Texas-based Silverstone Hospice has acquired Comfort Care Hospice in the Dallas-Forth Worth region. Comfort Care will be renamed under the Silverstone brand and will soon being offering home health and palliative care services in addition to hospice.
Silverstone CEO Alfonso Montiel will also lead the Comfort Care location. Prior to Silverstone, Monteil established a $150 million private equity hedge fund, worked in strategy development for Fortune 500 companies and was CEO of the charitable organization the Lemon Tree Trust.
“Our goal is to grow a Texas-focused business through aggregating a series of acquisitions. We are benefiting from a highly fragmented market serving a rising demand and gaps in levels of care.” said Montiel, CEO at SilverStone Hospice. “Our mission is to empower families to provide the best care and experience for their loved ones.”
Demographic tailwinds have been fueling a thriving hospice market in Texas. The Lone Star State has the third largest elderly population in the nation, according to the Texas Demographic Center, a state institution. The number of Texans 65 or older grew by 49.5% between 2000 and 2014. Only California experienced a higher rate of increase among their senior population.
Texas ranks 15th among the states in hospice utilization, with 52.8% of Medicare decedents electing hospice in 2018, according to the National Hospice & Palliative Care Organization. Utah has the highest rate of utilization at 60.5%. The national average is slightly higher that 50%.
Silverstone has plans for future expansion through acquisitions in the hospice, palliative care and home health markets.
“Our clinical team is truly exceptional. The levels of care and support that we provide is an extension of our team’s deep dedication to honoring each patient’s voice and advocating for their needs and wants at the end of life, as we would our own family,” said Montiel.