Humana will close most of its SeniorBridge home care facilities by the end of the year, a spokeswoman said on Tuesday.
When Humana acquired SeniorBridge in 2012, they said the property would help the company serve a growing population of older people. Now, Humana is ending home care as part of a reorganization that emphasizes the Medicare Advantage business and cost-cutting efforts.
SeniorBridge provides services at 23 centers in nine states. Facilities in Arizona, Connecticut, Florida, Massachusetts, New Jersey, Ohio, Texas and Virginia will close, while seven sites in New York will remain open “until further notice,” a spokeswoman for the company said. Humana wrote in an email.
“We introduced a $1 billion value creation initiative earlier this year to increase investment in our Medicare Advantage products and achieve greater organizational efficiency,” the spokesperson wrote. , better meet the needs of our growing business.”
Humana announced restructuring plans in February after the Medicare Advantage segment underperformed during open enrollment last year. In April, Humana announced it would sell a majority stake in Kindred at Home’s hospice arm to a private equity firm.
Humana is the nation’s second-largest Medicare Advantage insurer, with more than 5 million members, after UnitedHealthcare. The company advised investors this month that it expects Medicare Advantage memberships to grow from 325,000 to 400,000 enrollees, or 7.1%-8.7%, next year.
