Early action to stave off the fallout of the COVID-19 pandemic has paid off for The Pennant Group (NASDAQ: PNTG), which saw substantial growth in its hospice business during the first quarter, even as the company gears up for the forthcoming acquisition of three affiliated hospice providers located in the southwestern United States. Post-acute providers have been hit hard by the pandemic due to drops in referrals, surging personal protective equipment (PPE) costs, reduced access to patients in nursing homes and reluctance among some patients to have clinicians enter their homes due to fears of infection. Through the second quarter and beyond, the company has its eye on hospice acquisitions. An agreement to purchase three affiliated hospices in the Southwest is days away, according to CEO Daniel Walker. The names of the three companies have not yet been disclosed, but they have a combined average daily census of about 200 patients.
Read the full article: Pennant Group Sees Hospice Surge, Announces Acquisitions //
Source: https://hospicenews.com/2020/05/14/pennant-group-sees-hospice-surge-announces-acquisitions