Washington Post Company Acquires Majority Interest in Celtic Healthcare
The Washington Post Company last week announced it has agreed to acquire a majority interest in Celtic Healthcare, Inc. Arnie Burchianti, Celtic's founder and CEO, will continue to run the business as CEO and co-owner.
"This is a landmark opportunity for us at Celtic Healthcare, and truly for the home healthcare industry as a whole, to have this kind of top-notch company as a strategic partner involved in our company and in our industry," Burchianti said. "We are going to be game changers in homecare and hospice. It is an exciting time for us at Celtic, and we feel it is an exciting time for our entire industry.
"In light of the recent implementation of Medicare's program to penalize and fine hospitals for avoidable rehospitalizations, programs like Celtic's Virtual Care are ideal solutions to provide better care to chronically-ill seniors where they want it most - at home - and at a substantial cost savings to the Medicare program," he added. "With the average cost per day for a hospital stay being around $10,000, homecare is the future of affordable care."
Donald E. Graham, chairman and chief executive officer of The Washington Post Company, said in a statement: "Our acquisition of Celtic Healthcare is part of the Post Company's ongoing strategy of investing in companies with demonstrated earnings potential and strong management teams attracted to our long-term investment horizon. It also fits with 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."