Literature Review

Brandywine Living acquired by Retirement Unlimited Inc.McKnight’s Senior LivingDecember 20, 2023Mt. Laurel, NJ-based Brandywine Living’s senior living management platform is being acquired by Roanoke, VA-based Retirement Unlimited Inc., RUI announced Wednesday. Following the transaction, the combined company will consist of 59 communities with more than 6,739 independent living, assisted living and memory care units. 

John Muir, Tenet hospital deal collapses following FTC lawsuitHealthcare DiveDecember 19, 2023John Muir Health will not acquire San Ramon Regional Medical Center from Tenet Healthcare following a lawsuit from the Federal Trade Commission filed last month. The FTC announced on Monday it dismissed its lawsuit seeking to block John Muir’s acquisition after the hospital systems agreed to terminate the deal last week. 

FTC, DOJ finalize merger guidelines that could impede healthcare M&AHealthcare DiveDecember 19, 2023Federal antitrust agencies on Monday finalized stricter guidelines for mergers and acquisitions that could make it more difficult for healthcare deals to close. The guidelines lay out a framework that the Department of Justice and Federal Trade Commission use when reviewing proposed deals and that the courts can reference in overseeing challenges. 

Private Equity—The Metastasizing Disease Threatening Health CareHealth AffairsDecember 18, 2023In 2010, when purchasing Prospect Medical Holdings, the private equity firm Leonard Green and Partners made numerous lofty promises to state regulators around expanding services, capital investments, and modernization. They assured regulators they would not only maintain hospitals but would increase the quality of care. Over the course of its 10-year ownership, Leonard Green broke many of the promises made to regulators.Editor's Note: This article articulates some of the challenges that can occur when private equity moves into the healthcare space.

Cigna ends Humana merger talks, plans $10B stock buyback: WSJCigna announced a $10 billion increase in its stock buyback program, including repurchasing at least $5 billion of shares in 2024's first half.

HCA violated terms of Mission Health deal, state AG allegesModern HealthcareDecember 14, 2023HCA Healthcare allegedly breached the terms of the agreement it made with North Carolina when it purchased Mission Health four years ago, according to a lawsuit the state filed Thursday. North Carolina Attorney General Josh Stein (D) alleges the for-profit, Nashville, Tennessee-based health system has cut staffing at Mission Health facilities, leading to delays in emergency and cancer care and a decline in quality, according to the complaint filed in Buncombe County Superior Court. 

The Vistria Group, Centerbridge Partners Reportedly Weighing Help at Home SaleHome Health Care NewsDecember 12, 2023The Vistria Group and Centerbridge Partners are “weighing options” around the future of Help at Home, including a potential sale. Bloomberg first reported the news late Tuesday, citing “people with knowledge of the matter.” Based in Chicago, Help at Home is one of the largest providers of home- and community-based services in the country. It has more than 180 branch locations across 11 states, and provides care to more than 66,000 people via its 53,000 caregivers. 

UC San Diego Health Completes $200 Million Purchase of Alvarado HospitalSan Diego Union-TribuneDecember 12, 2023UC San Diego Health Monday completed the purchase of Alvarado Hospital Medical Center from Prime Healthcare, adding the 302-bed medical facility to its network of clinics and hospitals. ... The university hospital system purchased Alvarado Hospital for $200 million.

Long-term care deal volume down as 2024 approachesMcKnight’s Senior LivingDecember 13, 2023As long-term care operators prepare for 2024, the volume of senior living and care deals is down, Paul Branin, vice president of business development at management and consulting firm Health Dimensions Group, said Tuesday. He was one of the experts who during a webinar shared predictions of trends that will shape aging services providers in the coming year. 

National HME Acquires Hospice SourceHospice NewsDecember 8, 2023The durable medical equipment provider National HME has acquired Hospice Source, also a DME company. The transaction beefs up National HME’s footprint, which currently includes more than 50 locations nationwide.

Home Care Company Best of Care Acquires Barton’s AngelsHome Health Care NewsDecember 6, 2023The home care provider Best of Care is expanding its portfolio once again, this time on its 43rd anniversary. On Wednesday, the company announced that it had acquired Barton’s Angels, also a home care provider. ... “Barton’s Angels was attractive to us because of its reputation, its legacy, its leadership and the overlapping business they had in the form of shared contracts and referral sources,” Best of Care CEO Kevin Smith told Home Health Care News. ... Best of Care also works with both Medicaid and private-pay clients. Based in Quincy, Massachusetts, the company provides services via its 450 caregivers to over 1,500 clients across all of Massachusetts. ... For Best of Care, the goal is to be close to a one-stop shop for seniors navigating the aging process.

How PE Firms Are Adjusting Hospice Exit Strategies in a Shifting MarketHospice NewsDecember 6, 2023Private equity firms typically turn around and sell an asset within three to five years post-acquisition. However, some may slow that cycle down in today’s economic environment. The presence of private equity firms in the hospice arena has expanded exponentially during the past several years. But this year, deal volume slowed across the board. While the slowdown applies to all buyers, the decline in private equity transactions is particularly noteworthy because they were among the most aggressive acquirers in the space between 2019 and 2022. 

Baptist Health completes acquisition of Drew Memorial Health in MonticelloKARK-TV (Little Rock, AR)December 5, 2023Monticello, AR—The former Drew Memorial Health System in Monticello is now the Baptist Health Medical Center—Drew County. The change-over was marked by a ribbon cutting Monday morning. The Monticello operation is the 12th Baptist Health hospital and has approximately 300 employees.