LifePoint Health is acquiring post-acute care provider Kindred Healthcare. Financial terms of the deal were not disclosed.
Tennessee-based LifePoint Health has a network of hospitals and care providers through its subsidiaries, providing services in 30 states. Kindred is based in Louisville.
In addition to the expansion by acquisition, LifePoint announced $1.5 billion in investments over the next three years aimed at improving care. The focus areas of the investments include the personal and professional growth of its employees, capital projects to improve healthcare delivery and technology, digital solutions and equipment to increase local access to advanced services.
“Adding Kindred Healthcare to LifePoint is one of the most significant demonstrations, in our company’s history, of LifePoint’s commitment to our deeply rooted mission of Making Communities Healthier,” David Dill, president and CEO of LifePoint, said in a statement. “Kindred’s focus on healing and hope, provided through its long-term acute care hospitals, rehabilitation centers and most recently its behavioral health services – an important and growing need across the country–is highly complementary to the current LifePoint network.”
LifePoint called the merger “complementary” and stated it will not cause healthcare prices to rise.
LifePoint noted that the acquisition is not being funded by any funds it received as part of the Coronavirus Aid, Relief and Economic Security (CARES) Act and related legislation. The deal is expected to close in the fourth quarter this year, upon receipt of approvals and customary closing conditions.
In 2018, Kindred Healthcare’s home healthcare business was acquired by Humana.
Amy joined TriMed Media as a Senior Writer for HealthExec after covering home care for three years. When not writing about all things healthcare, she fulfills her lifelong dream of becoming a pirate by sailing in regattas and enjoying rum. Fun fact: she sailed 333 miles across Lake Michigan in the Chicago Yacht Club "Race to Mackinac."