Conversation in Aging Care

You have probably heard that Kentucky, especially Louisville, is at the center of the growing aging care industry in the United States. It has become a mantra, repeated often by key leaders in Louisville. But what is behind the claim and where is it going? Is this a trend or a long-term asset? Medical News decided to take a closer look at this sector of our economy in the October issue.

Health Enterprises Network Health Economic Research Study
Some of the information for this article was garnered from a study conducted by the Health Enterprises Network in collaboration with ANGLE Technology Group and Dr. Paul Coomes of the University of Louisville. To view the entire study, click HERE.

In 2001 an initial economic study was conducted for the Health Enterprises Network, providing a baseline of health-related economic data for the entire health-related industry in the Louisville area as well as comparative city data. In 2006, the Health Enterprises network sought a progress update to the report, as well as supplementary research to help define business growth opportunities and help guide the development of a strategic business plan.

Louisville needs a united vision on economic development initiatives. A general lack of awareness may still exist on health-related business growth strengths, opportunities and the “Louisville story.”

Further Questions to Explore
Medical News is interested in exploring this topic further. We want to know about the activities of small businesses, hospitals, physician practices and other healthcare companies in the state. Look for future articles, exploring these questions:

1. How can Kentucky continue to develop as a center of innovation, thought-leadership, talent and job creation within this rapidly changing health sector?
2. What is your opinion about Louisville’s emergence as the center for aging-care?
3. What data is still needed?
4. What opportunities exist for our community of physician leaders, small business owners, hospital and nursing home executives and service providers?
5. What opportunities exist for legislation or regulation to support its growth?
6. How can Louisville continue to develop a united vision on economic development initiatives?
7. How can we continue to bring awareness to the “Louisville story?”

We invite you to take part in a “Conversation in Aging Care,” sponsored by Hall Render, which is a forum for readers to share legislative, regulatory, finance and business needs. Details on date, time and location coming soon.

Want to Be Included on the List?
Not on the list and wish to be? Wish to correct inaccurate information? Have additional information to share? Please email Editor@IGEMedia.com with your comments, suggestions or additions.

Publicly and Private Equity Backed Aging Care Companies Headquartered in Kentucky:

Company	Aging Care Initiative
Almost Family William B. Yarmuth, CEO	Purchased several home health and personal care services agencies in the southeast. Acquired Ohio- based Cambridge Home Health which added 38 branches to the network in Ohio and Pa.
Atria Senior Living Group, Inc. John Moore, CEO	Recently sold the real estate in their portfolio to support a strategy of growth in assisted living services. Operate more than 120 senior living communities.
Elmcroft Senior Living (Formerly Senior Care, Inc.) Pat Mulloy, President	National provider of housing services for senior citizens in 15 states, such as rehabilitation hospitals, skilled nursing facilities, multi-level retirement communities, such as Oaklawn, and assisted living and memory care communities, such as Elmcroft.
Humana - Medicare Mike McCallister, CEO	Started out as a nursing home company, but now are refocusing on lifelong health and wellness - especially for seniors - by acquiring several clinics and clinical services firms. Also, increased growth in its Medicare Advantage plans.
IFTechnologies Jim Freedman, CEO	Focused on healthcare cost transparency solutions. Offer HealtheReports, an on-line service which helps consumers find the best healthcare, compare pricing and access feedback from others based on their experience with a provider.
Kindred Healthcare, Inc. Paul Diaz, CEO	Through its recent acquisition of RehabCare, is now the largest provider of continuum of care services, with over 2,200 locations, including long-term acute care hospitals, inpatient rehabilitation hospitals, nursing and rehabilitation centers, sub- acute units, hospice and home care locations, inpatient rehabilitation units (hospital based) and a contract rehabilitation services business, RehabCare. Its predecessor, Vencor, bought a company, Hillhaven, whose assets were spun off into several local businesses, such as Atria, Ventas, PharMerica and Elmcroft.
PharMerica Corp. Gregory S. Weisher, CEO	The second largest provider of pharmaceuticals to aging care institutions in the country. Spun out of Kindred as a large publicly traded business. Currently the target of a hostile takeover bid by OmniCare - their direct competitor in long term care pharmacy services company.
RecoverCare Mary Zappone, CEO	Distribute wound care, bariatric and safe patient - handling equipment and solutions to healthcare facilities nationwide via 158 service centers. Serve acute care hospitals, long term acute care hospitals, skilled nursing facilities, hospice centers and home care patients. Relocated to Louisville from Philadelphia when it merged with MedaSTAT USA.
Res-Care Inc. Ralph Gronefield, CEO	Operate residential services facilities for people with developmental, cognitive and intellectual disabilities and provide home care to more than 65,000 elderly or disabled people in 43 states. Launched several businesses to support its senior care and disability and mental retardation care such as RestAssured, a home monitoring solution, as well as an internal institutional pharmacy business.
Signature Healthcare E. Joseph Steier, III, CEO	Operate more than 70 nursing communities in seven states. Has an internal entrepreneurial initiative that has launched several aging care businesses that support its nursing home business, from furniture manufacturing to Senior Olympics.
SpringStone, Inc. W. Earl Reed, III, CEO	Secured a $100 million commitment from private equity firm, Welsh, Carson, Anderson & Stowe, to build and buy behavioral hospitals which include sub-hospitals that specialize in senior mental healthcare.
Trilogy Health Services, LLC Randall J. Bufford, CEO	Operate 65 senior-living communities in Ky., Ind., Ohio, Mich. and Ill., which offer independent and assisted living, skilled nursing and rehabilitation services. Expanding current continuum of services and planning for more home-like amenities, a shift away from institutional settings. Recently acquired Indiana-based Serenity Hospice, Inc.

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