Les Levinson Quoted in Home Health Care News on Investors Shifting Focus

Robinson+Cole Transactional Health Law Group Co-Chair Leslie J. Levinson was quoted in the article “Given Reimbursement Challenges In Home Health Care, Investors Are Beginning to Look Elsewhere,” published in Home Health Care News (HHCN) on October 11, 2023. The article explores whether “amid reimbursement uncertainty in Medicare-certified home heath” that investors are shifting their focus and seeking opportunities in other types of home-based care. Despite these uncertainties, Les believes demand is still relatively strong. “I think broad-based buyers, meaning those that aren’t just in one vertical, are always looking for opportunities,” Les told HHCN. “Certainly the turmoil recently in Washington D.C., adds another layer of uncertainty to the market generally, but I don’t necessarily see certain firms going after other areas looking for stability because I think the stability [in home health] is fine. Read the article.

Robinson+Cole Represents TradeUP Acquisition Corp. in Complex DeSPAC Transaction with Estrella Biopharma, Inc.

Robinson+Cole is pleased to announce that it has represented TradeUP Acquisition Corp. (UPTD) in the closing of its business combination with Estrella Biopharma, Inc., a preclinical-stage biopharmaceutical company developing T-cell therapies with the capacity to address treatment challenges for patients with blood cancers and solid tumors. The transaction, valuing the post-combination combined entity at $325 million, was announced on October 3, 2022, and was closed on September 29, 2023. The combined public company, Estrella Immunopharma, Inc. (Nasdaq: ESLA), will commence trading on the Nasdaq Capital Market on Monday, October 2, 2023.

The team advising on the transaction, led by Arila E. Zhou, included Capital Market + Securities Team members Yang Xu, Tiange (Tim) Chen, Yi (Tiffany) Liu and Samuel C. Maduabueke. The cross-disciplinary team was also supported by Business Transactions Group lawyer Kiernan L. Ignacio, Transactional Health Law Group co-chair Leslie J. Levinson, Intellectual Property + Technology Group co-chair John L. Cordani and Intellectual Property + Technology Group partner Kathleen M. Porter. Read more.

Les Levinson Quoted in Home Health Care News on DOJ Inquiry of Amedisys Deal

Robinson+Cole’s Transactional Health Law Group Co-chair Leslie J. Levinson Was quoted in the article “Scrutiny Of Large Deals’ Continues With DOJ’s Inquiry Into Optum-Amedisys Transaction,” published in Home Health Care News (HHCN) on August 14, 2023. Following the Department of Justice’s request for additional info regarding UnitedHealth Group’s planned acquisition of Amedisys Inc., Les commented that “[T]his is a huge transaction. You’ve got a handful of public companies. LHC was acquired earlier, and I think that most practitioners and most deal people would agree that putting LHC and Amedisys under one umbrella was going to get government scrutiny.” UnitedHealth Group’s Optum completed its LHC Group acquisition in February.

Les surmised, “It’s possible that something could go adversely, but I think most would say it’s too early to make that prediction.” It’s also possible that this process could continue past this current request from the DOJ. “If they’re not satisfied with the responses, or they feel that there was a violation that needs to be addressed, they could continue to request additional information, or they could move to block the transaction. I think we’re probably a ways away from that being the case.”

Ultimately, Levinson believes that industry stakeholders can expect to see continued oversight of large home-based care transactions. “There aren’t that many large potential transactions that are coming down the pike,” Les said. “As the DOJ continues with the steps that it’s been taking with most of these transactions, I don’t think anyone will be surprised if there’s continued scrutiny of large deals.” Read the article.

Robinson+Cole Represents Medacist in its Acquisition by Thoma Bravo

Robinson+Cole served as legal counsel to Medacist, a pioneer in drug diversion monitoring, in its acquisition by Thoma Bravo, a leading software investment firm in a strategic growth investment in Bluesight, the Medication Intelligence™ Company, which closed July 17, 2023. The investment is expected to further enhance Bluesight's drug diversion prevention and continue to grow Bluesight's inventory management and spend optimization offerings. Bluesight's acquisition of Medacist combines two innovators in drug diversion analytics and medication management solutions that together will serve more than 2,000 hospitals across North America. The complex deal was led by Transactional Health Law Group co-chair Les Levinson and supported by a cross-disciplinary team of R+C lawyers, including Adam Anderson, Jackie Scheib, Michael Kearney, Virginia McGarrity, Natale DiNatale, Ben Jensen, Chris Homsy, Jon Cabot and Nicole Diodati. For more information, view the press release.

Les Levinson Quoted in Hospice News on Industry M&A Downturn in Early 2023

Robinson+Cole’s Transactional Health Law Group Co-Chair Leslie J. Levinson was quoted in the article, “Hospice M&A Takes Downturn in Early 2023, May Rebound in Second Half of the Year,” published in Hospice News on May 23, 2023. With approximately 14 transactions reported during the first quarter of 2023, “less than a handful” were hospice deals. Representing a slow start to the year, one industry commentator reported this was a result of a “glut of activity in 2021 and 2022.” Les explained that among the reasons for the downturn are “resurgent interest in home health assets, as well as spiking operational and labor costs.”  However, he explained that “As we get deeper into Q2 and beyond, parties needing or wanting to deploy capital in this space will likely become more visible, leading to more transactions being completed before year-end, albeit with some adjustment in pricing as buyers factor in their increased cost of capital and strategies to deal with labor recruitment and retention—both of which will remain issues at least in the near term…“However, hospice prices and multiples continued to rise for many properties, and remain stable for others, even if they experienced some operational or other challenges.” Les suggested that “looking at historical trends can provide a good sense of where interest in the industry is headed in 2023. For instance, some buyers and sellers held off on deals during the pandemic, which might fuel “pent up demand” in a post-COVID landscape.” Read the article.

Les Levinson Quoted in Home Health Care News on Remaining Questions About Ownership Transparency Data

Robinson+Cole’s Transactional Health Law Group Co-Chair Leslie J. Levinson was quoted in the article, “Home Health Ownership Transparency May Help Buyers Identify Targets More Easily, But Questions About Accuracy Remain,” published in Home Health Care News (HHCN) on May 22, 2023. Last month, the U.S. Department of Health and Human Services (HHS) announced that for the first time ever, they were releasing ownership data for all Medicare-certified home health and hospice agencies. While HHS says this is an effort to increase transparency for consumers in the process of making health and home care decisions, some anticipate the data may impact M&A activity in the industry.

In their latest article on the issue, HHCN spoke with six home health stakeholders — including providers, dealmaking experts and policy experts — who offered their thoughts on what this ownership data means for the industry at large. As a trusted and frequently quoted source for comment, Les suggested, “Anecdotally, this may just become another data point in the overall information mix. However, as the volume of mandated ownership information begins to accumulate and is analyzed, it may provide some additional insights into consolidation patterns and deal appetite in certain markets, and also serve to validate rumors or other ʻsoftʼ information circulating in the marketplace regarding ownership. It will also be interesting to see if the availability of this information, in the coming months, helps make acquisition activity somewhat more efficient or impacts overall transaction volume, particularly in the lower mid-market where deal flow does not get the same kind of coverage and visibility as more high- profile transactions. It will be useful to circle back on this in 9- 12 months to see if, and to what extent, this data is being used in practice.” Read the article.

Les Levinson Quoted in Home Health Care News Article on New Transparency Rules

Robinson+Cole’s Transactional Health Law Group Co-Chair Leslie J. Levinson was quoted in the article, “How CMS Ownership-Transparency Rules Could Impact Home Health, Hospice Dealmaking,” published in Home Health Care News (HHCN) on May 1, 2023. The article explores how new rules governing transparency of ownership data could impact future M&A deals in the home health and hospice industries.

