DispatchHealth partners with two new health systems
The in-home medical care provider DispatchHealth on Tuesday announced partnerships with Eastern Connecticut Health Network (ECHN) and Waterbury Health.
The partnerships revolve around bringing patients same-day, at-home medical care.
Denver-based DispatchHealth partners with health systems and payers to offer an array of services within the home. The company’s care teams are available every day of the week and help address the needs of patients in order to reduce hospital readmissions and other adverse health events.
ECHN and Waterbury Health are both part of Prospect Medical, which is a national network. Together, they serve over 30 communities across Connecticut.
The partnership with DispatchHealth will theoretically allow each system to keep a better eye on their patients.
Patients can request DispatchHealth’s services in their homes, but also will have access to its “Bridge Care” service. Bridge Care helps identify gaps in care and transitions patients from one point of care to the next.
“DispatchHealth is redefining what is possible for a patient’s health care journey,” DispatchHealth CEO Dr. Mark Prather said in a press release. “We believe health systems see our unique service offerings as a way to extend their reach to even more patients. We are excited to partner with ECHN and Waterbury HEALTH to bring high-quality care that patients have come to know from these two health systems but with the proven convenience of effective care at home.”
LHC Group acquires multiple hospice locations
LHC Group Inc. (Nasdaq: LHCG) on Tuesday announced it has agreed to purchase Fruitland, Idaho-based Heart ‘n Home Hospice.
Heart ‘n Home also has locations in Oregon, which means the acquisition will mark LHC Group’s initial entry into hospice services in the state. It also expands its existing hospice footprint in Idaho.
Lafayette, Louisiana-based LHC Group’s 30,000 employees deliver home health, hospice and home- and community-based services (HCBS) to patients in 35 states and the District of Columbia. It also has joint venture partnerships with nearly 400 hospitals and health systems in the U.S.
The acquired providers will continue to operate under their original names; the agreement is expected to close on July 1. LHC Group expects annualized revenue from this purchase to be approximately $20 million, according to a press release.
“The need for quality, compassionate hospice care is greater than ever, and Heart ‘n Home Hospice has played a vital role in this region with a mission and vision that is consistent with our core values,” Keith Myers, LHC Group’s chairman and CEO, said in a press release. “LHC Group looks forward to welcoming our new family members at Heart ‘n Home Hospice as we join forces to help patients and families navigate the difficult times associated with end-of-life care.”
LHC Group additionally announced last week that it has agreed to purchase two locations from Casa de la Luz, a Tucson, Arizona-based hospice provider.
That agreement is also expected to close on July 1.
The acquisition is in line with the company’s strategy to build out all three segments of its business – home health, hospice and HCBS – in each market that it serves.
Traditions Health acquires two agencies
College Station, Texas-based Traditions Health continues to add to its home health and hospice network, this time announcing the acquisitions of Area Community Hospice and AmeraCare Family Hospice and Home Health.
Area Community furthers Traditions Health’s footprint in Texas, having locations in both Plainview and Lubbock. On AmeraCare’s end, it has locations in the greater New Orleans area, which will help complement the existing locations that Traditions Health maintains in Louisiana.
Backed by the private equity firm Dorilton Capital, Traditions is a provider of hospice and home health care, plus consulting services. The company serves over 5,000 patients across 14 states.
“I am extremely excited to further expand Traditions’ care in both Texas and Louisiana,” David Klementz, the president and CEO of Traditions, said in a press release. “This is a great accomplishment for our organization, and we could not be more excited to welcome both Area Community’s and AmeraCare’s employees and patients into the Traditions family.”
Traditions Health has been very active in M&A thus far in 2021. It already had acquired a handful of agencies this year before the announcement of the Area Community and AmeraCare transactions.
DailyPay raises $500 million in funding
DailyPay, a New York-based company that facilitates a fast-paying relationship between employer and employee, has raised $500 million of capital. That funding comes via $175 million in a Series D equity round led by Carrick Capital Partners in addition to $325 million of credit capital raised from multiple sources.
Broadly, DailyPay’s tools allow home-based care providers, for instance, to pay employees on a more timely basis so they can access the money they earned when they need it most. These tools have helped providers compete for workers and retain them.
“Since 2016, we have partnered with world-class employers to enable their employees to access or save their pay as they earn it,” Jason Lee, the CEO and founder of DailyPay, said in a press release. “The initial application of our first-of-its-kind technology platform was to redefine how money moves between employers and their employees. […] This platform enables us to create a new financial system by rewriting the invisible rules of money.”
DailyPay is also expanding its platform beyond just the employer-employee relationship, venturing into the consumer-merchant relationship as well.
“We have seen the explosion in the on-demand pay industry, and how DailyPay has been leading the category,” Jim Madden, the co-CEO of Carrick Capital Partners, said. “We chose to invest in DailyPay now because we believe they are only just beginning to respond to the enormous opportunity they have to provide on-demand pay solutions to global enterprises.”
Right at Home joins Moving Health Home
The in-home care franchise Right at Home has joined the Moving Health Home (MHH) coalition, which was formed in March to advocate for home-based care in the U.S.
Specifically, the Washington, D.C.-based MHH was built to vie for more favorable legislation from lawmakers.
The coalition currently includes other home care franchise systems such as Chicago-based BrightStar Care and the Nebraska-based Home Instead Senior Care. In addition, it includes Amazon Care (Nasdaq: AMZN), Landmark Health, Signify Health (NYSE: SGFY), DispatchHealth, Elara Caring, Intermountain Healthcare, Ascension and Amwell (NYSE: AMWL).
Based in Omaha, Nebraska, Right at Home has 650 collective franchise locations in the U.S. and seven other countries.
“Recognizing we are in a consumer-driven industry, where aging adults want to be at home, we are encouraged to see coalitions like MHH focused on ensuring care can be delivered where the patient is most comfortable, leading to improved satisfaction and outcome,” Brian Petranick, the president and CEO of Right at Home, said in a press release.
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