Home-based care company Help at Home will seek an initial public offering (IPO) as demand for its service remains high because of the pandemic, Bloomberg reported.
Help at Home has picked some banks to help prepare the IPO, but the plans could still change, Bloomberg reported, citing unnamed sources.
Help at Home was founded in 1975 and works to provide at-home and community-based care for the elderly and the disabled. It works in 13 states in the South and Midwest and has around $760 million in debt, according to Bloomberg.
Wellspring Capital sold Help at Home in October to Centerbridge Partners and Vistria Group. Wellspring is still a minority investor, Bloomberg reported, citing an announcement from the time. Terms of the deal were not disclosed.
PYMNTS reported this month that healthcare is a late-comer to the connected economy, with the pandemic being the main impetus, adding much more capacity for Americans to contact doctors through remote means — previously a very niche market.
Telehealth use spiked 154 percent during the pandemic, a marked increase from the 25 percent of Americans using it in 2018 and 77 percent in 2019 as doctors began to slowly acclimate.
There are 41 states currently looking to put new regulations in place to keep connected healthcare going even as the pandemic recedes in the U.S. The reason for the mass-adoption of telehealth is the ease. Customers have found that it’s more convenient to meet with doctors virtually as opposed to leaving the house.
Other benefits could include transparency in the payments, according to Hill Ferguson, CEO of integrated virtual care provider Doctor On Demand. Ferguson said Doctor On Demand’s services allow customers to know what the charges are, and they can pay bills via several options.
He also added that Doctor On Demand works to help customers in rural or other distant areas access the same quality of healthcare as others.
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