Wednesday, August 5, 2015

Home Health Corp. of America sells the last of its agencies

The King of Prussia company will be looking for new investment opportunities - just not in the home health business it's been in for more than 30 years.

Home Health Corp. of America sells the last of its agencies

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Home Health Corp. of America Inc., of King of Prussia, is going to have to change its name.

After more than 30 years of providing home health care, it just sold the last six agencies it had to Amedisys Inc., of Baton Rouge, La.

Amedisys announced the purchase on Monday but did not disclose the terms.

The six home health agencies are in Valley Forge and Wilkes-Barre in Pennsylvania; Dover and Georgetown, in Delaware; and Elkton and Salisbury, in Maryland. Combined, they generated $23 million in revenue for the 12 months ended June 30.

That’s a fraction of the nearly $700 million in revenue Amedisys had in 2007.

As for Home Health, CEO David S. Geller said his company would be looking to reinvest the sale proceeds into “other investment opportunities outside of home health care,” he said.

Once a publicly held company, Home Health had 44 locations when it filed for Chapter 11 bankruptcy protection in February 1999, struggling in part with changes in Medicare. The company emerged from bankruptcy in January 2002.

Local no more

The pending sale of Central Montgomery Medical Center to Abington Memorial Hospital means the end of for-profit status for the small hospital.

Formerly called North Penn Hospital, the money-losing hospital was bought by King of Prussia’s Universal Health Services Inc. in 2001. The executive installed to run Central Montgomery? Marc D. Miller, son of Alan B. Miller, founder of Universal Health.

The purchase was a departure for Universal Health. While it’s one of the nation’s biggest hospital operators, it had never owned a hospital in the Philadelphia area.

Well, good-bye back yard. The sale of Central Montgomery means Universal Health can once again zero in on hospital care in the South and West.

Inquirer Columnist
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