Texas-headquartered hospice and home health company Elara Caring has inked a deal to acquire Assisted Daily Living, Inc., a Rhode Island-based provider.
The acquisition marks Elara Caring’s entry into the state and is anticipated to close towards the latter part of this year, pending customary regulatory approval. Financial terms of the deal were undisclosed.
The transaction also allows Elara to leverage its value-based care model as it looks to widen its geographic footprint, according to Daniel Schwartz, Elara’s chief strategy officer.
“We are excited about our pending acquisition of Assisted Daily Living. This is a great agency with a strong team and shared commitment to quality,” Schwartz told Hospice News. “This enables Elara to increase our geographic footprint, expand our presence in the adjacent Connecticut and Massachusetts markets, and advance our mission of expanding access to high-quality home health care.”
Elara Caring has 200 locations in 16 states across the Midwest, Southeast and Northeast. The organization provides home-based care to more than 60,000 patients and families daily. In addition to skilled home health, Enclara’s services include hospice, palliative and personal care, and behavioral health.
The acquisition presents opportunities for Elara Caring to fill gaps between its adjacent markets in Connecticut and Massachusetts.
Established in 1986, Assisted Daily Living provides skilled home care, personal care and private duty services in hospitals, nursing homes and assisted living facilities throughout Rhode Island. The skilled home health provider’s services also include assistance with activities of daily living and medication management, among others.
“In agreeing to be acquired by Elara, Assisted Daily Living is enhancing our ability to serve patients with outstanding care while providing greater opportunities for our team members,” Assisted Daily Living President Debra Corey said in a press release. “Given our organizations’ shared mission and values, I have every confidence that this move will serve to benefit scores of Rhode Islanders.”
Demographics are fueling demand for senior care in Rhode Island. Roughly 265,000 adults will be 60 or older by 2040 statewide, representing nearly a quarter (23%) of the state’s overall population, according to projections from the 2020 Rhode Island Health Aging Data Report.
Elara has been accelerating its growth The organization in November 2022 added hospice care to its home health services in one of its Illinois locations.
The following month the organization developed an integrated care model designed to better address behavioral health needs among seniors. To support its business lines, Elara leverages technology platforms and predictive data analytics to anticipate where current and future patient needs exist.
Future growth plans may be on the immediate horizon for Elara. The pending Assisted Daily Living transaction represents “one of several expansions” it is exploring this year, the organization stated in the news release.
“Elara continues to set important milestones as we look to transform the home health space, bringing our relationship-based approach, innovative platform and value-based model to markets across the country,” Elara Caring CEO Scott Powers, said in a statement. “We look forward to providing Rhode Island patients and clients with the individualized, high-quality, compassionate home health services that have come to define the Elara experience.”