Odyssey Healthcare, Inc. (now operating as a subsidiary of Gentiva Health Services, Inc.) is a
for-profit provider of
hospice
Hospice care is a type of health care that focuses on the palliation of a terminally ill patient's pain and symptoms and attending to their emotional and spiritual needs at the end of life. Hospice care prioritizes comfort and quality of life by ...
services that was co-founded in 1995 by Richard R. Burnham, David Steffy, and David Gasmire. The company was a
health care
Health care or healthcare is the improvement of health via the prevention, diagnosis, treatment, amelioration or cure of disease, illness, injury, and other physical and mental impairments in people. Health care is delivered by health profe ...
startup that opened its first hospice location in 1996. The company that was formerly based in
Dallas, TX and now in
Atlanta, Georgia, is one of the largest providers of hospice health care and related services in the
United States.
Odyssey Healthcare, Inc. offers various health services to patients and families through its 100 Medicare-certified programs currently available in 30 states. Odyssey Hospice has locations in
Alabama,
Arizona,
Arkansas,
California,
Colorado,
Delaware,
Florida,
Georgia,
Illinois,
Indiana,
Louisiana,
Massachusetts,
Michigan,
Mississippi,
Missouri,
Nebraska,
Nevada,
New Jersey,
New Mexico,
Ohio,
Oregon,
Pennsylvania,
Rhode Island,
South Carolina,
Tennessee,
Texas,
Utah,
Virginia,
Washington and
Wisconsin.
History
In 2001, Odyssey Healthcare made the decision to make its first initial public offering (IPO) of stock after finishing its first profitable year in 2000. The net income recorded for 2000 was approximately $3.1 million.
In October 2004, Odyssey decreased its profit projections and announced that it had been under investigation by the
United States Department of Justice since the prior month. Odyssey was being investigated under the
False Claims Act for its operations regarding patient admissions,
patient retention and billing practices. On October 18, 2004, as a result of the investigation and lower financial projections, Odyssey's investors lost $289 million, with its shares dropping 47 percent. At the time, Odyssey operated 72 hospices in 30 states.
In 2010,
Gentiva Health Services entered into an agreement to buy Odyssey Healthcare for about $1 billion in cash with Odyssey common stock valued at $27 per share. At the completion of the acquisition, the combined home health and hospice operations had about 14,000 patients.
Forbes. (2010, May 24). Gentiva health services to buy odyssey healthcare.
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References
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External links
Odyssey Hospice Healthcare
Hospices in the United States
Medical and health organizations based in Georgia (U.S. state)