Home healthcare provider Gentiva Health Services, Melville, N.Y., said it has completed its acquisition of Home Health Care Affiliates and some of its affiliates for $55 million in cash. Announced in early February, the deal is still subject to post-closing adjustments, the company said.
With corporate offices in Austin, Texas, and Memphis, Tenn., Home Health Care Affiliates operates home health and hospice agencies in Mississippia state that requires a certificate of need for home healthunder the names Gilberts Home Health and Gilberts Hospice Care. According to Gentiva, unaudited net revenue for Gilberts operations in 2007 was about $37 million, including $33 million for home health services and $4 million for hospice care. Last month, Gentiva said that it expected the acquisition to be accretive to the companys 2008 results.
The deal will allow Gentiva to expand its home health operations to 37 states, and was funded from a combination of Gentivas existing cash balances and its revolving credit facility.
Gentiva provides services at 400 owned-and-operated direct-service delivery units or through CareCentrix, which manages home health services for managed-care organizations. -- by Jessica ZigmondThe National Committee for Quality Assurance is updating the standards used in its Physician and Hospital Quality, or PHQ program, which evaluates how health insurers are ranking providers, and has opened the changes to a public-comment period.