Effective January 1, 2019, Allina Health and Presbyterian Homes & Services, which offers housing choices and care options for older adults, will be co-owners of Genevive, a geriatric medical practice and care management organization.
Presbyterian Homes will acquire a 50 percent stake in Genevive from North Clinic, an independently owned multi-specialty clinic. Minneapolis-based Allina will retain its existing 50 percent ownership interest.
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In a recent phone interview, Genevive CEO Amanda Tufano declined to disclose financial details of the deal.
Genevive was founded in 2003 as a division of North Clinic. Headquartered in Minneapolis, it currently cares for 5,500 adults in the Twin Cities and greater Minnesota.
Tufano said the organizations will spend this fall strategically planning and thinking about operational changes before the ownership change goes into effect in January.
“We’re all on the same page of where we’d like to see growth,” she said.
Tufano also touched on North Clinic’s point of view. “They’re really excited for this opportunity,” she said. “They have been incredible partners for us and helped us grow into the company we are today.”
Looking ahead, the ownership alteration puts Genevive in a place to provide a new model of care for seniors.
Genevive currently has a strong presence in nursing homes. But Tufano said that as the organization thinks about the future, it hopes to move into the assisted living, independent living and senior housing spaces.
In a statement, Presbyterian Homes & Services president Dan Lindh also commented on the change:
This opportunity is missional. It helps us meet the societal need for a value-based care model in a focused structure. We provide housing and services that represent a significant portion of the determinants of overall health and Genevive has demonstrated success in bringing exceptional care to older adults through its unique combination of primary care home visits, care management and value-based contracting.
Photo: Natee Meepian, Getty Images
