hand holding money

Humana disclosed last week that it divested the majority interest in the hospice and personal care divisions of Kindred at Home to private investment firm Clayton, Dubilier & Rice. The new stand-alone company will be called Gentiva.

“Humana will continue to support the long-term success of these operations through our minority ownership and ongoing strategic partnership,” Susan Diamond, chief financial officer of Humana, said in a statement. “Hospice and palliative services play an important role in the full continuum of care, and we are confident that this new standalone company will continue to provide patients and their families with the resources and high-quality care they need.”

The insurance company said in April that it was planning to divest its 60% stake in the segments for $2.8 billion to the private investment firm. Since then, Humana has rebranded its home health division as CenterWell and launched its onehome value-based care model in Virginia. Last month, CEO Bruce Broussard said that beginning next year, the company will realign itself into “two distinct units,” CenterWell and Insurance Services. CenterWell will represent the current healthcare services segment. Insurance Services will be composed of the businesses that sit in the retail and group and specialty segments, he said.

“We are pleased to complete this transaction with Humana and CD&R. Our dedicated hospice and personal care company is focused on improving access, equity and quality of care for patients while remaining an employer of choice for health care professionals,” said David Causby, chief executive officer of the new stand-alone company, soon to become Gentiva.

The Gentiva brand has a long association with Kindred at Home. In 2015, Kindred Healthcare Services Inc. acquired Gentiva Health Services for $1.8 billion. The purchase made Kindred at Home the largest home health company in the United States.