In April, the U.S. Department of Health and Human Services (HHS) announced that ownership data for all Medicare-certified home health and hospice agencies would be made publicly available. The move was described as an attempt to protect consumers and promote competition in the industry. Les weighed in to discuss how the changes could also effect how buyers and sellers navigate M&A in the home health space.

“’People involved in these deals might have to think a little bit differently about what further requirements are going to be placed upon [them] and how some of your information may get disclosed,’ Les told HHCN. ‘…… that may lead to some firms maybe setting up other entities to be a little less transparent when you go up the food chain.’”

“Whatʼs more, itʼs natural for investors to have certain sensitivities when it comes to these deals. Thereʼs a confidentiality they are used to, Les said, and itʼs not unusual for private equity firms [and others] to want to be a little less visible.” Read the full article.

Les Levinson Quoted in Home Health Care News on Impact of Staffing Shortage on Deals Outlook

Robinson+Cole’s Transactional Health Care Group Co-Chair Leslie J. Levinson was quoted in the article, “How Staffing Shortages Are Affecting PE Dealmaking in Home Health Care,” published in Home Health Care News on March 28, 2023. The article explores how the current home health care workforce shortage is factoring into dealmaking by private equity firms in the home healthcare space.

Although staffing is a factor in recent deal trends, it’s not the only one. “I think it’s a factor, but I don’t think it’s the factor,” Les told Home Health Care News. “You have an economy that’s definitely on a different trajectory than it was a couple of years ago. Interest rates are higher. That’s all on top of this labor shortage that has been going on for quite some time.”

Despite some of these negative factors affecting the market, Les is also optimistic about activity moving forward. “I still think that the space is attractive, dynamic and interesting to private equity investors,” he said. “I don’t see them walking away from the space and going, ‘Look, we can’t staff these cases so we’re just not going to invest here.’ [Investors] just have to think harder about how they’re going to be able to grow in an environment where staffing and retention is still a major challenge.” Read the full article.

Les Levinson Quoted in Hospice News on Gentiva Deal’s Impact on M&A

Robinson+Cole Transactional Health Care Group Co-Chair Leslie J. Levinson was significantly quoted in the article, “What Gentiva’s Expanded Hospice Presence Means for the M&A Mix,” published in Hospice News on March 3, 2023. The article examines Gentiva’s recent $710 million acquisition of ProMedica’s hospice and home-based care assets, how the deal “bucks prevailing trends” in today’s M&A market, what impact the deal may have on the hospice industry, and what other factors are at play.

“Given the fragmentation in the market, this type of large transaction is more of an outlier. It’s a little unique in that most of the activity in the hospice and home care markets is more in the mid-market space and not large platform-type transactions,” Les told Hospice News. “But I do think we can expect to see more of these larger deals as we get deeper into 2023 and more assets come to market. We’ll have more realignment of expectations in terms of valuation.”

The Gentiva deal includes a network of 13 hospitals, 2,600 physicians, a health plan, 400 skilled nursing and rehabilitation centers, memory care communities and outpatient rehabilitation clinics. According to Gentiva, it expands their footprint to more than 500 locations, brings an additional 10,000 patients to its facilities, and adds approximately 4,000 employees to its roster.

Overall, the 2023 outlook is still focused on the mid and lower mid-market. “Some of the private-equity owned or sponsored hospice platforms may be maturing from a holding period…it’s been five, six or seven years since purchasing and it’s time to exit and monetize the investment made,” Les told Hospice News. “That’s not going to be a surprise if we see these start to pop up in the latter part of the year. When you take that into account along with increasing scrutiny in the hospice regulatory environment perhaps adding challenges, it creates the impetus for some of those larger platforms to say, ‘Let’s take our profits while we can before things potentially get even more challenging.’” Read the full article.

Les Levinson Shares 2023 M&A Outlook for Home-Based Care Deals in Home Health Care News

Robinson+Cole Transactional Health Care Group Co-Chair Leslie J. Levinson was quoted in the article, ”‘Pipeline Has Been As Full As Ever’: Amedisys, AccentCare Share M&A Outlooks,” published in Home Health Care News on February 13, 2023.According to the Article, “In 2022, 99 home-based care deals and 38 hospice deals took place.” With numerous players all eyeing home-based care sellers, M&A activity in this space looks strong again for 2023. “We think the growth pattern is going to continue, and certainly in the mid- to upper-mid market,” Les said during a panel discussion at the Homecare 100 Executive Leadership conference in January. Read the full article.

Les Levinson Quoted in Home Health Care News on the Valuation Gap in M&A

Robinson+Cole Transactional Health Law Group Co-Chair Leslie J. Levinson was quoted in the article “How A Valuation Gap Between Buyers, Sellers In Home-Based Care is Affecting M&A,” published in Home Health Care News (HHCN) on November 15, 2022. The article examines how rising staffing costs and anticipated “unfavorable reimbursement dynamics” which have however in the near term ameliorated, have resulted in a buyer-seller valuation gap in the home health care space. After a record-breaking year in 2021 for M&A in home-based care, this year has seen some decline in deal activity although the long-term outlook is still positive.

“I definitely think that thereʼs a carryover from last year when valuation was very, very strong and expectations were that sellers were going to be rewarded with strong value,’ Les Levinson…told HHCN. ‘That certainly has moderated a bit. However, you will always find some set of sellers who for personal, strategic or other reasons, do need to transact.'"

To narrow that valuation gap, Les said agencies should be living in the “batten down the hatches” period. "If youʼre a seller whoʼs not really sure what to do in the short term, you can use this time productively and wisely, particularly if you are looking to transact at some point when some of the clouds sift away,’ Levinson said. ’Now may be the time when you have greater visibility as to what a transaction might look like for you from a valuation perspective, and when it would be reasonable to think you could conclude that.’”

In term of what this means from a deal flow perspective, “I feel like weʼre going to be reasonably flat out through the end of the year,’ Levinson said." Subscribers can read the article here.

Les Levinson and Kiernan Ignacio Discuss the Business of M&A in Home Care on Home Health 360 Podcast

Transactional Health Care Group co-chair Leslie J. Levinson and Business Transactions Group lawyer Kiernan L. Ignacio were featured on the June 30, 2022 Home Health 360 podcast episode titled "The Business of Mergers and Acquisitions in Home Care with Robinson+Cole." During the episode, Les and Kiernan discuss the M&A home care landscape and offer insight to home care organizations looking to invest in M&A for their business, and those currently being acquired. The podcast is hosted by home health tech expert Jeff Howell and features home health care leaders covering trending industry news, challenges, and best practices to help listeners prepare for the future of care. Listen to the episode.

Les Levinson Quoted in Home Health Care News Article on New Proposed Rule’s Impact on M&A Activity

Transactional Health Care Group co-chair Leslie J. Levinson was quoted in the article “The Home Health Proposed Rule’s Impact on M&A,” published in Home Health Care News (HHCN) on June 26, 2022. The article examines the uncertainty stemming from the U.S. Centers for Medicare & Medicaid Services’ (CMS) new proposed payment rule, to which buyers and sellers in the home health industry are responding with caution. While the proposed rule will likely create some pause in overall activity, it shouldn’t be considered a doom-and-gloom scenario.

“You canʼt ignore it, even though it’s only a proposed rule. The general feeling is that the number proposed probably won’t be the final number. But itʼs a fair assessment to say that this will have an impact on buyers and sellers coming to market.”

Even though the new proposed rule comes with challenges and confusion, Les said this time could be used wisely. “This is probably a good time for sellers to take a closer look at their business and answer some of those unanswered questions. Sellers should probably take a step back and make sure their deals are really tight.”

Les also expects some initial caution from buyers. “If you are a buyer, you are probably going to take a more conservative outlook now,” he said. “That being said, there is still a lot of capital available… [and]  I don’t think by any means we should use this proposed rule as a be all, end all for the current M&A market.”

