Kindred Healthcare LLC is a healthcare services company that operates long-term acute-care hospitals and provides rehabilitation services across the United States. Kindred is a diversified post-acute healthcare provider.
Kindred's headquarters and support center are located in Louisville, Kentucky.
As of March 2018, Kindred Healthcare had approximately 38,300 employees in 45 states and approximately $3.4 billion in annual revenues.
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History
Kindred was founded in 1985 as Vencor, Inc. The current name was adopted on April 20, 2001, following Vencor's emergence from Chapter 11 bankruptcy. Kindred went public in 2001 on the New York Stock Exchange with the symbol KND.
On February 8, 2011, Kindred Healthcare agreed to acquire RehabCare Group for about $900 million in cash and stock to create, at the time, the largest post-acute health care services company in the United States.
On October 9, 2014, Kindred Healthcare, Inc. and Gentiva Health Services, Inc., the largest provider of home health care, hospice and related services in the United States, announced that the companies entered into a definitive merger agreement under which Kindred would acquire all of the outstanding shares of Gentiva common stock for $19.50 per share in a combination of cash and stock. The deal was officially signed into agreement effective January 31, 2015, with Gentiva becoming a wholly owned subsidiary of Kindred.
On June 30, 2017 Kindred announced a definitive agreement with BM Eagle Holdings, LLC, a joint venture led by affiliates of BlueMountain Capital Management, LLC to sell the company's skilled-nursing facility business for $700 million in cash. The sale included 89 nursing centers with 11,308 licensed beds and seven assisted living facilities with 380 licensed beds, which collectively had approximately 11,500 employees in 18 states.
On December, 2017, Kindred Healthcare Inc. announced that its Board of Directors approved a definitive agreement under which it would be acquired by a consortium of three companies: TPG Capital ("TPG"), Welsh, Carson, Anderson & Stowe ("WCAS") and Humana Inc. ("Humana") (NYSE: HUM) for approximately $4.1 billion in cash including the assumption or repayment of net debt.[10]
Immediately following the acquisition of Kindred, the home health, hospice and community care businesses would be separated from Kindred and operated as a standalone company owned 40 percent by Humana, with the remaining 60 percent owned by TPG and WCAS.
Under the agreement, Kindred's long-term acute care hospitals, rehab hospitals and contract rehabilitation services businesses would be operated as Kindred Healthcare, a separate specialty hospital company owned by TPG and WCAS.
On April 5, 2018, Kindred Healthcare, Inc. announced that its stockholders approved the transaction at a special meeting of stockholders.
The acquisition was completed on July 2, 2018. In accordance with the terms of the agreement, Kindred's long-term acute care hospitals, inpatient rehabilitation facilities and contract rehabilitation services business were separated from Kindred's home health, hospice, and community care businesses. As a result, Kindred Healthcare is now operated as a separate specialty hospital company owned by TPG and WCAS.
Kindred's stock ceased trading on the New York Stock Exchange on June 29, 2018, as it transitioned to a privately held company.
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Divisions
Kindred operates two divisions: Transitional Care Hospitals and Kindred Rehabilitation Services.
Transitional Care Hospital
The Transitional Care Hospital division provides long-term acute care services to medically complex patients. Along with traditional freestanding hospitals, Kindred operates hospital-in-hospitals (HIH) that operate in a "host hospital" to provide long term acute care to patients it receives from the short-term acute care units.
Kindred Rehabilitation Services
Kindred's Rehabilitation division serves both Kindred and non-Kindred sites. Services are organized into two operating segments: skilled nursing rehabilitation services (SRS), in which Kindred provides contract therapy services across multiple settings including skilled nursing facilities, assisted living facilities, independent living facilities, continuing care retirement communities and outpatient facilities; and hospital rehabilitation services (HRS), in which Kindred provides inpatient program management and therapy services to standalone inpatient rehabilitation facilities, hospital units, and outpatient services to hospital-based satellite programs.
In June 2011, Kindred combined its previous rehabilitation division with its new acquisition of RehabCare, renaming the division after this acquisition.
In January 2016, Kindred Healthcare Inc. and its subsidiary RehabCare Group Inc. agreed to pay $125 million to settle a whistleblower lawsuit on Medicare therapy claim overbilling. The settlement ended an investigation into claims brought against the companies by former RehabCare therapists in a 2011 lawsuit. The suit claimed RehabCare routinely scheduled skilled nursing facility residents for higher levels of therapy than needed, resulting in therapy services were not reasonable or necessary, or never occurred.
See also
- List of major employers in Louisville, Kentucky
References
External links
- Kindred Healthcare - Official Kindred Healthcare website
- Kindred at Home - Official Kindred at Home website
- Kindred Healthcare SEC Filings
- Kindred ranked on InformationWeek Elite 100 as number 77
- Kindred Healthcare's article in Boston's MDNews
Source of article : Wikipedia
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