Genesis HealthCare announces an agreement was recently signed to sell the majority of its home health and hospice operations to Compassus for $84 million.

Genesis’ home health and hospice operations, which were acquired via its February 2015 combination with Skilled Healthcare, are located in California, Idaho, Montana, and New Mexico. Any remaining hospice operations in Arizona and Nevada will be closed, states a media release from Genesis HealthCare.

“Home health and hospice services are non-strategic businesses for Genesis to operate at this time, and we believe we can better allocate the capital by de-levering our balance sheet,” says George V. Hager, Jr, chief executive officer of Genesis, in the release. “We are pleased that our home health and hospice businesses will join a respected, quality provider like Compassus.”

“We are excited to welcome Genesis’ home health and hospice businesses to the Compassus family as we share very similar missions and values,” shares James Deal, Compassus CEO, in the release. “As Compassus continues to grow, this further strengthens our ability and desire to provide greater access to a continuum of high-quality post-acute care, including hospice, palliative, and home health care services to even more patients, families and the health care professionals who serve them.”

For more information, visit Genesis HealthCare.

[Source(s): Genesis HealthCare, PR Newswire]