In the bigger picture, Les doesn’t think this is a time to hit the panic button. “I do believe people continue to feel [home-based care] is a vibrant sector of health care,” he said. “If anything, the pandemic [highlighted] the fact that people want to have care at home. This industry has weathered rate cuts before. Itʼs not welcome, but they’ve navigated this before.” Read the article.

Les Levinson Presents on Mergers & Acquisitions Market for Home Care & Hospice - Keys to a Successful Transaction

Transactional Health Law Group co-chair Les Levinson presented the program “Mergers & Acquisitions Market for Home Care & Hospice - Keys to a Successful Transaction” on June 9, 2022, as part of the three-day 2022 Home Care & Hospice Association of NJ's Annual Conference. On the heels of robust mergers and acquisitions growth in 2021, the home care and hospice sectors continue to be active, with both strategic and private equity interest remaining strong. Bringing his proactive approach to problem solving by anticipating issues and implementing creative, cost-effective strategies and solutions, Les explored current trends in the market and concrete steps to take now for agencies considering a transaction to help ensure a successful outcome. The session also touched on process and deal timelines, due diligence, and problem areas that could impact closing.

Les Levinson Quoted in Home Health Care News Article on “Why Home-Based Care Dealmaking Was Historically Down in Q1”

Transactional Health Care Group co-chair Leslie J. Levinson was quoted in the article “Why Home-Based Care Dealmaking Was Historically Down in Q1” published in Home Health Care News on May 3, 2022. The article examines lower home care, home health and hospice M&A, deal volume at the start of 2022, which follows a record-breaking high in the preceding year. “A total of 26 home health, home care and hospice deals occurred in the first quarter of 2022 compared to over 50 transactions in both the third and fourth quarters of 2021…” Despite the lull, Les indicated that he remains optimistic about the remainder of the year. “’People continue to want to have their care provided in a non-congregate setting, at home, and in a lower-cost environment,’ he said.” “The appetite for consolidation seems to continue to be pretty strong, even if it’s taking a little bit longer to process some of those transactions. So I would think that you’re going to continue to have a pretty healthy amount of deal flow coming out of that.” Read the article.

Les Levinson Quoted in Home Health Care News Article on Humana’s Sale of Kindred’s Hospice and Personal Care Assets

Transactional Health Care Group co-chair Leslie J. Levinson was quoted extensively in the article “Humana’s Intriguing $2.8 Billion, 60% Sale of Kindred’s Hospice, Personal Care Assets,” published in Home Health Care News (HHCN) on April 21, 2022. The article examines Humana’s decision to move to a partnership model for the delivery of palliative and hospice services as opposed to fully owning those service assets. Les suggested while this might be a developing trend, it’s too soon to tell. “I think we’re all going to just keep our eyes open to see if this is the beginning of a trend,” Levinson said. “A trend where you’re seeing these transactions happening, and happening more frequently. These transactions clearly stand out due to their financial terms, with numbers that are different than ones we’ve been seeing before.” After acquiring all of Kindred at Home in 2021, Humana announced that it would be looking to divest Kindred’s hospice and personal care assets, although it is retaining a 40 percent stake. As Les sees it, “[Humana] still has a fairly sizable minority stake here.” “It’s hedging its bet a little bit and keeping a foot in the door.” From Humana’s perspective, the deal is bringing in cash. Les explained that “[t]hey’re able to bring in cash… and improve their balance sheet, while still maintaining a sizable minority investment.” “They may have felt, given current valuations, that it was a good time to sell. Usually when you hold out to get the best possible price [for an asset], it doesn’t usually work out. Selling at an attractive price profit is not a bad strategy.” Read the article.

Les Levinson Quoted in STAT Article on UnitedHealth Group’s Proposed Buyout of LHC Group

Transactional Health Care Group Co-chair Leslie J. Levinson was quoted in the article “UnitedHealth’s deal with LHC highlights broader interest in home health industry,” published in STAT on March 29, 2022. The article focuses on UnitedHealth Group’s proposed buyout of home health and hospice provider LHC Group. The deal highlights the continuing interest in the home health industry as an attractive buyout sector by insurers and private equity firms as the over 65 population continues to grow and prefers to receive care in their homes. “That’s clearly been a theme for a long time: Getting people out of higher-cost settings and into the home where they’re more comfortable and costs are lower, said Les Levinson. I don’t think any of that has changed.” Read the article.

Les Levinson Quoted in Home Health Care News Article on Spinoff vs. Merger in Encompass Health Deal

Health Care Business Transactions Group co-chair Leslie J. Levinson was quoted in the article “Spinoff or Merger: Making Sense of Encompass Health’s Options,” published in Home Health Care News (HHCN) on January 9, 2022. The article discusses the advantages and disadvantages of a public spinoff or merger with another organization currently being considered by Encompass Health Corporation. While Les stated that “executing a spinoff is not a unique strategy,” he said that “[T]he primary reason for doing it is that you’re feeling there’s value that’s locked into the larger corporate structure. And by spinning that off and having it trade on its own, that value is going to be appreciated more as a pure-play versus being mixed in with other business lines.” Asked also to comment on why a merger or other transaction might be preferable, Les explained the benefits associated with a merger or combination. “By either aligning with or combining with another entity who is also in your space, you may create certain synergies,” he told HHCN’s Robert Holly. Other factors include “[M]arket penetration, other intangibles that might not be fully appreciated if you’re just doing it on your own as a standalone, kind of competing with the rest of the universe.” Read the article.

Les Levinson Quoted in Home Health Care News Article on Accelerated Growth for Home Care Operators

Transactional Health Law Group co-chair Leslie J. Levinson was quoted in the article “How Geriatric Care Management Businesses Can Accelerate Growth for Home Care Operators” published in Home Health Care News on September 2, 2021. The article discusses the potential boost in organic growth for home care businesses achieved through their acquisition of geriatric care management companies. Despite some recent deals of this type, Les said he’s not noticing a clear uptick in care management transactions. “Honestly, it’s not something that we are hearing one way or the other from clients who have been acquisitive. And as you know, we have been handling a lot of deals,” Les told HHCN’s Robert Holly. “Thatʼs not to say that it hasnʼt gone into the mix of thinking as buyers are evaluating an acquisition opportunity.” Read the article.

Les Levinson Re-quoted in Home Health Care News Article on Home Care Providers Going Public

Transactional Health Law Group co-chair Leslie J. Levinson was re-quoted in the article “Help at Home Rounds Out Leadership Team” published Home Health Care News (HHCN) on July 15, 2021. While the article focuses on private equity-backed home-based care company Help at Home solidifying its leadership team, Les is re-quoted from an earlier HHCN article published on June 10, 2021 about Help at Home being rumored to be exploring a public offering. There appears to be a trend in the industry as more providers are considering public exits thanks to an increasing demand for home-based care, promising outlooks for public at-home care companies and advantageous demographics in the U.S. Les believes there is some “truth to the idea that companies are trying to capitalize off trends.” “Most of the publicly traded home care companies, all of their stocks seem to be doing quite well. I think people are looking at home care in a different way post pandemic than they had been in the past.” Read the full article.

Les Levinson Quoted in Article on Home Care Providers Going Public Published in Home Health Care News

Transactional Health Law Group co-chair Leslie J. Levinson was quoted extensively in the article Help at Home Reportedly Planning to Go Public by Year’s End” published in Home Health Care News on June 10, 2021. The article focuses on how Help at Home, a provider of home- and community-based service, is considering going public and preparing for an IPO later this year. This appears to be a trend in the industry as more providers are considering public exits thanks to an increasing demand for home-based care, promising outlooks for public at-home care companies and advantageous demographics in the U.S. Les believes there is some “truth to the idea that companies are trying to capitalize off trends.” “People are …seeing the value proposition that home care has, in terms of being able to take care of patients in a non-congregant setting, which is certainly appealing,” he said. “That’s the reason why you’re also seeing continued private equity and other investment-type interest in the space. Going public seems like a natural extension of that.” Read the full article.

