Home and post-acute care provider Charter Healthcare Group recently acquired New Mexico-based Silver Linings Hospice Care for an undisclosed amount, marking the company’s entry into the state.
Silver Linings provides palliative care to communities in north-central New Mexico. The decision to acquire the hospice came with the goal of increasing patient reach and access to services, according to Charter Healthcare CEO Steve Larkin.
“We welcome Silver Linings to the Charter family as we expand our services in New Mexico,” said Larkin. “We look forward to serving more patients and families in the region with the compassionate, innovative and accessible healthcare services for which Charter is known. “
A holding company of private equity firm Pharos Capital Group, Charter is expected to expand its geographic reach with the transaction, expanding its footprint to 19 locations in a total of eight states nationwide. Charter provides palliative and post-acute care services to more than 5,000 homebound and institutionalized patients with a strategy focused on reducing hospital admissions and emergency room visits by filling gaps in care.
Hospice use among those who died from Medicare reached 49.6% in New Mexico in 2018, falling just below the national rate of 50.7% that year, according to the National Organization of Hospices and palliative care (NHPCO). The national average use of palliative care rose to 51.6% in 2019, the NHPCO recently reported.
Demographics are expected to fuel the growing demand for hospices in The Land of Enchantment state. Seniors make up 18% of New Mexico’s population, with the US Census Bureau projecting an increase of up to over 30% by 2030 among people aged 60 and over.
Charter has been on a growth trajectory this year, having acquired five hospices as well as several home care agencies. In August alone, the company acquired three suppliers in Texas: Generations Hospice Care, Genesis HospiceCare and Saints Hospice. Financial terms were not disclosed. The previous year brought four hospices under the Charter fold, with purchases of Vitality Home Healthcare in Denver and Heartwood Home Health & Hospice, based in Salt Lake City, closing 2020.
“With Silver Linings, Charter will now be able to provide service to Santa Fe, the Eastern Mountains and the greater Albuquerque area of New Mexico,” said Bob Crants, Director of Investments for Pharos . “We are proud to support Charter’s tradition of providing compassionate and comprehensive care solutions at a lower cost for patients and families going through the last years of life. “