Livingstone is pleased to announce the completion of a transaction for Northwestern Memorial HealthCare’s (“NMHC”) divestiture of its home health and hospice business (the “Company”) to JourneyCare (“JourneyCare”), Illinois’ largest nonprofit community-based hospice and palliative provider. Livingstone was the exclusive financial advisor to NMHC.
NMHC is the corporate parent for the Northwestern Medicine health system, which operates across 200 different sites and 10 hospitals, including Chicago’s 894-bed academic medical center, Northwestern Memorial Hospital. The Company, comprised of five licensed and Medicare-certified home health and hospice agencies, serves nearly 6,000 patients annually across the broader Chicago metropolitan area.
JourneyCare provides adult and pediatric palliative and hospice care, in addition to house call and chronic care management services. The acquisition allows JourneyCare to expand its service offerings into the growing home health space.
“We are excited to have partnered with NMHC on this important transaction,” said Jim Moskal, Healthcare Partner at Livingstone. “This marks our 8th home health transaction, and we expect continued activity in the sector as reimbursement pressures and value-based care initiatives continue to drive consolidation amongst home health and hospice agencies.”
The NMHC divestiture marks Livingstone’s 20th healthcare transaction since 2017, including the recent sales of Integrated Rehab Consultants, Total Spectrum, P3 Dental, SYNERGY HomeCare and Agility Health.
