Harborside leaps into top 15 with new acquisitions
Harborside Healthcare Corp. of Boston moved into the 15th spot in bed volume among nursing homes in the U.S. after acquiring the operations of nine new long-term care facilities in Kentucky.Harborside this month plans to take over the operations of SeniorCare LLC of Louisville, KY. The purchase, completed for an undisclosed amount, extends the company's presence to nine states. It comes at a pivotal time for the company, which recently saw its longtime CEO leave to become a top executive with the nation's biggest chain.
The new facilities' good survey history, strong reputation, solid staff and well-maintained properties make the acquisitions a "high quality" purchase, said Harborside spokesman Brad Shiverick. Also, Kentucky is a good place to do business, in part because of its favorable Medicaid system, he added.
While Harborside emphasized it plans to operate the facilities and their 1,108 beds, as they are currently being run, it also sees an opportunity to attract new Part A patients to the facilities. A total of 20% of Harborside's business is Part A, or those coming from the hospital to long-term care, Shiverick said: "That's an area where we can add value."