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ShiftMed — a staffing platform — has acquired CareerStaff Unlimited from Genesis HealthCare, a long-term care services provider.
“The integration of CareerStaff with ShiftMed allows us to fulfill 100% of our clients’ On Demand needs through one workforce platform,” Todd Walrath, CEO of ShiftMed, said in a press statement. “By merging ShiftMed’s acclaimed mobile-first suite of products with CareerStaff’s top-tier MSP solution, we’re establishing the industry’s first end-to-end digital MSP.”
CareerStaff is a health care-focused workforce solutions and staffing services company. Plus, the company provides managed service programs (MSPs) to hundreds of health care facilities across the U.S.
On its end, ShiftMed hires health care workers and contracts with health care providers based on the needs of these organizations. The company has over 1,500 partners, including home-based care agencies, skilled nursing facilities (SNFs), hospitals and assisted living providers.
The combined ShiftMed and CareerStaff will deliver its services to Genesis under a seven-year exclusive agreement as part of the deal.
“CareerStaff has been integral to Genesis affiliated locations over the past decade, and we are thrilled to leverage ShiftMed’s on-demand technology and internal staffing platform to enhance patient outcomes and achieve optimal staffing levels,” David Harrington, CEO of Genesis, said in the statement.
Risant Health completes its acquisition of Geisinger
Risant Health has finalized its acquisition of Geisinger. The organizations will create a new value-based care platform as a combined entity.
Risant Health is a new nonprofit group that resulted from Kaiser Permanente’s acquisition of Geisinger Health.
Geisinger is a value-based care provider that serves 1.2 million people across Pennsylvania. The organization’s at-home service arm, Geisinger at Home, has served over 11,000 patients across 17 counties in recent years.
The acquisition, which is Risant Health’s first, combines Kaiser Permanente’s integrated care and coverage capability and Geisinger’s knowledge when it comes to driving value-based care.
As part of the acquisition’s completion, Dr. Jaewon Ryu, who has served as Geisinger’s president and CEO since 2019, will become the first CEO of Risant Health.
“Geisinger is proud to formally join Risant Health as its inaugural health system, which will accelerate our vision to make better health easier, more affordable and more accessible for the communities we serve,” Ryu said in a press release. “Geisinger now can extend its vision, strategy and impact to more Pennsylvanians because of the access to an expanded set of tools, expertise and capital that joining Risant Health provides.”
Additionally, Dr. Terry Gilliland will assume the role of president and CEO of Geisinger once Ryu’s transition to Risant Health is complete.
“Risant Health and Geisinger share a vision for the future of health care,” Greg A. Adams, Risant Health’s board chair, said in the press release. “Through Risant Health, we will leverage our industry-leading expertise and innovation to increase the country’s access to high-quality and evidence-based health care, which we know improves care quality and the patient and member experience. We will also learn and benefit from Geisinger and the additional health systems that become part of Risant Health in the future, to help them grow in new ways, be more affordable and bring value-based care to more people.”
Nova Leap executed a definitive agreement
On April 25, Nova Leap Health Corporation executed a definitive agreement to purchase a home care company with operations in Massachusetts.
Nova Leap is a Canada-based home care organization that has been actively increasing its U.S. presence. The company has operations in Nova Scotia and 11 different U.S. states.
Nova Leap’s acquisition target has annualized 2023 revenues of $800,000 and adjusted EBITDA of approximately $100,000.
As part of the agreement, the purchase is slated to be made for total consideration of $300,000.
“As mentioned in my March 7 Letter to Shareholders, Nova Leap is in an excellent position to re-engage its acquisition program,” Chris Dobbin, president and CEO of Nova Leap, said in a press statement. “We are pleased to execute our first acquisition of 2024 in Massachusetts, a state where we currently operate several agencies and where we see significant potential for growth in the future. We’re looking forward to working with a great group of people upon closing of the acquisition.”
Sunstone Partners injects growth investment in Accuhealth
Private equity firm Sunstone Partners has invested in Accuhealth, a health care technology company that offers remote patient monitoring (RPM) and chronic care management (CCM) solutions.
“We are thrilled to welcome Sunstone Partners as a strategic partner in our journey to redefine healthcare through innovation,” Stephen Samson, CEO and co-founder of Accuhealth, said in a press statement. “This investment marks a pivotal moment for Accuhealth, enabling us to accelerate our growth trajectory and further enhance our RPM and CCM solutions. With Sunstone Partners’ support, we are poised to drive greater value for our clients, attract top talent, and ultimately improve patient outcomes.”
Chris Schmaltz will join Accuhealth as executive chairman. Schmaltz previously served as chief value-based care officer at Panoramic Health and COO of Alignment Health, among other roles.
Additionally, Jennifer Bahr, who previously served as CFO of Sunstone Partners, will be joining Accuhealth as CFO.
“We are excited to partner with Stephen and the Accuhealth management team and to have Chris and Jeni join the leadership team,” Arneek Multani, managing partner and co-founder of Sunstone, said in the statement. “While RPM and CCM are not new, we believe the adoption of these services is accelerating. We are looking forward to building an industry leader in this exciting market.”
The Pennant Group buys senior living companies
The Pennant Group Inc. (Nasdaq: PNTG) has acquired the real estate and operations of Capitol Hill Senior Living and Southgate Senior Living. Both of these companies are located in Utah.
“We are very excited to expand our senior living portfolio into Utah. The acquisition of these senior living communities will allow us to expand our services on the care continuum in a state where we already have significant strength in our existing home health and hospice agencies in Utah,” Brent Guerisoli, CEO of Pennant, said in a press statement. “In addition, this acquisition demonstrates the compelling win-win opportunity that exists for Pennant to build its real estate portfolio while simultaneously adding value to local residents and communities.”
Eagle, Idaho-based Pennant is a holding company of independent operating subsidiaries located across the U.S., with a network that includes 104 home health and hospice agencies and 53 senior living communities.
As a company, Pennant has always prioritized home health growth. In recent years, the company has made a number of purchases in this sector with a focus on community-driven home-based care agencies.
Viemed makes majority interest acquisition of HomeMed
Viemed Healthcare Inc. (Nasdaq: VMD), a respiratory care and technology-enabled home medical equipment services, has formed a strategic partnership with East Alabama Health, which gives Viemed a controlling interest in HomeMed.
HomeMed is a provider of home medical equipment services.
“We are thrilled to join forces with the exceptional team at East Alabama Health to deliver best-in-class home medical services to their patients and expand HomeMed’s business through the strategic partnership,” Casey Hoyt, CEO of Viemed, said in a press release. “This marks a significant milestone in our ongoing growth strategy, which includes hospital joint ventures and institutional partnerships. We view this transaction as a blueprint that can be replicated nationwide, enhancing care quality while simultaneously creating value for health care systems.”
The deal officially closed on April 1, 2024. East Alabama Health will have a minority, non-controlling interest in HomeMed. Viemed anticipates incremental annualized revenue from the acquired operations of about $4 million.
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