Transactional Health Law Team Represents Visiting Nurse Association and BlackTree/Simione in Recent Deals

Robinson+Cole’s Transactional Health Law Group, led by co-chair Leslie J. Levinson, represented Visiting Nurse Association (VNA), a 125-year-old nonprofit in Omaha, NE and Council Bluffs, IA in the purchase of its home health and hospice operations by Amedisys, a leading national provider of home health, hospice, and personal care. Les served as prime counsel and led the team of Michael J. Kearney, Ryan V. Leichsenring, Virginia E. McGarrity, Kathryn M. Rattigan, Conor O. Duffy, Samuel C. Maduabueke and R+C alum Adam Tamzoke. The transaction is expected to close on or around July 1, 2021. Read more in the VNA press release.

In addition, the Transactional Health Law Group represented Connecticut-based Simione Healthcare Consultants and Pennsylvania-based BlackTree Healthcare Consulting in the execution of “a strategic and equal combination” to form SimiTree Healthcare Consulting. SimiTree will help post-acute healthcare organizations achieve clinical and financial excellence through consulting, outsourcing, and talent solutions. The merger is backed by Chicago-based health care PE firm Sheridan Capital, which focuses on lower-middle market buyouts and growth equity in the U.S. and Canada. Les led the team of Adam Anderson, Shant H. Chalian, Michael Kearney, Eric M. Kogan, Virginia McGarrity, Endicott Peabody IV, Kathryn Rattigan, Frank W. Eucalitto, and Michael G. Lisitano. Read more in Home Health Care News.

Transactional Health Law Team Represents ViaQuest in Significant Investment Agreement

Robinson+Cole’s Transactional Health Law Group, led by co-chair Leslie J. Levinson, represented ViaQuest Holdings, Ltd. (ViaQuest) as legal counsel in connection with investment in the healthcare services provider by Council Capital, a healthcare-focused private equity firm based in Nashville, Tennessee. The R+C team also included Adam Anderson, Christine Bromberg, Ian Clarke-Fisher, Frank Eucalitto, Michael Kearney, Eric Kogan, Michael Lisitano, Virginia McGarrity, Kit Peabody, Kathryn Rattigan and Emilee Mooney Scott. ViaQuest, headquartered in Dublin,Ohio, is a leading provider of quality, highly-individualized and specialized cost-effective care, solutions and services focused on individuals with development disabilities; hospice care; and behavioral and mental health. All are seen as growing areas of the healthcare market. ViaQuest operates in Indiana, Ohio and Pennsylvania. Read the Press Release HERE.

Eric Keen, General Partner at Council Capital, was enthusiastic about the alignment of the two companies, seeing a good fit with Council Capital’s mandate of investing “on the right side of change” – where growth accelerates as cost pressure and quality demands increase. The private equity firm leverages its Council Model, which draws upon the experience and resources of its CEO Council, Strategic Healthcare Investors, and Value Creation Team, to attract and support leading management teams and portfolio companies. Keen noted that ViaQuest is “highly regarded and well-positioned within its service specialties.”

ViaQuest founder and CEO, Rich Johnson, will remain a significant investor and continue to lead the management team. Johnson said Council Capital’s “experience in our markets and the expertise and support provided through their CEO Council…and network of portfolio companies” were significant attractions that will support ViaQuest’s mission of offering “health, happiness and hope” as it continues to grow. The terms of the transaction were not disclosed. This is the first platform investment from Council Capital IV, a $200 million fund that closed in November 2020.

Robinson+Cole Transactional Health Law Group Leads Significant Health Transaction

Transactional Health Law Group members Leslie J. Levinson, Christine E. Bromberg, Frank W. Eucalitto, Anna R. Gurevich, Conor O. Duffy, Eric M. Kogan, Virginia E. McGarrity and Kathryn M. Rattigan represented Companion Home Healthcare and Hospice, Inc. (Companion), a leading hospice and palliative care provider in the western United States, as legal counsel in connection with the sale of its assets to Bristol Hospice, a portfolio company of Webster Equity Partners. The terms of the transaction were not disclosed.

Companion is one of the largest independent providers of comprehensive, compassionate end-of-life care in the Southern California market, caring for the physical, spiritual and emotional needs of patients and their families. With this new acquisition, Bristol Hospice, headquartered in Salt Lake City, Utah, now operates in 35 locations across 10 states. 

Les Levinson Featured in Podcast Discussion on Home Health Hospice Transactions

Transactional Health Law Group co-chair Leslie J. Levinson was a guest on Provident’s Healthcare Dealcast episode “Transaction Considerations for Home Health & Hospice Agencies” released on December 21, 2020. Presented by investment banking firm Provident Healthcare Partners, the podcast series focuses on various topics in health care mergers and acquisitions, including trends within the industry and exploring a process. Les joined Provident Healthcare Partners’ Kevin Palamara, AJ Shekar, and Jake Vesely for a discussion on recent investment activity in the home health and hospice space, key transaction and legal considerations for groups considering a process, predictions for M&A activity and valuations going into 2021, and more. Listen to the podcast episode.

Les Levinson Quoted in Article on In-Home Care M&A Market Published in Home Health Care News

Transactional Health Law Group co-chair Leslie J. Levinson was quoted extensively in the article “M&A Experts ‘Can’t Recall a Time When Demand Has Been Higher’ in Sizzling In-Home Care Market” published in Home Health Care News on October 20, 2020. The article shares insight from several industry leaders on how M&A activity across home health, hospice and in-home care has started to “heat up” again after being relatively stagnant beginning in March, due to the COVID-19 pandemic. “As transaction parties have begun to understand better some of the COVID-19 related factors and issues and their impact on deals, valuations have stabilized and in some cases increased. We expect to see a continuing surge of deals as both PE and strategic players seek to add bolt-on transactions in their markets and additional platforms where available,” said Les. Read the full article.

Patrick Birney and Les Levinson Author Article on Distressed Companies Published in New York Law Journal

Distressed Companies and Special Situations Team lawyers Patrick M. Birney and Leslie J. Levinson authored the article “Distressed Company Investing in the COVID-19 Environment” published in a Corporate Restructuring & Bankruptcy special report by the New York Law Journal on June 8, 2020. Investing in distressed entities or their debt or equity can represent attractive opportunities, but not without certain unique challenges, particularly in the post-COVID-19 era. Often these transactions occur out of court as that can be less costly and time consuming than traditional bankruptcy or other in-court processes. The article reviews the unique issues to consider in such transactions. ALM subscribers can read the full article here. If you are not a subscriber, view the article here.

Les Levinson Quoted in Article on Hospice M&A Amid Coronavirus Pandemic Published in Hospice News

Transactional Health Law Group co-chair Leslie J. Levinson was quoted in the article “Pandemic Slows Hospice M&A, but Resurgence Is on the Horizon” published in Hospice News on May 28, 2020. The article focuses on the 2020 hospice mergers and acquisitions market, which continued to be robust in the first quarter of 2020 but slowed in Q2 as companies shifted their attention towards responding to the COVID-19 pandemic . However, Les believes there may be a resurgence. “’There were more hospice transactions done last year than there were home health care deals, and I think that trend was continuing this year,’ said Les Levinson, partner and co-chair of the Transactional Health Law Group at Robinson+Cole.” “ There are a lot of hospice companies still around……and could be prime acquisition targets to be acquired by other players”. Read the full article.

