Hospice of the Chesapeake has acquired Partners in Care of Maryland Inc., creating a new umbrella organization called Chesapeake Health Partners, the group announced in a news release.
Under Chesapeake Health Partners, the two organizations will work together to expand their reach and impact across the region, according to the release.
Hospice of the Chesapeake is Maryland’s largest independent nonprofit hospice organization, according to the release. Partners in Care is a Maryland-based nonprofit that helps older adults in Anne Arundel, Caroline, Frederick and Talbot counties through its Service Exchange model, which connects members for transportation, handyman services and social activities.
“We’re looking at more than just the health care needs. We’re looking at what it takes for people to be able to stay safely at home and have a good quality of life,” Becky Miller, president and CEO of Hospice of the Chesapeake, said in an interview.
The two groups coming together is just the beginning, Miller said. In the near future, they hope to add more organizations to broaden the services offered while retaining each group’s strengths and reputation.
“The vision for Chesapeake Health Partners is to have the ability for nonprofit, like-minded, community-minded organizations that want to work more closely together to have that umbrella structure over them,” Miller said.
Miller said the collaboration comes at a crucial time. By 2030, one in four Marylanders will be 65 or older.
“It’s our belief that these community organizations, by coming together and creating that shared vision and safety net now, will serve this larger population down the road,” Miller said.
The news comes after the Maryland Department of Aging ended its Community for Life program on Sept. 30, which Partners in Care Maryland Inc. had operated since 2021.
“Together, we can build a stronger safety net for older adults, one that keeps people in their homes, connected to their neighbors and supported through every stage of aging and illness,” Brian Hahn, chair of the Partners in Care board of directors, said in the release.
Both organizations will retain their names, missions and volunteer base. By combining resources, leaders hope the partnership will allow for greater innovation and better meet the needs of Maryland’s growing older adult population.
The M&A market for healthcare companies continues to build on STRATEGIC opportunities and a fragmented market. Consolidations along with unprecedented demand are driving scale across the continuum of care. The strategic corporate buyers and private equity investors remain committed to acquiring strong businesses that are well prepared for a transaction. Across the continuum of care, these buyers and investors are looking for well established, profitable businesses and offering prime valuations and options for management.
Do you know the current market value of your business? We do! We are here to help you plan, prepare, explore and succeed in executing your strategic options.
Contact Paragon Ventures for more information.
800-719-1555
