Stoneridge Partners | 2017 Gulf Coast Home Care Conference & Expo: Associate Partner Charles Jantzi will be attending the conference and expo held Monday through Wednesday, July 31- August 2, in Point Clear, Alabama. The 2017 Gulf Coast Home Care Conference & Expo is sponsored by Homecare Association of Louisiana (HCLA), Mississippi Association for Home Care (MAHC) and Home Care Association of Alabama (HCAA).

Charles will be available for confidential meetings. To schedule, stop by Booth #4, call (800) 218-3944 or email [email protected].


Stoneridge Partners | 2017 Gulf Coast Home Care Conference & Expo
More information:

HCLA

MAHC


Stoneridge Partners is a professional mergers and acquisitions (M&A) advisory firm who works with mid-market home care, hospice and behavioral health companies – exclusively. Our primary focus has been and still is facilitating transactions that not only provide value, but also make sense for you. We know the market and the business exceptionally well and bring this insight to each and every interaction. If you would like to schedule a confidential meeting with a member of our firm, please call (800) 218-3944 or email [email protected].

If you would like a member of our firm to speak at your conference or association, please contact Tina Mackin at (800) 218-3944 or [email protected].

 

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Stoneridge Partners | 2017 HCAF Annual Conference & Trade Show: Our team will be attending the Home Care Association of Florida (HCAF) 28th Annual Conference & Trade Show held Tuesday through Thursday, July 25-27, in Orlando, FL. Considered Florida’s biggest home care industry event of the year, the event hosts more than 700 leaders in home care.

According to the conference brochure: In light of the constant changes and increased scrutiny facing home care providers, this year’s theme is REFLECT. RESET. RENEW. During the event, leaders will come together to grow their business, network, and acquire invaluable tools for success. There are opportunities to learn from industry experts how to maximize their business during our educational workshops, open forums, general sessions, and breakout sessions.

Our President and CEO Rich Tinsley will be presenting 9:30 – 10:20 am EDT Thursday morning, July 27. His topic will be “Building The Value of An Agency: An M&A Perspective.” During the session, Rich will walk through the steps of the successful sale of a business, including preparation, valuation, due diligence and closing. He will also provide an in-depth rundown on the many factors affecting the market and what it means to the owner and the company’s value.

Members of team will be available for private meetings throughout the conference. Our attendees include: President and CEO Rich Tinsley, Buy-Side Associate Partner Rhonda Gronberg, Associate Partner Charles Jantzi, and Associate Partner Coley McDevitt. To schedule a confidential consultation, call (800) 218-3944 or email [email protected].

Stoneridge Partners | 2017 NAHC Financial Management Conference

The mergers and acquisitions (M&A) market is changing rapidly, trending towards a bifurcated market for privately-held agencies. Factoring in the 2016 election outcome and the current activity in the public sector, it is imperative that decision makers understand the market and its impact on the industry as they move forward with critical decision that affect their businesses and their future values. – Rich Tinsley

2017 HCAF Annual Conference & Trade Show
More information:
2017 HCAF 28th Annual Conference
HCAF


Stoneridge Partners is a professional mergers and acquisitions (M&A) advisory firm who works with mid-market home care, hospice and behavioral health companies – exclusively. Our primary focus has been and still is facilitating transactions that not only provide value, but also make sense for you. We know the market and the business exceptionally well and bring this insight to each and every interaction. If you would like to schedule a confidential meeting with a member of our firm, please call (800) 218-3944 or email [email protected].

If you would like a member of our firm to speak at your conference or association, please contact Tina Mackin at (800) 218-3944 or [email protected].


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Stoneridge Partners | 2017 NAHC Financial Management Conference: Our team will be attending the National Association for Home Care & Hospice (NAHC) Financial Management Conference and Expo held Sunday through Tuesday, July 16 to 18, in Hartford, CT. The conference and expo is a well-attended event for financial managers and vendors in home care and hospice.

According to the conference brochure, the event brings together the industry’s top financial and legal experts, the National Association for Home Care & Hospice and its affiliate, the Home Care & Hospice Financial Managers Association (HHFMA), provide attendees with opportunities to advance their understanding of financial management techniques and business strategies in home care and hospice.

For over 20 years, NAHC and HHFMA have empowered people with groundbreaking news, education, networking opportunities, research, and resources.

Members of team will be available for private meetings throughout the conference. To schedule, call (800) 218-3944 or email [email protected].

Our attendees include: President & CEO Rich Tinsley, Partner Ben Bogan, Partner Brian Bruenderman, Managing Partner Katie Clore, Associate Partner Charles Jantzi, Associate Partner Coley McDevitt, and Partner Joe Lynch.


Stoneridge Partners | 2017 NAHC Financial Management Conference
More information:
2017 NAHC Financial Management Conference
NAHC


Stoneridge Partners is a professional mergers and acquisitions (M&A) advisory firm who works with mid-market home care, hospice and behavioral health companies – exclusively. Our primary focus has been and still is facilitating transactions that not only provide value, but also make sense for you. We know the market and the business exceptionally well and bring this insight to each and every interaction. If you would like to schedule a confidential meeting with a member of our firm, please call (800) 218-3944 or email [email protected].