Les Levinson Quoted in Article on Hazard Pay for Front-Line Workers Published in Home Health Care News

Transactional Health Law Group co-chair Leslie J. Levinson was quoted in the article “As COVID-19 Cases Mount, National Spotlight Turns to Hazard Pay for Front-Line Workers” published in Home Health Care News on May 14, 2020. The article focuses on the national conversation surrounding hazard pay for essential front-line workers as COVID-19 cases continue to rise. “’Absence of government support, the money will have to come from the home care companies themselves,’ Les Levinson, co-chair of the health care transactions practice at legal firm Robinson & Cole, told HHCN. ‘They’re either going to get it from their cash reserves or other sources of capital if they have lines of credit to tap.’” Read the full article.

Les Levinson Quoted in Article on Home Health, Home Care M&A Activity Amid Coronavirus Outbreak Published in Home Health Care News

Transactional Health Law Group co-chair Leslie J. Levinson was quoted heavily in the article “Home Health, Home Care M&A Activity Is Business As Usual — For Now” published in Home Health Care News on March 17, 2020. The article focuses on the growing concern over potential disruption to in-home care M&A activity as a result of the ongoing COVID-19 pandemic. While home-care deals are currently moving forward, Les says “We haven’t seen anybody pull the plug on the transactions that we are currently working on,” he said. “This is an extremely fluid time, so it’s impossible to predict entirely what’s going to happen. We think that these deals will continue forward, albeit they may happen slower as people reassess what’s going to happen operationally and in the financial markets.” Read the full article.

Les Levinson Quoted in Article on Home-Based Care Providers Adopting the ‘One-Stop-Shop’ Model Published in Home Health Care News

Transactional Health Law Group co-chair Leslie J. Levinson was quoted in the article “Well Care Health CEO: We’re Pushing the Envelope of Care Innovation” published in Home Health Care News on September 12, 2019. The article uses Well Care Health as an example of how “a number of previously one-dimensional companies have evolved into ‘one-stop shops,’ or integrated businesses that offer an array of complementary services” in order to stay "competitive in today’s post-acute care landscape." “For somebody who’s been in the space a long time, this trend is very interesting,” said Les. “Twenty or so years ago, you had one-stop-shop models that people were trying to promote, pitching to managed care companies. But the market just wasn’t quite in tune enough to make that succeed.” Read the full article.

Les Levinson Quoted in Article on Home Care Assets Published in Home Health Care News

Transactional Health Law Group co-chair Leslie J. Levinson was quoted in the article “Lack of Scalable Home Care Assets Means Buyers May Have to Get Creative'” published in Home Health Care News on August 25, 2019. The article uses the recent agreement between Amedisys Inc. and ClearCare Inc., which allows Amedisys to grow a personal care network through a partnership model instead of direct acquisition, as an example of how buyers are getting creative in their approach to growing their home care footprint. “This certainly may be an alternative way [to] sort of get deeper into the personal care space when there’s a lack of acquisition targets out there,” said Les. Read the full article.

Les Levinson Authors Article on Healthcare Financing Anti-assignment Limitations

Health Care Transactions Team co-Chair Les Levinson authored the recently published Lexis Practice Advisor article “Healthcare Financing Anti-assignment Limitations.” The practice note describes how to structure financing transactions for healthcare providers to overcome anti-assignment and collection limitations on Medicare and Medicaid receivables. To view the article, click here. It also will be published in the Fall 2019 quarterly print edition of "The Lexis Practice Advisor Journal."

Eric Kogan and Les Levinson Present “Getting Your Business Ready for a Sale Transaction” Webinar

Business Transactions Group lawyers Eric Kogan and Les Levinson presented a lunchtime webinar, “Getting Your Business Ready for a Sale Transaction” on May 15, 2019. Joined by Martin Magida, Managing Director, Berkery Noyes, the panel of industry professionals discussed key issues facing businesses as they contemplate and prepare for a sale transaction, including identifying transaction resources, preparing early stage documentation, maximizing value, and managing risks. In today's fast-paced business world, preparedness is as critical to the success of a deal as execution. The panel addressed questions such as how to determine if an organization has the resources it needs to move forward and how to identify and avoid pitfalls along the way.

Les Levinson was among the panelists who presented during the webinar “Home Health & Hospice: The Future of Healthcare Delivery”

Health Law Group lawyer Les Levinson was among the panelists who presented during the webinar “Home Health & Hospice: The Future of Healthcare Delivery” on April 25, 2019. Presented by Irving Levin Associates, the webinar covered the rising costs and continuing preference for home health care and hospice companies.  With the elderly population growing at a much faster rate than the increase in the number of caregivers, there is a question as to whether the home care business can grow as fast as people expect it to. Despite some of these concerns, demand for home healthcare and hospice companies continues to grow, as investors believe it will be part of the solution to containing costs and providing continuity of care to patients.

The topics the webinar addressed included: how active has the acquisition market been in the past few years; what are buyers paying, and how the multiples change depending on size; who the sellers are, and whether now is the time to sell; if labor pressures are squeezing profits enough to dampen investors’ appetite; and whether it makes sense for hospitals to get into, or continue in, the home care business. 

Les Levinson Authors Healthcare Financing Article

Health Law Group lawyer Les Levinson authored the article “Healthcare Financing Anti-assignment Limitations” published as a Lexis Practice Advisor® Practice Note on March 22, 2019. The article describes how to structure financing transactions for healthcare providers to overcome anti-assignment and collection limitations on Medicare and Medicaid receivables. 

The Uniform Commercial Code (UCC) generally prohibits restrictions on assignment, making it possible for secured lenders to obtain a perfected security interest in these assets. Other regulations, however, make it difficult for lenders to collect on those receivables. The Practice Note addresses the structure and legal status of the “double lockbox” mechanism that lawyers commonly use to work around these federal regulations. To read the full article, click here. 

Les Levinson Quoted in Part B News Articles on 2018 and 2019 Health Care Predictions

Transactional Health Law Group co-chair Leslie J. Levinson was quoted in two Part B News articles published on January 7, 2019. The first article, "2019 Predictions: E/M doc changes, ’remote’ consult services will grow slowly in 2019,” saw Les forecast that 2019 will be a robust year for health care mergers and acquisitions. “Multiples have been healthy and all indications are that (these) phenomena will continue well into 2019,” he said. Les predicts that one area of growth to watch is behavioral health, with increasing government payment for services being a spur to investment. “The market here continues to move from what used to be more of a private-pay orientation to interest in government-funded behavioral health programs.” 

Les was also quoted in the article “2018 Predictions: Some came true, some did not, some a mixed bag," which looked back on the actual outcomes of a number of predictions for 2018. Commenting on last year’s prediction that mergers and acquisitions among medical practices would be strong in 2018, Les confirmed that outlook. “2018 has been extremely active across virtually all sectors of the health care M&A space,” he said. “The physician practice area, with dermatology and opthalmology leading the way, hospice and homecare, health care IT and other data and revenue management businesses have been very active areas, with interest from both private equity and strategic-type buyers.”
 

Christine Bromberg and Les Levinson Named to Law360 Editorial Advisory Boards

Tax Group lawyer Christine E. Bromberg and Health Law Group lawyer Leslie J. Levinson have been selected to serve on Law360 Editorial Advisory Boards for 2019. Ms. Bromberg has been re-named to Law360’s Tax Editorial Advisory Board. She has served on the board since 2016. Mr. Levinson has been re-named to Law360’s Health Editorial Advisory Board. He has served on the board since 2015. The purpose of these editorial advisory boards is to get feedback on Law360's coverage and to gain insight from experts in the field on how best to shape future coverage.

