Pennant and Scripps Health Close Joint Venture
The Pennant Group (NASDAQ: PNTG) announced the closing of its home health joint venture with Scripps Health, effective October 1, 2020. The joint venture will operate as Seaport Scripps Home Health and will be majority-owned by Pennant, providing home health services in San Diego County. This collaboration is aimed at enhancing quality care through integrated services and local leadership. Pennant plans to pursue further growth opportunities in the home health and hospice sectors.
- Creation of a joint venture with Scripps Health, enhancing service offerings in San Diego.
- Joint venture combines resources and expertise to improve patient care across the continuum of health services.
- Pennant's operational support in the venture demonstrates its commitment to quality healthcare.
- None.
EAGLE, Idaho, Oct. 01, 2020 (GLOBE NEWSWIRE) -- The Pennant Group, Inc. (NASDAQ: PNTG), the parent company of the Pennant group of affiliated home health, hospice and senior living companies, announced today that it has closed on its previously announced home health joint venture with Scripps Health, a leading nonprofit integrated health system based in San Diego, California. The closing of the joint venture occurred effective October 1, 2020.
The joint venture, which combines Scripps’s home health business and a local Pennant-affiliated home health agency, will be majority-owned and managed by a Pennant subsidiary and provide home health services to patients throughout San Diego County under the name Seaport Scripps Home Health. As of the closing, Pennant will also provide operational and administrative support services for the venture.
“We are thrilled to officially close and begin operating this joint venture together with Scripps Health. We have long admired their dedication to quality care and service and look forward to expanding the care provided to patients throughout San Diego County as we execute on that shared vision of excellent, locally-tailored healthcare services,” said Daniel Walker, Pennant's Chief Executive Officer. “This collaboration between leading acute and post-acute providers creates a unique continuum of care that will benefit San Diego County residents for many years to come,” continued Mr. Walker.
“This joint venture is another example of Scripps’s strategy to partner with others with expertise to provide the quality Scripps’s patients expect along the continuum of care while furthering Scripps’s growth in needed areas,” said Chris Van Gorder, President and Chief Executive Officer of Scripps Health.
"We are excited to combine the considerable expertise of Scripps with our talented local leaders," said Brent Guerisoli, President of Cornerstone Healthcare, Pennant’s home health and hospice portfolio company. “Our collaboration with Scripps will provide clinical collaboration, best practice sharing, and transitional care program development as we seek to provide life-changing service to our patients in the San Diego market. Scripps is a world-class healthcare system dedicated to providing the highest quality of care, and their decision to team up with Pennant is an honor and testament to our unique operating model built on empowering and equipping local leaders with the tools needed to transform their healthcare communities.”
Pennant will continue to pursue opportunities for growth in the home health, hospice and senior living industries, targeting strategic and underperforming operations of all sizes.
About Pennant
The Pennant Group, Inc. is a holding company of independent operating subsidiaries that provide healthcare services through 73 home health and hospice agencies and 54 senior living communities located throughout Arizona, California, Colorado, Idaho, Iowa, Montana, Nevada, Oklahoma, Oregon, Texas, Utah, Washington, Wisconsin and Wyoming. Each of these businesses is operated by a separate, independent operating subsidiary that has its own management, employees and assets. References herein to the consolidated "company" and "its" assets and activities, as well as the use of the terms "we," "us," "its" and similar verbiage, are not meant to imply that The Pennant Group, Inc. has direct operating assets, employees or revenue, or that any of the home health and hospice businesses, senior living communities or the Service Center are operated by the same entity. More information about Pennant is available at www.pennantgroup.com.
About Scripps Health
Founded in 1924 by philanthropist Ellen Browning Scripps, Scripps Health is a nonprofit integrated health care delivery system based in San Diego, California. Scripps treats more than 600,000 patients annually through the dedication of 3,000 affiliated physicians and more than 15,000 employees among its five acute-care hospital campuses, home health care services, 28 outpatient centers and clinics, and hundreds of affiliated physician offices throughout the region.
Recognized as a leader in disease and injury prevention, diagnosis and treatment, Scripps is also at the forefront of clinical research. With three highly respected graduate medical education programs, Scripps is a longstanding member of the Association of American Medical Colleges. Scripps has been ranked five times as one of the nation’s best health care systems by Truven Health Analytics. Its hospitals are ranked No. 1 in San Diego County and among the best in the nation by U.S. News & World Report. Scripps also is recognized by Advisory Board, Fortune and Working Mother magazine as one of the best places in the nation to work. More information about Scripps Health can be found at www.scripps.org.
Pennant Contact Information
The Pennant Group, Inc.
(208) 506-6100
ir@pennantgroup.com
Scripps Contact Information
Janice Collins
858-717-0998
Collins.janice@scrippshealth.org
SOURCE: The Pennant Group, Inc.
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