If you would like a member of our firm to speak at your conference or association, please contact Tina Mackin at (800) 218-3944 or [email protected].


sell side advisory services during Sovereign Home Health acquisition
Stoneridge Partners | 2017 NAHC Financial Management Conference
Stoneridge Partners | 2017 NAHC Financial Management Conference
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Home Health Index Continues Hot Streak in June

Stoneridge Partners | Home Health Index July 2017: Home health companies continued to see strong returns during June, according to the latest findings of the Home Health Index by Stoneridge Partners.

The index, which tracks the average market values of three of the largest publicly traded home health care companies – Almost Family (Nasdaq: AFAM), Amedisys (Nasdaq: AMED) and LHC Group (Nasdaq: LHCG) – jumped 8.35% compared to the previous month.

The index, on a hot streak, also vastly outpaced the S&P 500, which increased just 0.48%. The June rise was just behind the biggest monthly increase for the index year to date seen in May, when the index rose 9.1%.

“Home health companies, which have been rewarded for their deal making throughout the year, continued to see the ongoing streak of share price gains,” said Rich Tinsley, president and CEO of Stoneridge Partners.

Almost Family, based in Louisville, Kentucky, had strong gains in June, with the company’s stock price rising 7.4%. Year to date, Almost Family’s stock is up 39.8%. The company has been actively pursuing joint venture deals throughout the first half of the year, after completing the nation’s largest public home health-hospital joint venture with Community Health Systems (NYSE: CYH) late in 2016.

Baton Rouge, Louisiana-based Amedisys Inc. also saw its stock price rise in June, albeit at a slower pace. From the previous month, Amedisys’ share price rose 4.82%. Since the start of the year, the stock is up 47.34%. Amedisys agreed to pay $43.8 million to investors during the month in a settlement of a lawsuit that dates back to 2010.

LHC Group, based in Lafayette, Louisiana, saw the highest share price growth in June, soaring 12.77% from the previous month. The stock has also risen the most compared to its peers since the start of the year, jumping 48.56%. The company’s stock has been buoyed by its strong position in joint venture deals, and CEO Keith Myers stated in a June presentation that he predicts LHC Group could double in size with its potential growth opportunities.

Addus HomeCare (Nasdaq: ADUS), which is not tracked on the index because too little of its revenue comes from Medicare, saw marginal gains in June. Its stock price inched up 0.27% last month.

Quote Of The Month 

“I don’t think anybody would say, if you started from scratch and had no system in place, that you would construct the system we have.”

-Steny Hoyer, House Democratic Whip

Read the Full Article Here: Why is Health Care So Complicated?

See It To Believe It!

The Stoneridge Partners Home Health Index (HH Index) is updated monthly and measures the performance of these three publicly traded home health companies, all listed on the NASDAQ:

  • Almost Family (AFAM)
  • LHC Group (LHCG)
  • Amedisys (AMED)

This graph compares the percentage of the Home Health Index to the percentage change in the S&P 500 Index for over 14 years, going back to 2002.
[visualizer id=”8359″]
This is a 12 month trailing chart of the HH Index compared to the actual prices of the individual companies that make up the chart.
[visualizer id=”8361″]

This graph displays HH Index performance over the past 24 months.

[visualizer id=”8363″]
This graph compares the HH Index to the price of Addus stock (non-Medicare).
[visualizer id=”8362″]

(Home Health Index July 2017 | Stoneridge Partners)

Here are the results of the stock prices for the past two years:

Company 6/30/17 1 mos change YTD change 6/30/16 6/30/15
Almost Family 61.65 +7.40% +39.80% 42.61 39.91
Amedisys 62.81 +4.82% +47.34% 50.48 39.73
LHC Group 67.89 +12.77% +48.56% 43.28 38.25
HH Index* 64.12 +8.35% +45.25% 45.46 39.30
S&P 500 2423.41 +0.48% +8.24% 2098.86 2063.11
Addus 37.20 +0.27% +6.13% 17.43 27.86

Although we track the performance of Addus, they are not included in our HH Index because very little of their revenue comes from Medicare.

 

Enterprise Value (EV)

EV (in M) 6/30/17 6/30/16
Almost Family 1009 569
Amedisys 2157 1790
LHC Group 1313 875
HH Index Total 4479 3234
Addus 436 216


Enterprise Value (EV), aka Selling Price, as Percent of Revenue

Company 6/30/17 6/30/16
Almost Family 167% 102%
Amedisys 149% 136%
LHC Group 141% 106%
HH Index Average* 152% 115%
Addus 101% 62%


Multiples of EV/EBITDA

Think of this as selling price as a multiple of EBITDA.

