Pennant and Scripps Health Close Joint Venture

EAGLE, Idaho, Oct. 01, 2020 (GLOBE NEWSWIRE) -- The Pennant Group, Inc. (NASDAQ: PNTG), the parent company of the Pennant group of affiliated home health, hospice and senior living companies, announced today that it has closed on its previously announced home health joint venture with Scripps Health, a leading nonprofit integrated health system based in San Diego, California. The closing of the joint venture occurred effective October 1, 2020.

The joint venture, which combines Scripps’s home health business and a local Pennant-affiliated home health agency, will be majority-owned and managed by a Pennant subsidiary and provide home health services to patients throughout San Diego County under the name Seaport Scripps Home Health. As of the closing, Pennant will also provide operational and administrative support services for the venture.

“We are thrilled to officially close and begin operating this joint venture together with Scripps Health. We have long admired their dedication to quality care and service and look forward to expanding the care provided to patients throughout San Diego County as we execute on that shared vision of excellent, locally-tailored healthcare services,” said Daniel Walker, Pennant's Chief Executive Officer. “This collaboration between leading acute and post-acute providers creates a unique continuum of care that will benefit San Diego County residents for many years to come,” continued Mr. Walker.   

“This joint venture is another example of Scripps’s strategy to partner with others with expertise to provide the quality Scripps’s patients expect along the continuum of care while furthering Scripps’s growth in needed areas,” said Chris Van Gorder, President and Chief Executive Officer of Scripps Health.

"We are excited to combine the considerable expertise of Scripps with our talented local leaders," said Brent Guerisoli, President of Cornerstone Healthcare, Pennant’s home health and hospice portfolio company. “Our collaboration with Scripps will provide clinical collaboration, best practice sharing, and transitional care program development as we seek to provide life-changing service to our patients in the San Diego market. Scripps is a world-class healthcare system dedicated to providing the highest quality of care, and their decision to team up with Pennant is an honor and testament to our unique operating model built on empowering and equipping local leaders with the tools needed to transform their healthcare communities.”