Dallas-Fort Worth’s newest public company is a spinoff of a local company sold eight years ago in a $750 million deal.
Enhabit Home Health and Hospice began trading Friday on the New York Stock Exchange under the ticker symbol EHAB. It was a division of Birmingham-based Encompass Health Corp., which changed its corporate name from Health South after buying Dallas-based Encompass Home Health and Hospice in 2014.
“We look forward to embarking on this next phase of growth with our team,” said Enhabit President and CEO Barb Jacobsmeyer. in a report. “As an independent company, we will have increased strategic and operational flexibility…as we strive to bring high-quality, compassionate care to each patient where they feel most comfortable: at their residence.”
Enhabit is one of the nation’s largest providers of home health and hospice services, with more than 10,000 employees in 34 states. Its net revenue was $1.1 billion last year. Medicare and Medicare Advantage plans are Enhabit’s largest source of revenue.
By 2030, the number of Americans over 65 is expected to increase by 30% to 73 million. This should create a greater need for home care, according to the company.
Enhabit’s predecessor company was founded by April Anthony in 1998. It also launched enterprise software provider Homecare Homebase, which was bought by Hearst for a $625 million valuation in 2013.