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Florida Nursing Homes Shut As Insurance Costs Soar

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Last year, Florida’s annual property insurance premiums soared 27% for the second year in a row. The higher premiums have become a new tax on an industry that already has had its margins squeezed. At the same time, the state’s population has been surging with aging Baby Boomers, who have filled its senior care facilities, from independent living to skilled nursing and everything in between.

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Tennessee-Based American Health Partners Bought By Michigan-Based Investment Firm

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Franklin-based American Health Partners has been purchased by the Mitchell Family Office, an investment firm with a focus in health care, according to a news release. Terms of the deal were not disclosed.

AHP provides health care services to adults and seniors, including home health and hospice, short-term care aimed at recovery and rehabilitation and daily living care. The company operates 29 senior living and skilled nursing centers, five psychiatric hospitals and home health offices, with seven divisions across nine states, in total. The company has 140 employees, according to its LinkedIn page. AHP’s executive team will remain in place.

“This is an important step forward in the evolution of our company,” Michael Bailey, CEO of AHP said in the release. “The past year has been challenging for everyone providing long term care and other health care services to seniors, though we’ve fared better than most. This ownership agreement presents an exciting opportunity for American Health Partners. MFO has the expertise and financial resources to build on our strong foundation, fund our strategic plan and enhance our ability to seize new growth opportunities.”

Birmingham, Michigan-based Mitchell Family focuses on “building and growing successful health care companies,” according to the release, something founder Mark Mitchell said the firm thinks it can do with AHP.

“We are very selective on where we choose to invest. With its full continuum of health care services, a strong management team and a growing Medicare Advantage business, we view American Health Partners as a company with tremendous growth opportunities,” Mitchell said in the release. “We see ourselves as the bridge that helps high-potential companies go to the next level.”