Caring Brands International (CBI) subsidiary Interim HealthCare recently bought back Interim HealthCare of Sacramento Hospice in California in its third acquisition this year. The purchase of the in-home hospice provider from its owner was driven by rising demand for care in this setting, according to Interim Healthcare and CBI President and CEO Jennifer Sheets.
The company in February purchased Interim HealthCare of San Diego and last month acquired Florida-based Interim HealthCare of the Treasure Coast following the retirement of owners Jan Wahby and Shawn Griffin.
This third acquisition is the marking of a “big year” for Interim Healthcare’s pipeline, according to Sheets, who cited a continued focus on providing more care in the home setting.
“We are glad to have had the opportunity to purchase not only Interim HealthCare of Sacramento Hospice, but two other highly successful franchises in San Diego, California and West Palm Beach, Florida,” said Sheets. “These three acquisitions further Interim HealthCare’s unwavering commitment to meeting individuals in their most preferred care setting — the home. Our goal is for every person that is appropriate for care in the home, to have the highest quality option possible.”
Franchise owners in the Interim network vary from large private equity investors to mom-and-pop startups, some of which have been in the owners’ families for two or three generations. The combined network provides home care services to roughly 200,000 patients annually across more than 330 locations in the United States and Saudi Arabia. The company’s services include home health, senior and pediatric care, palliative and hospice with a goal to provide a full continuum of care to patients and their families.
Interim HealthCare employs a strategic acquisitions approach, staff recruiting efforts and industry advocacy work in an effort to improve access to home health care. The latest acquisition reflects the company’s movement toward a hybrid model of both franchises and company-owned branches and its overarching goal to expand geographic reach and serve more individuals in need around the country.
Interim cited favorable demographics and the prevalence of patients with multiple comorbidities as reasons backing its recent purchase. Interim HealthCare of Sacramento Hospice has offered services for more than 45 years to patients and families throughout El Dorado, Placer, Sacramento and Yolo counties in California. Leadership of the company will remain intact following the acquisition, with David Klaeser, CEO since 2007, continuing in the role at its helm.
Hospice utilization among Medicare descendants in California reached 45.2% in 2018, according to the National Hospice and Palliative Care Organization. While this fell slightly below the national average of 50.6% that year reported by the Medicare Payment Advisory Commission (MEDPAC), it steps in line with the 47.8% hospice utilization rate the commission reported in 2020.
Demographics are igniting increasing demand for serious illness and hospice care in the Golden State. Seniors currently represent nearly 15% of California’s overall population, according to the U.S. Census Bureau. The amount of adults 60 and older is expected to double up to 30% of the population by 2060, according to a report from the California Department of Aging, which indicated that a majority of the state’s counties would see increases of more than 100% in this age group.”
Interim also indicated that impacts from the COVID-19 outbreak factored into its acquisition decisions. The pandemic led 67% of Americans to think differently about their own or loved ones’ health care options, according to a recent Interim HealthCare survey. The company reported that this resulted in seeing an uptick of demand for in-home care services
