Nashville, Tenn.-based HCA Healthcare has agreed to sell 31 home health and hospice agencies across eight states to Deaconess Associations Incorporated, a Cincinnati-based company that manages a diversified portfolio of $1 billion in healthcare services, programs, investments and community grant initiatives.
Upon closing, the agencies will become part of Central Pyramid, one of Deaconess Associations Incorporated’s four owned subsidiaries and a home health and hospice operator with nearly four decades of experience. The agreement expands Central Pyramid’s geographic footprint and positions it to serve patients across more communities.
Deaconess framed the deal as part of a strategy to invest in organizations that strengthen its existing operations and expand access to care as services move beyond traditional clinical settings.
“As care continues to move beyond traditional healthcare settings, we remain focused on opportunities that improve access, support patients and families through every stage of life, and strengthen our ability to deliver exceptional care in the home,” said Trey Crabb, CEO of Deaconess Associations Incorporated.
Central Pyramid CEO Cherie Elledge said the organization will focus on ensuring a smooth transition, supporting employees and preserving the local relationships its teams have built with patients, families and physicians.
The transaction is subject to required regulatory approvals and customary closing conditions. Terms were not disclosed.
The sale continues HCA Healthcare’s repositioning of home-based care, an asset class large health systems have repeatedly bought into and pared back as they reassess which markets to serve directly.
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