planet and can stoop at least 290 kph (180 mph) and have special adaptations in their nostrils that allow them to dive and breathe at such fast descents.

Falcons have a black "mask" of feathers around their faces. The black feathers may help to absorb light, thus reducing glare from the ground. This would help these birds to better identify prey below them.

Our local Kindred Hospice is the prey for CDR's Falcon Hospice.  Flesh tearing bears and talons, Lord help all of us.

Anonymous

Humana Leaves Mark on Kindred Hospice

Strange Tony,

In a high stakes poker game someone is always the mark.  It turns out our hospice was it.

“We have always been anticipating that we would divest a majority stake in hospice,” said CFO Susan Diamond. 

Never heard anything like that from our hospice line of chiefs until late 2021.  Word was we might be taken public in an IPO.  I don't think the financial media made that up.

Humana executives hit their mark by stealing wages/benefits from and lying to us from the start, so this isn't anything new.  Their multiple king's ransoms will remain on this earth when their soul answers for the damage they did to staff, patients and patients' families.

Anonymous

Broussard Cites Home Health Nurse Staffing Problem

Strange Tony,

Humana CEO Bruce Broussard spoke with CNBC's Jim Cramer yesterday.  Broussard said:

 "We do have a staffing problem in home health... we can get it, we're getting the help.."

Funny, CFO Susan Diamond said Humana was solving the nursing shortage problem by training more nurses and offering both sign on and retention bonuses.  

Training new nurses isn't a short term solution.  Sign on bonuses can actually increase turnover as extrinsically motivated nurses chase the next big cash bolus.

Cramer did not ask about hospice which Broussard plans to flip to yet another financial rapscallion.  How big with his bonus be for abandoning hospice staff to the next round of greedy owners?  

Anonymous

Humana Expands CenterHell

 

Strange Tony,

Humana converted Kindred at Home home health operations in fourteen states to its new brand CenterWell.  I call it CenterHell, a characterization reinforced by recent online employee reviews.

Those locations will get new signage and marketing materials as well as employee uniforms. apparel and other branded materials.

That brings back our original hospice conversion under Humana, TPG and WCAS.  Executives promised no changes, only to turn around and layoff key employees, cut the number of holidays as well as holiday pay and implement unreliable technology that purposely underpaid staff for hours worked and miles driven.

We got new signs and branded apparel but no raises.  I'll venture this conversion is similar.  Humana executives will get king's ransom bonuses for making it nearly impossible to deliver quality home healthcare.  Numbers matter to those at the top.

Anonymous

CDR to Buy Baby Formula Maker, Kindred Hospice

Strange Tony,

There's more information about our new hospice owners.  CDR is buying the baby formula division of Reckitt Benckiser.  Big's Matt Stoller writes:

Clayton Dubilier & Rice is one of the original gangsters of private equity, founded in 1978. It had classic pedigree; Jack Welch was an advisor. The firm is perhaps best known for shipping respiratory equipment out of the U.S. in the early days of the Covid pandemic, as well as the standard stripping of assets from companies it buys, and then letting them go bankrupt. So one can expect Clayton Dubilier & Rice, if it buys Mead Johnson, to attempt to raise prices on formula, or cut corners."

CDR can't raise prices on hospice so Kindred Hospice employees can expect more corner cutting.  As if Humana, TPG and WCAS didn't already expose our poor hospice's bones.  Lord, save us from financial rapscallions as they deliver evil.

Anonymous

Another Greedy, Tampering Owner for Kindred Hospice

Strange Tony,

Financial rapscallions TPG Capital and WCAS (Welsh, Carson, Anderson and Stowe) did not value employees at our hospice site after they took a majority ownership stake in July 2018.  Humana became the operating partner with 40% ownership.  Together they devalued our hospice employees.  It took a year for them to drive away experienced, talented, dedicated and caring hospice workers by implementing Curo Healthcare's sparse staffing models and complex, unreliable technology. 

Humana never equalized Kindred at Home benefits, even after buying out the rest of KAH from TPG and WCAS in August 2021.  They did improve the retirement match but it remains half of Humana's employee match.

The next round of abuse will come when Humana officially offloads the portion it just acquired to yet a different financial rapscallion, Clayton, Dubilier and Rice.  Consider what some CDR employees said on Glassdoor.

Management plays politics, associates + principles always look down at you, No rules for HR lady but all rules apply to all staff, partners expectations are ridiculous.  Fix up, stop playing political games, appreciate your staff 

Hostile environment within the administration team. Lack of professionalism and very much a cult like working environment. HR - a complete mess No new starters stay at this company...  Bad management.

They did not value the employees of the organization they acquired.  It's not all about money, people/employees matter.

CDR will continue President David Causby's "value add" to executive wallets and personal wealth accounts.  How does a hospice organization become an enrichment vehicle for greedy leaders and financial rapscallions?  The Senate Finance Committee is supposedly asking this question.  I'm afraid the answer will not come in time to save what is left of our once great hospice.

Anonymous 

Kindred Hospice's CDR Bids for Infant Formula

Strange Tony,

Financial rapscallion Clayton, Dubilier and Rice wants to buy a baby formula maker after winning 60% of Kindred Hospice/Community Care.  Greed from birth to death, it's the financial rapscallion way.

Anonymous