Residential Healthcare Group (RHG), the parent company of Residential Home Health and Residential Hospice, today announced that a majority interest in RHG has been acquired by Graham Holdings, a diversified education and media company formerly known as The Washington Post Company. Residential Home Health, founded in 2001, and Residential Hospice, founded in 2011, are leading providers of skilled home health and hospice care in Michigan and Illinois. They offer a range of in-home services in collaboration with physicians via an experienced and caring staff of nurses, therapists, medical social workers, personal and spiritual care attendants and other medical professionals.
Mike Lewis, Chairman and Chief Executive Officer of the Residential Healthcare Group, said: "After a deliberate search process with many interested parties, we chose Graham Holdings as Residential’s strategic ownership partner. We believe that Graham Holdings shares both our employee-centric corporate culture and our core values, and encourages the companies that they invest in to manage themselves as independent business units. Along with the rest of Residential’s ownership team, I am excited about this new relationship which will allow our companies not only to maintain, but to expand their all-important focus on outstanding patient care and outcomes.”
Mike Lewis and the rest of Residential’s leadership team will continue to operate Residential Home Health and Residential Hospice. With day-to-day management remaining unchanged, the combination of Residential and Graham Holdings will promote further development and innovation, enabling even better patient outcomes.
Donald E. Graham, Chairman and Chief Executive Officer of Graham Holdings, said: “Our acquisition of Residential Healthcare Group is part of Graham Holdings’ ongoing strategy of acquiring companies with demonstrated earnings potential and strong management teams attracted to our long-term investment horizon. Residential Healthcare Group is an acquisition that fits our decentralized operating philosophy. We are a diverse group of businesses sharing common goals and values but each with its own identity and workplace culture, and with management responsible for its operations.”
About Residential Healthcare Group (www.residentialhomehealth.com)
Residential Home Health
Residential Home Health has been a leading provider of home nursing and therapy services throughout Michigan since 2001 and in northeastern Illinois since 2009. Based on 2010 claims data independently verified by Health Market Science, Residential Home Health is the most referred home care agency by hospitals, skilled nursing facilities and physicians in Michigan. Residential has developed a number of innovative, evidence-based clinical programs to reduce avoidable hospital readmissions, particularly for chronically ill geriatric patients, including one of the largest home-based telemonitoring programs in Michigan. Residential Home Health is an ACHC accredited agency which has been named a Detroit Free Press Top 100 Michigan Workplace for the past three years, and which has received the coveted HomeCare Elite designation in five of the past eight years.
Residential Hospice provides the full spectrum of hospice care in a variety of settings including patients’ homes, nursing facilities and hospitals. Residential Hospice is dedicated to providing the exceptional care patients need to maintain their personal dignity, safety and quality of life. Residential Hospice is a CHAP accredited agency.
About Graham Holdings Company (www.ghco.com)
Graham Holdings Company (NYSE: GHC) is a diversified education and media company whose principal operations include educational services, television broadcasting, cable systems and online, print and local TV news. Graham Holdings owns Kaplan, a leading global provider of educational services; Post–Newsweek Stations (WDIV–Detroit, KPRC–Houston, WKMG–Orlando, KSAT–San Antonio, WJXT–Jacksonville); Cable ONE, serving small-city subscribers in 19 midwestern, western and southern states; The Slate Group (Slate, Slate V, TheRoot); and Foreign Policy. Graham Holdings also owns Trove, a digital team focused on innovation and experimentation with emerging technologies; SocialCode, a leading social marketing solutions company; Celtic Healthcare, a home health/hospice provider based in Pennsylvania; Forney Corporation; and Joyce/Dayton Corp.
CONTACT: Teresa Spencer, Director of Community Outreach
Residential Healthcare Group – 248.524.6400