Traditions Health has purchased Oklahoma-based Physician’s Choice Hospice and Palladium Hospice, which operates in multiple states in the Southeast. Financial terms were undisclosed for both transactions.
Traditions is a portfolio company of family-owned investment firm Dorilton Capital Advisors. In addition to hospice, the company offers skilled nursing, therapy and home health services.
With the Palladium deal Traditions will enter the South Carolina and Mississippi markets with a total of eight locations across both states. The acquisition also expands the company’s presence in Georgia.
“We are proud to integrate our company’s experience and leadership into Traditions and helping them fortify their presence in the southeast. We look forward to joining the Traditions team,” said Diane Parker, CEO and President of Palladium Hospice.
Traditions has been on a steady growth trajectory since at least early 2019. Between February of that year through this September, the company has completed seven acquisitions in Georgia, Oklahoma, Arizona, South Carolina and Mississippi.
Most recently, the company in August acquired Faith Hospice of Oklahoma and Embrace Hospice of Georgia from Diversified Health Care, parent company for both organizations, for an undisclosed sum. In June, Traditions bought Tomball, Texas-based Hospice with Grace. Financial terms were kept confidential.
Last year Traditions completed acquisitions for Texas-based Guiding Hospice, Pathways Hospice and Reflections Hospice and Palliative Care in Arizona, and Hospice Connection, also in Texas.
The Physician’s Choice transaction adds five locations to Traditions’ footprint in Oklahoma, making it one of the largest providers in that state. Hospice utilization among Medicare decedents exceeded 50% during 2018, according to the National Hospice and Palliative Care Organization. That percentage is in line with the national average. Utah leads the nation in utilization at more than 60%.
“Building this company from the ground up has been one of the greatest joys of my life. This partnership will allow us to support our long-term growth initiatives, predicated on our rich history as a private company with a dedicated and loyal employee base,” said Ginger Barsotti, founder and president of Physician’s Choice.