Les Levinson Presents on M&A Activity During Home Care 100 Leadership Conference

Health Law Group lawyer Leslie J. Levinson was among the speakers who participated in a panel discussion entitled “8 Essential M&A Questions for 2019” during the Home Care 100 Leadership Conference held January 27-30, 2019 in Scottsdale, Arizona. Presented by Lincoln Healthcare Leadership, the 2019 conference highlighted leading-edge change, opportunity, and innovation in home care and hospice. Les' session focused on M&A activity in home care and included a near-term forecast.

Eric Kogan and Les Levinson Represent Robinson+Cole During Industry Leading Conference

The 37th Annual J.P. Morgan Healthcare Conference was held in San Francisco, California from January 7 to 10, 2019. According to the event website, the “annual J.P. Morgan Healthcare Conference is the largest and most informative healthcare investment symposium in the industry.” The conference is renowned for “bringing together industry leaders, emerging fast-growth companies, innovative technology creators, and members of the investment community.” The event is generally considered by industry, financial, and legal leaders and advisors to kick off the year and set the transactional tone in the broader health care and life sciences industries. Approximately 9,000 total attendees and more than 450 private and public companies participated in this year’s event.
 
Leslie J. Levinson, co-chair of Robinson+Cole’s Transactional Health Law Group, and Eric M. Kogan, chair of Robinson+Cole’s Business Transactions Group, attended events hosted by participants while in San Francisco during the conference. In addition, they met with firm clients, private equity and other investors, lenders, investment bankers, and industry thought leaders to discuss trends in the health care investment area, exchange insights and experiences, and explore post-acute and other industry opportunities.

Les Levinson Moderates Panel During BRG Healthcare Leadership Conference

Health Law Group lawyer Leslie J. Levinson moderated a program on “Healthcare Deal Strategies and M&A Outlook” as part of the “American Politics Disrupted” sessions presented during the Berkeley Research Group (BRG) Healthcare Leadership Conference held from December 3-5, 2018 in Washington D.C. During the program, panelists offered insight into the thinking behind the new strategies and trends in health care transactions—where the money is coming from and where it is going—from the perspectives of buyers, sellers, and investors in health care.

Les Levinson Adds Insights as Specialty Medical Groups Webinar Panelist

Transactional Health Law Group co-Chair Leslie J. Levinson was a panelist on the webinar “Specialty Medical Groups: Why Dermatology, Anesthesiology, and Others Are Hot M&A Targets” presented on September 13, 2018. Levinson, who is also a member of the firm’s Health Law and Business Transaction Groups, was joined in the 90-minute moderated discussion of opportunities and challenges of acquiring specialty practices in 2018 by Andrew Colbert, Managing Director at Ziegler and Jeff Swearingen, Managing Director at Edgemont Capital Partners. As specialty physician groups have become a favorite - and highly profitable - target of private equity investors, practices such as orthopedics, ophthalmology, dentistry and dermatology are finding ways to enhance profitability within demographics-driven niche markets. The panel discussed questions including “Who really runs the practice after the sale?,” “Which specialties are reimbursed at the highest levels?” and “How hard is it to build a regional platform?”

Les Levinson Presents Webinar on Selling a Health Care Services Company to a Private Equity Firm

Health Law Group lawyer Leslie J. Levinson was among the panelists that presented during a webinar on “The Ins and Outs of Selling your Healthcare Services Company to a Private Equity Firm” on March 8, 2018. Presented by Irving Levin Associates, the webinar covered what private equity firms are looking for in a services business, why sellers often misjudge their business’ real worth, and what to expect before you sell, and what you may find after. View the webinar here.

Christine Bromberg and Les Levinson Named to Law360 Editorial Advisory Boards

Tax Group lawyer Christine E. Bromberg and Health Law Group lawyer Leslie J. Levinson have been selected to serve on Law360 Editorial Advisory Boards for 2018.  Ms. Bromberg has been re-named to Law360’s Tax Editorial Advisory Board. She has served on the board since 2016. Mr. Levinson has been re-named to Law360’s Healthcare Editorial Advisory Board. He has served on the board since 2015. The purpose of these editorial advisory boards is to get feedback on Law360's coverage and to gain insight from experts in the field on how best to shape future coverage.

Natale DiNatale, Les Levinson, Virginia McGarrity, and Brian Nichols Present Health Law Webinar

Health Law Group lawyers Leslie J. Levinson and Brian D. Nichols and Labor + Employment Group lawyers Natale V. DiNatale and Virginia E. McGarrity presented a program on “Getting Your Health Care Entity Ready for a Purchase or Sale Transaction: Steps for Success” on February 27, 2018. The webinar provided practical takeaways and key considerations in planning for a purchase or sale transaction of a health care entity including: regulatory issues related to hospitals, physician practices, and post-acute health care providers; resource management, deal process considerations, and transaction timing; and labor, employee benefit, and environmental issues.

Les Levinson Quoted in Part B News Articles on 2017 and 2018 Health Care Predictions

Transactional Health Law Group co-chair Leslie J. Levinson was quoted in a Part B News article published on January 1, 2018. The article, “2018 predictions: Providers take on risk, OCR goes after ‘juicy’ violations, MIPS habits change and more," offers predictions of what will affect physician practices in 2018. Regarding the prediction that mergers and acquisitions among medical practices will be strong in 2018, Mr. Levinson says that M&A activity should continue to be active and that some large medical organizations will spin off acquisitions that don’t prove profitable. "That trend, particularly with private equity investors, should continue in the coming year." Click here to read the article

Another Part B News article, published on the same day, recapped predictions that were made early last year. The article, “PBN's 2017 predictions: Right on QPP, CCM, fraud — and almost everything else,” indicated that Mr. Levinson's 2017 prediction came to fruition as “large players, acquiring, trading or spinning off businesses kept the sector hopping.” Click here to read the article.

Les Levinson Moderates and Presents on Dividend Recap Market

Business Transactions Group lawyer Leslie J. Levinson moderated and served as a panelist for the webinar "A Fresh Look at Dividend Recaps" on September 19, 2017. The program provided a succinct update of developments in the dividend recap market and, in particular, examined the usefulness of a dividend recapitalization, current market trends, and suitability characteristics and also offered a case study. To find out more, click here to see the webinar’s PowerPoint.

Les Levinson Speaks on Health Care Private Equity

Health Law and Business Transactions Group lawyer Leslie J. Levinson participated in and moderated a webinar entitled "Private Equity Investing in Health Care: Midyear Update" as part of a panel of health care industry professionals on June 27, 2017. Co-panelists were Slava Girzhel, a managing director at KeyBanc Capital Markets; John Pouchine, a principal at Pouchine Cook Capital Management, a midmarket private equity firm; and Eb LeMaster, a managing director at Ponder &Co., an investment bank catering to the hospital community. The presentation provided a succinct midyear update of private equity investing across the health care spectrum, along with insight into trends and the outlook for 2017.

Les Levinson Presents at AHLA Health Care Transactions Conference

Leslie J. Levinson, co-chair of the firm's Transactional Health Law Team, presented a program entitled "Fundamentals–The Art of the Deal: Getting Your Deal Done" during the Health Care Transactions program hosted by the American Health Lawyers Association (AHLA) from April 26 to 28, 2017, in Nashville, Tennessee. Among the topics covered in the program were how deals commence, due diligence and its role in health care transactions, drafting and negotiating key provisions of an acquisition agreement, and how to bridge difficult deal points.

Les Levinson Speaks on Home Health and Hospice Transactions

Leslie J. Levinson, co-chair of the firm's Transactional Health Law Team, was a panelist for the webinar "Home Health & Hospice: Buying, Selling and Valuing,” presented by Irving Levin Associates on April 20, 2017. The session, which focused on mergers and acquisitions in the home health and hospice industry, covered these topics: who’s buying, who’s selling, and why; what is affecting current valuations; emerging trends and new players entering the market; and headwinds and tailwinds at play in this market.

