McCusker sets sights with new health care firm - Inside Tucson Business: News

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McCusker sets sights with new health care firm

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Posted: Friday, March 8, 2013 12:00 am

Fletcher J. McCusker, who in 1997 founded Providence Service Corporation and was its CEO until he stepped down last year, has set his sights on a new venture, a medical home health care business called Sinfonía Healthcare.

He said the company will focus on the rapidly expanding home-health industry driven by changes as a result of the Affordable Health Care Act.

Sinfonia Healthcare is designed to provide a full continuum of home health products including hospice, skilled nursing, occupational therapy, physical therapy, speech therapy, companion care, durable medical equipment and pharmacology.

The company will use Tucson as it’s starting point and test market but plans to expand rapidly and is already investigating expansion into New Mexico, California and Florida.

“We want to go national,” McCusker said. “We’ll focus on the Sun Belt where the growth demands are most compelling.”

Part of those growth plans include acquiring numerous smaller home health care companies, four of which McCusker said he was already in talks with but couldn’t identify because of confidentiality agreements.

McCusker said Sinfonia likely will move fast to acquire more small home health care providers because the impending changes and requirements of the Affordable Care Act will make it difficult for them to compete in the market.

As an example, McCusker said, “Smaller companies are going to struggle under the requirements to have electronic medical records.”

The new company has received funding agreements of more than $20 million from Alliance Bank of Arizona and Petra Capital, Nashville, Tenn., which will be used to fund acquisitions.

As for the name, McCusker said it means symphony in Spanish and Italian and was indicative of what the company represents.

“In health care now, everyone is playing from their own sheet music, it’s not coordinated and integrated,” he said.

Sinfonia intends to integrate all of the various components of home health care into one coordinated approach.

In keeping with his boosterism of downtown Tucson, the new firm will be headquartered in an old warehouse at 1 E. Toole Ave. McCusker is also chairman of board of the Rio Nuevo Multipurpose Facilities District, which is using tax increment financing for downtown improvements.

Joining McCusker in Sinfonia are two former colleagues from Providence Service, Michael Deitch, former chief financial officer, and Jeff Pochily, former director of IT network operations.

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