Cincinnati, -- Aug. 18, 2010 -- Bethesda Inc. announced today that it has agreed in principle to sell its subsidiary Consolidated Health Services Inc. to Catholic Health Initiatives, headquartered in Denver, Co. The transaction is expected to be completed by Sept. 30, 2010. Terms were not disclosed.
Consolidated Health Services, a regional provider of home health care and other services, has grown significantly in recent years and currently operates in 30 locations in Indiana, Kentucky and Ohio. Catholic Health Initiatives has facilities in 18 states, including Ohio and Kentucky, and home care services in 30 markets.
Consolidated Health Services includes American Nursing Care, which provides home health services; Patient Transport Services, which handles patient transportation; AmeriMed, which offers home infusion therapy; and Cornerstone Medical, a joint venture which sells durable medical equipment. It also participates in a number of other joint ventures in the Ohio, Kentucky and Indiana region, including partnerships with Mercy Health Partners and St. Elizabeth Healthcare.
Catholic Health Initiatives and Bethesda Inc. have collaborated for 15 years as joint sponsors of TriHealth, which operates Good Samaritan Hospital and Bethesda North Hospital. Good Samaritan Hospital of Cincinnati is an affiliate of Catholic Health Initiatives. Bethesda Inc. is the parent corporation of Bethesda North Hospital.
"Bethesda Inc. is focused on supporting, developing and delivering health care initiatives in the Greater Cincinnati region," said James Pearce, chairman, Bethesda Inc. "Through this transaction with a valued partner, Bethesda Inc. can ensure high quality home care services continue to be available in the region, while allowing Consolidated Health Services to expand to new markets."
Catholic Health Initiatives plans to operate Consolidated Health Services as a separate business unit. No significant changes to staffing or management are expected. This transaction does not affect Good Samaritan or Bethesda North Hospitals. Consolidated Health Services will continue to provide services to TriHealth.
"We already share similar cultures, missions and values. As part of Catholic Health Initiatives, we will have opportunity to learn from one another and to bring our quality home care services into new markets across the country," said Dan Dietz, Consolidated Health Services president and CEO.
Catholic Health Initiatives plans to expand home care services into a national business line, delivered by local employees through local facilities.
"Consolidated Health Services is a great complement to our existing home care services," said Kevin Lofton, president and CEO of Catholic Health Initiatives. "Together, we are well positioned for the future as more and more health services in the U.S. are being delivered outside hospitals."