Les Levinson Moderates Home Care 100 Conference

Leslie J. Levinson, co-chair of Robinson+Cole's Transactional Health Law Group, attended the Home Care 100 Leadership & Strategy Conference in Amelia Island, Florida, on February 6, 2017. Mr. Levinson moderated the session "Managed Care," which addressed solutions for home health providers. The panel of managed care veterans examined data sharing and gainsharing and offered the payer perspective on value-based partnerships, including how home health providers can share in the risk. Home Care 100 provides a forum for senior executives in the home care and hospice fields to discuss the current business landscape, growth strategies, and the future direction of the industry.

Les Levinson Quoted in Part B News Article on 2017 Health Care Predictions

Leslie J. Levinson, co-chair of Robinson+Cole's Transactional Health Law Group, was quoted in a Part B News article published on January 2, 2017. The article, "2017 predictions: Increased cash payments, no changes to MACRA and more," discusses the potential for 2017 to be an unparalleled time for changes in health care. Regarding the prediction that practice consolidation will accelerate, Mr. Levinson says that practice acquisition was active in 2016, "particularly in the specialty practice areas with dermatology, ophthalmology and anesthesia remaining strong, along with a continuing consolidation of dental practices by practice management companies." 

Les Levinson Moderates BRG Leadership Conference

Leslie J. Levinson, co-chair of the firm's Transactional Health Law Team, moderated the inaugural Berkeley Research Group (BRG) Healthcare Leadership Conference, held in Washington, DC, on December 12, 2016. The session, "Featured Deals of 2016," addressed the new breed of transactions in the fast-changing healthcare continuum. Additionally, it described the strategy and thinking behind the most noteworthy deals of the year. In attendance were senior management and policy experts from healthcare organizations (providers and payers) as well as senior executives from various supplier organizations (financial institutions, private equity firms, and law firms).

Health Care Lawyers Speak on Bundled Payment Programs Post Election

Leslie J. Levinson and Brian D. Nichols participated in the webinar "Bundled Payment Programs Post Election—What the C-suite Needs to Know" on December 8, 2016. They joined Dave Terry of Archway Health to provide an update on important developments in the bundled payment programs, in particular what they mean following the recent election. Nearly 130 attendees participated in this session. Mr. Levinson is a partner and co-chair of Robinson+Cole's Transactional Health Law Group, and Mr. Nichols is a partner and a member of the firm's Health Law Group.

Les Levinson Presents at Privcap Healthcare Conference

Leslie J. Levinson, co-chair of the firm's Transactional Health Law Team, spoke on "What’s Driving Healthcare Private Equity Deal Flow?" at the Privcap Game Change: Healthcare 2016 conference on November 17 in New York City. He and his co-presenters, John McKernan of The Riverside Company and Adam Dolder of Great Point Partners, addressed the primary trends for private equity transactions. They focused on the sellers and their motivations, the hottest subsectors, and the investment plays that are driving interest from private equity. Click here to view a photo of Mr. Levinson at the conference.

Les Levinson Presents at ACG Connecticut Health Care Meeting

Leslie J. Levinson, co-chair of the firm's Transactional Health Law Team, presented at the Connecticut Chapter of the Association for Corporate Growth's (ACG) Health Care Breakfast Meeting on November 4, 2016, in Stamford, Connecticut. He joined others from Connecticut's health care industry to discuss a range of issues in the panel discussion "From Closing to Value Enhancement – Increasing Value from Health Care Transactions." Topics included (1) how are investors considering health care investments, (2) how to identify post-transaction risk, (3) actions that maximize value, and (4) health care transactions in the future, such as possible impacts of the election and emerging trends. His co-presenters were David Howard of Grant Thornton and Adam Dolder of Great Point Partners. Lou Feuerstein of Grant Thornton was the moderator. 

Les Levinson Interviewed for Privcap Healthcare Insider Article

Leslie J. Levinson was interviewed for the article "Where Some See Healthcare Challenges, PE Sees Roll-Up Opportunity," published in the Privcap Healthcare Insider on September 7, 2016. The article discusses how health care subsectors such as dermatology and behavioral health have to deal with fewer reimbursement pressures, resulting in more opportunities for private equity. A recent Privcap webinar highlights both addiction treatment and dermatology as areas of health care consolidation that drive opportunities in the smallest end of the middle market. You can learn about Mr. Levinson's take on this topic by viewing the article and the video here. You can also view the transcript of his interview here. 

Mr. Levinson is a health law and business transactions partner in Robinson+Cole's New York  and co-chair of the firm's Transactional Health Law Group.

Les Levinson Moderates and Presents on Home Health and Hospice Transactions

Leslie J. Levinson was the moderator and a panel member of the webinar "Home Health & Hospice: Buying, Selling and Valuing," presented on August 18, 2016. Along with the other panelists, Benjamin Bogan of Stoneridge Partners, Justin Hand of Provident Healthcare Partners, and John Gochnour of Cornerstone Healthcare, Mr. Levinson explored the increase in merger and acquisition activity in the home health and hospice sector this year. In particular, the panel covered who's buying what, who is selling in this seller's market, whether valuations can go higher still, and how changes in labor laws and reimbursement rules, most notably minimum wage and overtime laws, have affected prices and valuations.

Mr. Levinson is a health law and business transactions partner in Robinson+Cole's New York  and co-chair of the firm's Transactional Health Law Group.

Les Levinson Moderates Health Care Services M&A Round Table

Leslie J. Levinson moderated the webinar "Health Care Services M&A 101 Round Table" on May 5, 2016. The panelists, Darby Anderson, chief business development and strategy officer at Addus HealthCare; Burk Lindsey, managing director at Raymond James; and John Pouschine, co-founder and managing member of Pouschine Cook Capital Management, discussed the current state of the M&A market for health care services, focusing on valuation, regulatory compliance, and due diligence; where most deals are impeded; and where to invest the most time and effort to close a deal.

Mr. Levinson is a health law and business transactions partner in Robinson+Cole's New York office.

Les Levinson quoted in Law360 Article on Medicare’s 60-Day Overpayment Rule

Leslie J. Levinson was quoted in the article "6 Key Policies In Medicare's 60-Day Overpayment Rule," published in Law360 on February 11, 2016. The article discusses Medicare's final rule regarding a new obligation for doctors and hospitals to return Medicare overpayments and outlines six key ways in which the rule is now more beneficial. Responding to the change that an overpayment is not officially identified until it is qualified, Mr. Levinson says, "Adding the quantification element will be very helpful to providers." As a final note, he says that "[o]ne thing I think providers should take away from this...is maintain good records, keep good notes in the file—whatever it takes to demonstrate that you did exercise reasonable diligence." To read about Mr. Levinson's take on other final rule changes, click here to view the article.

Mr. Levinson is a health law and business transactions partner in Robinson+Cole's New York office.

Les Levinson Featured in Part B News Article

Leslie J. Levinson, health law and business transactions lawyer in the New York office, was quoted in the January 4, 2016, issue of Part B News in the article "M&A outlook: More big deals; insurers, private equity stepping in." The article focuses on the expanding health care industry and how leaders in the industry predict that expansion will continue in 2016. Additionally, it emphasizes the trend toward consolidation in the health care industry. Mr. Levinson comments on private equity firms looking to anesthesia, cardiology and "other specialty practices with a view towards consolidation and scalability" of their health care portfolios.
Part B News provides guidance, analysis, and news concerning Medicare Part B payment, coding, and billing rules for physician practices. Mr. Levinson is co-chair of Robinson+Cole's Transactional Health Law Group.

Les Levinson Speaks at Privcap Conference

Health care and business transactions partner Leslie J. Levinson spoke at Privcap's "Healthcare Game Change 2015" conference on November 18, 2015, in New York City. He participated in the panel "Healthcare Deal Flow Dynamics" with principals from FFL Partners and Vestor Capital. The presentation featured an interactive discussion among the panelists and audience on the state of the health care deal market and trends, deal dynamics, negotiation strategies, and unusual diligence and closing considerations.

