PMC Treasury is assisting Kindred at Home in their search for a Treasurer. Kindred at Home is an existing healthcare business being established as a new stand-alone enterprise. This is an exciting opportunity which will afford the successful candidate the ability to work with the leadership team to drive the development of a new stand-alone Treasury and to contribute to the business’s growth going forward
With revenues exceeding $6B, and more than 80,000 employees, Kindred Healthcare is the nation’s largest provider of post-acute healthcare services, delivering integrated solutions to support patients and manage their care across the home health, hospice, community care, long-term acute care (“LTAC”) hospital and rehabilitation services (“Rehab”) continuum.
Kindred provides the right care in the right place at the right time for those recovering from illness or injury -- from supporting patients’ recovery with aggressive, intensive medical and rehabilitative care in a hospital setting, to providing skilled nursing services in the comfort of one’s own home and providing ongoing care management support. Kindred consistently exceeds national quality and clinical care benchmarks, and addresses patients’ emotional as well as clinical needs.
In a transaction expected to close in the 2nd quarter of 2018, Kindred will be acquired, taken private and – recognizing different market trends and growth trajectories – split into two independent companies: Kindred Hospital Company (which will consist of the LTAC hospital and Rehab businesses); and Kindred at Home (which will consist of the Home Health, Hospice and Community Care businesses).
Kindred at Home will be owned by TPG Capital, WCAS and Humana. Over time, Humana is expected to buy-out TPG’s and WCAS’s interests. Kindred at Home will employ approximately 45,000 employees and be headquartered in Atlanta, GA, with significant ongoing operations in Kansas City. The go-forward entity is expected to continue to experience significant organic and non-organic growth, withy attendant capital needs.
Kindred Hospital Company will be owned by two leading private equity firms with considerable healthcare experience: TPG Capital; and Welsh, Carson, Anderson and Stowe (“WCAS”). Kindred Hospital Company will remain headquartered in Louisville, KY and will employ approximately 38,000 employees.
As stated above, the transaction is expected to close in the summer of 2018. Following the close, Kindred Hospital Company will continue to provide support and administrative services to Kindred at Home until Kindred at Home is a fully independent and standalone Company.
The Treasurer will report to Kindred at Home’s Chief Financial Officer and will be responsible for all treasury functions, including cash forecasting, cash management/investment, working capital, credit, financial risk management, banking relations and all related systems and reporting. He/she will serve as a key member of the Finance leadership team, and will have significant exposure to, and interaction with Kindred at Home’s executive team and financial sponsors.
In the near-term, the Treasurer will also help to ensure that the Company’s separation from Kindred Healthcare is successful. He/she will select and lead a small team, ensuring that all treasury-related services and relationships are uninterrupted. This will require strong project management and tactical execution skills, in addition to vision.
The position will be based in Kindred at Home’s office in Kansas City, with regular travel to headquarters in Atlanta. For the right candidate, the position could be based in Atlanta with frequent travel to the KC headquarters.