Home health 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 entrance into the state.

Silver Linings provides hospice care to communities throughout north central New Mexico. The decision to acquire the hospice came with an aim to increase 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 into New Mexico,” said Larkin. “We look forward to serving more patients and families in the area with the compassionate, innovative and accessible health care services for which Charter is known.”

A portfolio company of the private equity firm Pharos Capital Group, Charter stands to gain a wider breadth of geographic reach with the transaction, expanding its footprint by 19 locations in a total of eight states nationwide. Charter offers hospice, palliative and post-acute care services to upwards of homebound and facility-based 5,000 patients with a strategy focused on reducing hospital admissions and emergency room visits by bridging gaps in care.

Hospice utilization among Medicare decedents hit 49.6% in New Mexico during 2018, falling just under the national rate of 50.7% that year, according to the National Hospice and Palliative Care Organization (NHPCO). The national average for hospice utilization rose to 51.6% in 2019, NHPCO recently reported.

Demographics are anticipated to fuel increasing demand for hospice in The Land of Enchantment state. Seniors make up 18% of New Mexico’s population, with the U.S. Census Bureau projecting a rise up to more than 30% by 2030 in individuals 60 and older.

Charter has been on a growth trajectory this year, having acquired five hospices as well as several home health agencies. In August alone, the company acquired three providers in Texas: Generations Hospice Care, Genesis HospiceCare and Saints Hospice. Financial terms were undisclosed. The previous year brought four hospices under Charter’s fold, with the purchases Vitality Home Healthcare in Denver and Salt Lake City-based Heartwood Home Health & Hospice closing out 2020.

“Through Silver Linings, Charter will now be able to provide services in Santa Fe, East Mountains and the greater Albuquerque area of New Mexico,” said Bob Crants, Pharos’ chief investment officer. “We are proud to support Charter’s tradition of providing compassionate, comprehensive care solutions at lower costs for patients and families navigating the last years of life.”