Pennant Announces Start-up Hospice Operations in California and Washington

Rhea-AI Summary

The Pennant Group (NASDAQ: PNTG) recently launched two new hospice agencies: Alpha Home Health and Hospice in Everett, Washington, and Peaceful Heart Hospice in Murrieta, California. Both agencies received Medicare certification and began accepting patients in October 2020. CEO Daniel Walker emphasized the strategic growth opportunities these agencies present, highlighting local leadership efforts. The company aims to continue expanding by acquiring additional home health, hospice, and senior living businesses across the U.S.

Positive

• Successful launch of two new hospice agencies, expanding service offerings.
• Both agencies are Medicare certified, enabling them to accept patients immediately.
• Strategic emphasis on local leadership and development to drive growth.

Negative

• None.

EAGLE, Idaho, Nov. 05, 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, today announced the successful establishment of two de novo hospice agencies:

• Alpha Home Health and Hospice, located in Everett, Washington, was awarded a Certificate of Need by the Washington State Department of Health to establish a new hospice program in Snohomish County. Alpha, which already provides home health services to patients throughout the county, received final Medicare certification for its new hospice program in October 2020 and has begun accepting hospice patients.
• Peaceful Heart Hospice, located in Murrieta, California, also opened its doors in October 2020 and has begun accepting patients throughout Riverside and San Bernardino Counties.

“These start-ups illustrate some of the many levers available to our local leaders to accelerate growth in existing and new markets,” said Daniel Walker, Pennant’s Chief Executive Officer. He added, “As part of our disciplined growth strategy, local leaders worked closely with a dedicated development team and resources throughout the organization to identify these opportunities and successfully bring them to fruition after rigorous application and review processes.”

“We have recruited exceptional teams of clinicians and staff to provide outstanding care to the patients and families in these areas,” commented Brent Guerisoli, President of Cornerstone Healthcare, Pennant’s home health and hospice portfolio company. “Our world-class systems and resources will provide dedicated support to these teams as they seek to make a significant positive impact on these communities. As we develop talented local leaders and are joined by leaders from outside our organization attracted by the unique opportunity offered by our cluster-centered operating model, we will continue to identify other potential opportunities for de novo growth and work diligently to establish operations in those areas,” he added.

Mr. Walker reaffirmed that Pennant continues to pursue opportunities to acquire home health, hospice and senior living businesses throughout the United States.

About Pennant:

The Pennant Group, Inc. is a holding company of independent operating subsidiaries that provide healthcare services through 75 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.

SOURCE: The Pennant Group, Inc.

FAQ

What new agencies did The Pennant Group establish recently?

The Pennant Group established Alpha Home Health and Hospice in Everett, Washington, and Peaceful Heart Hospice in Murrieta, California.

When did the new hospice agencies begin accepting patients?

Both new hospice agencies began accepting patients in October 2020.

Is Alpha Home Health and Hospice Medicare certified?

Yes, Alpha Home Health and Hospice received final Medicare certification to operate its hospice program.

What is the stock symbol for The Pennant Group?

The stock symbol for The Pennant Group is PNTG.

What is the growth strategy of The Pennant Group?

The Pennant Group's growth strategy includes establishing new agencies and acquiring home health, hospice, and senior living businesses across the U.S.