Company 6/30/17 6/30/16
Almost Family 21.86 13.30
Amedisys 26.70 22.36
LHC Group 15.80 10.65
HH Index Average* 21.45 15.44
Addus 15.01 9.02

The above calculations are based on selling price being defined as Enterprise Value (EV), with data provided by Capital IQ. Enterprise value is defined as market cap plus debt, minority interest and preferred shares, minus total cash and cash equivalents. EBITDA is calculated using methodology which may differ from that used by a company it’s reporting. (Home Health Index July 2017 | Stoneridge Partners)

Sold by Stoneridge!

  • Superior Home Health Care, Inc. in Baton Rouge, Louisiana was acquired by Hometown Healthcare Management. Ben Bogan and Charles Jantzi provided sell-side advisory services.
  • Home Care Assistance closed on Living Well Assisted Living at Home in Sausalito, California. Rhonda Gronberg provided buy-side advisory services.

Recent Transactions From Around The Country

  • Traditions Hospice of South Houston, a home health and hospice provider in Texas, acquired the Houston-based hospice provider, Hallmark Hospice.
  • The Ensign Group, Inc. closed on several transactions this month. From Brookdale Senior Living, they acquired the real estate and operations of two assisted living facilities in Texas and three assisted living facilities in Wisconsin. In Colorado, the Ensign Group acquired the real estate and operations of two continuing care retirement communities, the Villas at Sunny Acres as well as Medallion Post Acute Rehabilitation and Medallion Villas.
  • Kindred Healthcare struck a deal to sell its skilled nursing business for $700 million in cash to BM Eagle Holdings, a joint venture led by affiliates of BlueMountain Capital Management.

Exclusively Listed For Sale By Stoneridge Partners

Do you know of any acquisitions that have taken place?  We are interested in your comments.  At the top of this column is a “Contact Tab” with a section for comments.  These can be sent anonymously and the return email address can be left blank.

 

Another Cartoon Favorite from the New Yorker

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Stoneridge Partners | Home Health Index July 2017

Webinar: The Current Home Care Market – An M&A Perspective


Presented by: Rich Tinsley, President & CEO of Stoneridge Partners

July 14th at 12:00 p.m. (EDT)

Cost: $39

 

For more information and to register visit:

The Current Home Care Market: An M&A Perspective

 

Stoneridge Partners | Home Health Index July 2017

From Rich Tinsley, Publisher of “Home Health Index”. Rich can be reached at [email protected] or (239) 561-0826 and toll-free 800-218-3944

Previous editions of this monthly newsletter can be searched for at the bottom of the home page of the Home Health Index. Links to Google Finance: Almost Family | Amedisys | LHC Group

Please follow us on Facebook  and Linkedin

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Stoneridge Partners Curaport Webinar | Current Home Care MarketDon’t miss Stoneridge Partners’ webinar, The Current Home Care Market – An M&A Perspective on Friday, July 14, from 1:00 to 2:15 p.m. EDT. During the webinar, President and CEO Rich Tinsley will cover a broad range of topics that will give you a better perspective on where the industry is headed.

Curaport states: The historic rise in reimbursement cuts and regulatory pressures have many owners of home care agencies wondering, “Is now the right time to get out?” We realize this is tough choice and want to provide you with information that can help you make that best decision.

It’s always been said that “everything is for sale; it is just a matter of price.” However, if you are considering putting your agency on the market, how can you make sure you are getting full value for your business?

In this session you will take-away:

  • an overview of the current home care market
  • how Big Data can be made small
  • the process of selling your business
  • an understanding of Adjusted EBITDA and its purpose

Click here to register and for more information. This educational webinar is hosted by Curaport. Cost is $39 per person and the presentation will last one hour and 15 minutes.


Stoneridge Partners Curaport Webinar | Current Home Care Market

Rich Tinsley, President & CEO

About Rich Tinsley: Rich’s broad experience spans over two decades in the healthcare and business development industries. For the past year, Rich also served as President of AgentLink, a wholesale insurance brokerage agency that works with agents all over the country. He continues as an Executive Consultant with AgentLink today.

Prior to Stoneridge Partners, Rich was Chief Development Officer for Signature Healthcare, a long-term health care and rehabilitation company with 142 locations in 11 states and over 22,000 employees. He also served as Vice Chairman of the company’s Home Care, Assisted Living and Residential Group Home segments. Earlier in his career, Rich served as Chief Development Officer for ResCare, the nation’s largest private provider of services to people with disabilities, the largest one-stop workforce contractor and the largest privately-owned home care company. He was also Executive VP of Workforce Solutions. Rich’s role also included, acting as Vice President of Compliance and Business Development for Almost Family, Inc., a leading provider of home health nursing, rehabilitation and personal care services, with over 250 locations in 15 states.

Rich has served on numerous nonprofit and for-profit boards; providing financial, accounting, legal and acquisition/divestiture advice. In addition to his JD and an MBA from the University of Louisville, Rich is also a Certified Public Accountant, a Certified Management Accountant and Certified Nursing Assistant.

If you would like Rich to speak at your conference or association, please contact Tina Mackin at (800) 218-3944 or [email protected].

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