Three Oaks Hospice, a new hospice company, has raised more than $21 million in funding. The investors were Granite Growth Health Partners, Health Velocity Capital and Petra Capital Partners.
DALLAS–(BUSINESS WIRE)–Three Oaks Hospice, a newly formed hospice company led by industry veterans, has successfully completed three acquisitions and secured funding to drive future growth.
Founded in May 2019, Three Oaks Hospice now has locations spanning Dallas, Fort Worth and San Antonio, providing over 84,000 days of care annually. The company acquired these locations from Total Hospice & Palliative Care, ABS Palliative and Hospice Care and Fellowship Hospice – increasing its referral network to more than 200 sources.
“Grounded in a collective mission to listen, care and serve, we are committed to building a best-in-class hospice company with a culture focused on patient care, clinical quality and superior service,” said David Gasmire, Three Oaks Hospice Chairman and Operating Advisor.
“As I look back over my career at Odyssey HealthCare and New Century Hospice, I see how much the hospice landscape has changed. Ranging from complexities in compliance and payment systems to the increasing need for quality services among patients, we see an opportunity to put our collective experience to work for those we serve.”
To fuel future growth, Three Oaks Hospice has received more than $21 million in private equity from Granite Growth Health Partners, Health Velocity Capital and Petra Capital Partners. With a vibrant track record of founding and co-founding some of the most successful hospice companies in the industry, the team brings more than 130 years of collective operational and financial expertise. Board members, investors and executives from the Three Oaks team founded or co-founded Odyssey HealthCare and New Century Hospice.
“While we’ve assembled an incredible team of experienced hospice executives – both in terms of compliance and growth – our greatest strength is the company’s ability to build a culture for caregivers who do the meaningful hands-on work every day,” said Andrea Bohannon, CEO of Three Oaks Hospice.
“We have a well-versed team of individuals who have been successful in previous hospice administrative roles and who want to work here based on how we treat people and our culture that promotes teamwork and patient care.”
She also announced plans to enter other major Texas markets in the coming months. Three Oaks currently has an active pipeline of five potential deals throughout Texas and into bordering states.
“I want us to complete the footprint in Texas as soon as possible,” Bohannon said. “Then, we will begin the build out to other strategic underserved hospice markets outside of Texas.”
Bohannon and her fellow board members, which include hospice and healthcare industry leaders, share a desire to elevate the level of hospice service and quality within the industry. Board members include:
David Gasmire, former Co-Founder and CEO of Odyssey HealthCare and Founder and CEO of New Century Hospice
Mark Brooks, Managing Partner and Co-Founder of Granite Growth Health Partners
Richard R. Burnham, retired Co-Founder and Chairman and CEO of Odyssey HealthCare
Bruce Crosby, Managing Partner at Health Velocity Capital
Diane Daych, Managing Partner and Co-Founder of Granite Growth Health Partners
David Fitzgerald, Partner at Petra Capital Partners
Woody Grossman, Board Member of Odyssey HealthCare, New Century Hospice, Encompass Home Health and Jordan Health
Three Oaks will grow through the development of geographically concentrated markets, within which the company can create economies and efficiencies of scale, enrich the quality of care for patients, strengthen relationships with caregivers and terminally ill patients, and leverage technologies to assist with growth and service delivery. In addition, this model allows Three Oaks to invest smartly in services and resources to support these initiatives.
“We believe we have once again invested in the best team in hospice, and we look forward to the expansion of hospice services in Texas,” said Mark Brooks, Managing Partner of Granite Growth. “We have all of the elements and experience needed from our past hospice successes to compete in the marketplace.”