AMN Healthcare Buys Synzi for $42.5M; Pennant Acquires Texas Home Health Provider
AMN scoops up Synzi
Staffing powerhouse AMN Healthcare Services Inc. (NYSE: AMN) has completed its $42.5 million all-cash acquisition of full-service virtual care management company Synzi.
The Dallas-based AMN offers workforce and staffing solutions across the health care continuum, from acute care hospitals and urgent care centers to home health agencies. It also delivers its services to schools.
Meanwhile, the Clearwater, Florida-based Synzi offers a range of telehealth and virtual care services. Its several home health clients include Trilogy Home Healthcare, Excelin Home Health and AccentCare, the latter of which has used Synzi as part of an innovative wound care pilot.
AMN’s acquisition of Synzi and other digital-first initiatives will help the company overcome today’s “severe shortages of talent” within health care, CEO Susan R. Salka said in a press release.
“To ensure AMN is well-prepared to continue evolving and delivering on our promise of total talent solutions, we are increasing investments in our team and technologies, in particular our digital capabilities,” Salka said. “At the same time, we are making greater investments in building talent solutions for all reaches of the care continuum. Last month, we were thrilled to close the acquisition of Synzi, adding technology-enabled virtual care solutions for the outpatient and home health markets, where more healthcare will be delivered in the future.”
Virtual care played a critical role during the worst parts of the COVD-19 pandemic. AMN’s Synzi transaction reflects the increasingly important role it will continue to fill moving forward.
Pennant stays active
The Pennant Group Inc. (Nasdaq: PNTG), the parent company of the Pennant group of affiliated home health, hospice, home care and senior living companies, has acquired the assets of Cardiovascular Home Care, which provides home health services in Fort Worth, Texas.
Financial terms of the acquisition, effective May 1, were not disclosed. As a result of the deal, the acquired provider will now operate under the name “Custom Care Home Health.”
“Having a strong hospice agency and a number of senior living communities in Dallas, we have carefully looked for the right opportunity to add home health services in the DFW area,” Pennant CEO Danny Walker said in a statement. “This acquisition provides a strong platform for our local leaders to better address the needs of the community.”
The Pennant Group is a holding company of independent operating subsidiaries that provide health care services through 85 home health and hospice agencies plus 54 senior living communities in 14 states.
Cardiovascular Home Care admitted roughly 1,500 patients in 2020.
“Throughout our home health and hospice portfolio, there are dozens of opportunities like this to expand our services and be a solution for patients throughout the care continuum,” Walker added.
The acquisition comes after a record first quarter for Pennant.
Pennant’s total revenue for Q1 2021 was $105.7 million, a 15% increase compared to $91.8 million in Q1 2020. Home health and hospice segment revenue was $74.6 million, a more than 31% increase compared to $56.8 million during the same period a year ago.
Recently merged health system formalizes name
Post-acute health care providers Empath Health and Stratum Health System, which merged late last year, will be moving forward under the “Empath Health” brand. The merger made the combined company the largest nonprofit post-acute health system in the United States.
The merged enterprise provides home health, hospice and home care services, in addition to primary care, palliative care and more. Empath Health also runs a Program of All-Inclusive Care for the Elderly (PACE) operation.
“The naming project was very enlightening — and very rewarding,” Rafael Sciullo, CEO of the new organization, said in a press release. “Although the people interviewed were separated by organizations and sometimes by service lines, the sentiments and strengths mirrored one another. The similarities between the Empath and Stratum organizations were almost uncanny. Many shared that they themselves identify as empaths: those who can deeply sense the feelings and experiences of others.”
The combined company will include approximately 2,000 employees and as many as 4,000 volunteers, with an estimated gross revenue of $300 million annually.
Empath has an average daily census of approximately 6,000 and serves about 50,000 patients per year.
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