The annual conference, a unique gathering of private equity investors and health care thought leaders, was attended by over 65 private equity firms, including, among others, Apex Partners, Bain Capital, and TPG Capital.

Health Law Lawyers Co-present at Health Care Webinar

Health law lawyers Leslie J. Levinson and Brian D. Nichols, along with Dave Terry, CEO and founder of Archway Health Advisors, spoke at the webinar "Bundled Payment Programs—What You Can't Afford to Miss" on November 12, 2015. The presenters analyzed bundled payment programs (both governmental and commercial), their impact, and the direction in which they are headed.

Mr. Levinson is co-chair of Robinson+Cole's Transactional Health Law Group. Mr. Nichols is a partner in the firm's Health Law Group, focusing on corporate and regulatory health law. Both are frequent speakers at industry conferences.

Health Law Lawyers Participate in Annual Hospital 100 Conference

Health law lawyers Leslie J. Levinson and Brian D. Nichols attended the Hospital 100 Leadership & Strategy Conference: Embracing Risk and Making It Work from October 19 to 21, 2015, in Miami, Florida. The conference was held exclusively for C-level leaders of hospitals and health systems. Mr. Nichols, along with Thomas Beeman, CEO of Lancaster General Health; Jess Kupec, CEO of Saint Francis HealthCare Partners; and George Terrazas, president of Texas Care Alliance, presented the session "Hospital Alliances and Networks, Coming to a Region Near You." They discussed the fast-growing regional hospital alliances forming around the country, focusing on the benefits and the pitfalls of these new models of collaboration.

Mr. Levinson is co-chair of Robinson+Cole's Transactional Health Law Group. Mr. Nichols is a partner in the firm's Health Law Group, focusing on corporate and regulatory health law. Both are frequent speakers at industry conferences, such as Hospital 100.

Les Levinson Moderates Webinar on Home Health and Hospice M&A

Health law and business transactions lawyer Leslie J. Levinson moderated the webinar "Home Health & Hospice M&A: Buying, Selling, and Valuing" on August 20, 2015. The session, part of the Health Care M&A Webcast Series presented by Irving Levin Associates, focused on the home health and hospice merger and acquisition (M&A) market. The topics covered who's buying what and how these deals are being financed, what reimbursement changes are coming and what's ahead for the next five years, and whether this is a good time to buy or sell, among many other topics. The panelists included Darby Anderson, chief business development and strategy officer at Addus HomeCare, Inc.; David Berman, principal at Simione Healthcare Consultants; and Dexter Braff, president of The Braff Group.

Les Levinson Featured in Law360 Article on FCA 60-Day Rule

Health law and business transactions lawyer Leslie J. Levinson was quoted in the article "5 Takeaways From FCA 60-Day Overpayment Decision," published in Law360 on August 4, 2015. In the wake of the first court decision on a False Claims Act (FCA) requirement for hospital systems to return identified overpayments from Medicare and Medicaid within 60 days, the article focuses on the importance of taking overpayments seriously and brings up questions on compliance obligations. Mr. Levinson commented on the defendant hospital's foot-dragging as well as the decision not fully explaining the term "put on notice." Click here to view the article in its entirety.

Health Law Lawyers Pen Article for Law360

Health law lawyers Conor O. Duffy, Nathaniel T. Arden, and Leslie J. Levinson authored the article "ACA, Health Care Overpayments and the 60-Day Rule," published in Law360 on May 26, 2015. In the article, they discuss how the ACA amended the Social Security Act to establish the 60-Day rule, requiring individuals and institutional providers to return Medicare or Medicaid overpayments. In particular, they explore what it means to return an overpayment per the 60-day rule and the chasm between the rule's strict statutory requirements and the current regulatory processes that some state governments employ. Please click here to view the article.

Les Levinson Selected to Serve on Law360's 2015 Health Advisory Board

Health law and business transactions partner Leslie J. Levinson has been selected to serve another year as a board member on the Health Editorial Advisory Board for Law360. Board members obtain information on Law360's coverage as well as find out from experts in the field on how best to plan future coverage. In addition, board members help reporters and editors understand complex legal issues and also contribute content to the newsletter though interviews and expert analysis.

Law 360, operated by the LexisNexis subsidiary Portfolio Media Company, is a an online daily newswire that offers subscription-based legal news for business lawyers.

Les Levinson Quoted in Part B News

Health law and business transactions lawyer Leslie J. Levinson was quoted in the January 5, 2015, issue of Part B News, an edition that features 2015 predictions regarding the health care system, with input from industry experts. Mr. Levinson is quoted in the section "Practice-buying will slow in 2015—but some markets will keep booming." To prepare to deal with buyer inquiries, Mr. Levinson advises physician practices to work with advisors in the legal, clinical, and financial areas. As a result, "the practice will shine and questions that are likely to be asked on diligence will be thought through as best as possible and addressed in advance."

Part B News provides guidance, analysis, and news concerning Medicare Part B payment, coding, and billing rules for physician practices. Mr. Levinson is co-chair of Robinson+Cole's Transactional Health Law Group.

Health Law Lawyers Pen Article for Becker's Hospital Review

Health Law Group lawyers Leslie J. Levinson and Nathaniel T. Arden wrote the article "Recent Case Law Extends Stark Law to Medicaid," published in Becker's Hospital Review on December 2, 2014. In the article, Mr. Levinson and Mr. Arden discuss several recent federal district court decisions that contradict the long-held belief that the federal physician self-referral law, known as the Stark Law, applies only to Medicare claims and does not apply to Medicaid claims. They analyze each court's reasoning in applying the Stark Law to Medicaid claims and address the potential impact these decisions may have on health care providers. Please click here to view the article.

New York Lawyer Speaks at Annual HCap Conference

Leslie J. Levinson, co-chair of Robinson+Cole's Transactional Health Law Group and a member of the firm's Business Transactions Group, participated in the HCap (Healthcare Services and Capital) Conference in Washington DC, held from November 19 to 21, where he was the featured speaker of a presentation entitled "Art of the Deal: Getting Your Transaction Done." Mr. Levinson's session explored practical considerations for both buyers and sellers, specifically key issues that will likely arise in negotiating, preparing for and navigating closing conditions, and dealing with post-closing matters. HCap is an annual conference that gathers leading health care providers, private equity investors, investment bankers, lenders, and industry experts who explore cutting-edge policy, financial and dealmaking trends within the broader health care industry, and the industry's relationship to the financial community.

Robinson+Cole Helps Facilitate Significant Transactional Health Deals

Transactional Health Law Group lawyers helped close two significant health transactions for Optimal Health Services and Dermatology and Surgery Associates. All aspects of the deals were led by the group’s co-chair Leslie J. Levinson, along with the support of a team that included Rickie M. Sonpal, who advised on corporate and transactional matters; Erica S. Youngerman, who advised on transactional and health care matters; and Christine E. Bromberg who advised on tax structuring and tax matters. “These transactions are significant because they represent the acquisition of meaningful platforms in sectors that have received considerable attention and interest from both strategic as well as private equity acquirers,” said Mr. Levinson. “We are thrilled to have been part of such important transactions.” Read more in the press release.

Robinson+Cole Expands Health Law Practice with Two New Lawyers

Robinson+Cole has further expanded the reach of its health law practice with the addition of Leslie J. Levinson and Christopher J.Librandi to its team. Mr. Levinson has joined Robinson+Cole's Health Law Group as a partner and co-chair of the firm's Transactional Health Law Group in the firm's New York City office, and Mr. Librandi has joined the group as an associate resident in the firm's Stamford office.