A group of former hospice and home health leaders have gone all-in on Programs for All-Inclusive Care of the Elderly (PACE) with the launch of an emerging company.
New Jersey-headquartered BoldAge PACE is owned and operated by former Seasons Hospice and Palliative Care CEO Todd Stern, also a former AccentCare executive, and Dan Czermak, founder of Acute Health Systems and Beacon of Life. The company’s chief growth officer, Russell Hilliard, also came over from AccentCare, whereas CEO Mary Austin has worked in the PACE, long term care and geriatrics space since
The company currently operates four PACE centers located in the Northwest and the Midwest, with two more slated to open before the end of the year. Ultimately, BoldAge PACE plans to build a national footprint.
Hospice News spoke with Hilliard about BoldAge’s PACE model, its plans for growth and how its executives’ experience in hospice, home health and palliative care will inform the company’s development.
Why is PACE an attractive model for home health and hospice companies?
There are a lot of similarities. If you look at where hospice was in the 80s, it feels like that&#;s kind of where PACE was a few years
Todd Stern came to Seasons Hospice & Palliative Care, now an AccentCare company, in as the company’s CFO and managing principal. In he ascended to the CEO spot. In the intervening years, the company has expanded in size and scale to become the fifth largest hospice provider in the nation with a footprint spanning more than 20 states.
Seasons is looking forward to further growth following its merger with post-acute company AccentCare, a portfolio company of the private equity firm Advent International. Via the merger Stern became executive vice chair of AccentCare in addition to his CEO role.
The combined company provides a full continuum of home-based health care services, including hospice, palliative care, home health care and personal care.
Stern recently sat down with Hospice News to talk about the forces that are reshaping the industry and the ways Seasons-AccentCare is evolving along with it.
I thought we could start by talking a little bit about your recent merger. How did that come together and what was the impetus?
Seasons is a year-old provider of primarily hospice and palliative care. We happened to own two other complementary organizations. One was
AccentCare and Seasons Hospice & Palliative Care have cleared all regulatory hurdles and officially merged, the post-acute care providers announced Tuesday.
The Dallas, Texas-based AccentCare is ranked as the fifth-largest home health provider in the nation in terms of overall market share, according to LexisNexis statistics. Similarly, the Rosemont, Illinois-based Seasons is listed as the fifth-largest hospice provider in the U.S.
The two providers &#; along with AccentCare’s private equity sponsor, Advent International &#; were able to finalize their merger agreement in a little over a month’s time. The companies initially unveiled their industry-shaping plans on Nov. 16, with AccentCare CEO Steve Rodgers digging into the strategy during the Home Health Care New Capital+Strategy event on Dec. 8.
“We&#;ve had a very successful hospice business internally at AccentCare,” Rodgers said at the event. “But it hasn&#;t necessarily been one at scale.”
Prior to the merger, those operations formed “about a $70 million hospice business,” the CEO noted. That number will grow substantially with Seasons, which offers compassionate care through 31 programs in 19 states.
A
Full Name
Todd Stern
Title
Principal
Company
Villa Investment Partners
Bio
Todd Stern, BBA, MBA, CHA joined Seasons Hospice & Palliative Care in as the organization’s Chief Financial Officer and Managing Principal, and was appointed the Chief Executive Officer in Mr.
Stern holds a BBA and MBA from Loyola University Chicago and is a Certified Hospice Administrator, and began his career in healthcare working for medical supply and long-term care companies.
Mr. Stern, a former member of both the National Hospice and Palliative Care Organizations (NHPCO) Public Policy Committee and the Hospice Action Network (HAN) Board, is highly supportive and active within hospice advocacy. Under Mr. Stern’s leadership, Seasons Hospice & Palliative Care grew to become one of the largest hospice and end-of-life care providers in the nation, operating coast to coast and across 20 states. In , Mr. Stern led Seasons Hospice & Palliative Care through a multi billion dollar merger with AccentCare, where Mr. Stern now serves as the Executive Vice Chairman.
Over the last several decades, Mr. Stern has cofounded and currently serves on the board of various healthcare operating business
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