TUCSON, Ariz., Feb. 28, 2013 /PRNewswire/ -- Fletcher J. McCusker, former CEO and Founder of Tucson-based Providence Service Corporation (NASDAQ: PRSC), has launched a new, well funded medical home health services business called Sinfonia Healthcare. Sinfonia will be based out of an old warehouse in downtown Tucson, Arizona and will focus on the rapidly expanding home health industry driven by the changes in the Health Care Affordability Act.
Joining Mr. McCusker will be former Providence CFO Michael Deitch and former Providence Director of IT Network Operations Jeff Pochily. The aging of America is driving significant need for coordinated care to patients and payers across the $90 billion a year home health spectrum. Sinfonia is designed to provide a full continuum of home health products including: Hospice, Skilled Nursing, Occupational Therapy, Physical Therapy, Speech Therapy, Companion Care, Durable Medical Equipment and Pharmacology.
"We want to build a home health care business whose primary focus is on quality of care, care coordination and patient outcome," stated Fletcher McCusker founder and CEO. "Most providers of home health are organized vertically, providing just one type of service. No one is approaching home health in an effort to operate the full continuum of care. We believe this creates a great opportunity for consolidation in a very fragmented industry."
In addition to founder equity, Alliance bank of Arizona and Petra Capital of Nashville have committed to over $20 million of debt designed to fund acquisitions in the home health care space. Sinfonia has entered into letters of intent to acquire four Tucson-based home health providers covering the full home health care continuum of services. The company is simultaneously seeking opportunities in New Mexico, Florida and California.
Merger and acquisition advisory services are being provided by Signal Hill of Nashville, whose principals also helped launch Providence Service Corporation in 1997.
SOURCE Sinfonia Healthcare Corporation