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.

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.

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 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."

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.”
 

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.

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.

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 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 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 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.

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 Elects Four New Partners and Promotes Six Counsel

Robinson & Cole Receives 34 First-Tier Metropolitan Rankings and Three National Rankings in U.S. News – Best Lawyers Survey

Super Lawyers® Names 61 Robinson & Cole Attorneys to 2013 List

Hartford Office Lawyers Elected to Executive Committee of CBA's Young Lawyers Section

Robinson & Cole Receives Top Listing in Connecticut Attorney Count in Best Lawyers National Peer Review Survey

Robinson & Cole was again recognized as having the highest number of attorneys in Connecticut selected by their peers for inclusion in The Best Lawyers in America© 2014 (Copyright 2013 by Woodward/White, Inc., of Aiken, S.C.). Across the firm's practice groups and offices, 56 attorneys were named to this year's list, including 48 in Connecticut and 2 who received the distinction for the first time.

Additionally, three lawyers were named "Lawyer of the Year" for 2014. Judith M. Keppelman was named Hartford Trusts and Estates "Lawyer of the Year," Dwight H. Merriam was named Hartford Litigation - Real Estate "Lawyer of the Year," and James A. Wade was named Hartford Personal Injury Litigation - Defendants "Lawyer of the Year."

Chambers USA Ranks Robinson & Cole in Five Practices, Names 17 Attorneys as Leading Lawyers

The legal directory Chambers USA: America's Leading Lawyers for Business has recognized Robinson & Cole in five practice area categories in its 2013 edition and has individually recognized 17 of the firm's lawyers, including two who are ranked for the first time.
 

Ted Tucci Quoted in Law360 Article for Health Law

Robinson & Cole Attorneys Appointed to Board of Directors of Nonprofits

Robinson & Cole Receives 32 First-Tier Metropolitan Rankings and Four National Rankings in U.S.News - Best Lawyers Survey

Super Lawyers® Names 49 Robinson & Cole Attorneys to 2012 List and Recognizes 26 as Rising Stars

A total of 49 Robinson & Cole attorneys were named Super Lawyers® in the states of Connecticut, Massachusetts, and Rhode Island for 2012. The Super Lawyers® designation is based on regional balloting by attorneys, third-party research, and a peer review process encompassing myriad practice areas.

In addition, 26 attorneys at the firm were recognized as "Rising Stars." Read an explanation of the Super Lawyers methodology here.

Recognized attorneys and their areas of practice can be read in the full press release.

Robinson & Cole Receives Top Listing in Connecticut Attorney Count in Best Lawyers National Peer Review Survey

Robinson & Cole LLP was again recognized as having the highest number of attorneys in Connecticut selected by their peers for inclusion in The Best Lawyers in America® 2013 (© 2012 by Woodward/White, Inc., of Aiken, S.C.). Across the firm's practice groups and offices, 55 attorneys were named to this year's list, including 46 in Connecticut and 10 who received the distinction for the first time.

Best Lawyers is based on an exhaustive peer-review survey in which more than 4.4 million confidential evaluations are submitted by attorneys on the legal abilities of other lawyers in their practice areas. Additional information regarding the Best Lawyers selection methodology may be read here. Corporate Counsel magazine has called Best Lawyers "the most respected referral list of attorneys in practice."

Ted Tucci on Panel Discussion about the Supreme Court’s Ruling on Health Care

Theodore J. Tucci to Participate in the Metro Hartford Alliance’s Panel Discussion on the U.S. Supreme Court’s Ruling on Health Care Reform

• Theodore J. Tucci, Partner, Robinson & Cole LLP
• Kevin Counihan, Chief Executive Officer, Connecticut Health Insurance Exchange
• J. Bruce Boisture, Of Counsel, Day Pitney LLP

Chambers USA Ranks Robinson & Cole in Five Practices, Names 16 Attorneys as Leading Lawyers

Robinson & Cole LLP announced today that the legal directory Chambers USA: America's Leading Lawyers for Business has recognized the firm in five practice area categories in its 2012 edition and has individually recognized 16 of the firm's attorneys.

Robinson & Cole Welcomes New Health Law Attorneys

Class Dismissed! Appellate Team Wins Summary Judgment for Health Insurer

Chambers USA Ranks Robinson & Cole in Six Practices, Names 12 Attorneys as Leading Lawyers

Robinson & Cole LLP announced today that the legal directory Chambers USA: America's Leading Lawyers for Business has recognized the firm in six practice area categories in its 2011 edition; 12 of the firm's attorneys have been individually recognized.

Health Law Attorneys Publish ACO Regulations Article in Connecticut Law Tribune

Robinson & Cole Attorneys Present Webinar on Accountable Care Organizations (ACOs)

Attorneys Present Webinar on Accountable Care Organizations

Robinson & Cole Attorneys Present Medicaid Audit Defense Seminar

Health and Benefits Litigators Win “Appropriate Care” Disability Insurance Case

The insured, a dentist, claimed to be totally disabled due to bilateral carpal tunnel syndrome. The policies required that to be eligible for benefits, the insured must receive regular and personal physician’s care that is appropriate, under prevailing medical standards, for his condition. The insured refused to pursue carpal tunnel release surgery after more conservative treatments failed to help. On behalf of Paul Revere, Ms. Tomasco and Mr. Tucci filed an action in U.S. District Court for the District of Connecticut seeking a declaratory judgment that the insurer owed no duty to pay additional benefits and that it was entitled to repayment of certain benefits. Both parties cross-moved for summary judgment on the complaint. Ruling in favor of Paul Revere, the court held that the language of the policies unambiguously imposed on the insured the duty to seek and accept appropriate medical care for his condition. The court further determined, given the undisputed facts of the case, that by forgoing release surgery the insured failed to comply with the “appropriate care” provisions and no longer qualified for benefits. The court also ruled in favor of Paul Revere on the insured’s statutory bad faith and other counterclaims.

The firm believes this is the first reported decision in the country to grant summary judgment to a disability insurer on whether the insured’s failure to obtain surgery violates an appropriate care requirement.

Health Care Attorneys Talk Strategy with Hospitals

VNA Health Care Elects Attorney to Board of Directors

Robinson & Cole LLP Receives Most Connecticut First-Tier Rankings in Inaugural U.S.News - Best Lawyers Survey

Health Law Group Hosted Webinar on New Electronic Health Record Requirements

Robinson & Cole Partner Quoted in Hartford Business Journal on Health Care Reform Impact to Local Businesses

Robinson & Cole Attorneys Author CT Law Tribune Article on Expansion of Fraud and Abuse Laws Under Reform Legislation

Robinson & Cole Attorneys Featured in Health Care Reform Book

Robinson & Cole Attorney Speaks at Regional Economic Development Forum

Connecticut Governor Appoints Robinson & Cole Attorney to Advisory Committee