Company Overview

PRIME exits and American Healthcare Capital are pleased to introduce a Medicaid Home Care Agency for sale in Milwaukee, Wisconsin. Established in 2017, the company provides non-skilled home care services, including activities of daily living, in-home personal care services, supportive care, companionship care, and care staffing. They serve patients in Milwaukee, Waukesha, Racine, and Ozaukee Counties.

Financial Overview

In 2021, the company generated gross revenue of $2,319,369 with a pre-tax profit of $724,190. In 2022, gross revenue was $2,154,959 with pre-tax profit of $507,444. In 2023, gross revenue was $1,955,297 with an Adjusted EBITDA of $518,784. Through 6/30/24, gross revenue was $797,378 with pre-tax profit of $190,430. Gross revenue is projected to be in the $1.6 million range in 2024. The decline in revenue is attributable to the agency not expanding referral sources or marketing efforts post pandemic.

The Company’s payer mix consists of 40% Medicaid, 50% MHS/NHP/iCare/Molina, and 10% IRIS. The Company charges an hourly rate of $23.10 for services and pays attendants an average hourly wage of $13.50. The Company bills an average of 4,857 hours per month. Their current average census is 60, and they currently serve no 24/7 patients.

Staff Overview

The current Owner/Administrator plans to pursue other endeavors after a sale but is available to assist during a reasonable transitional period. The remaining staff members are expected to transition with a new owner.

Asking Price

The seller will consider competitive offers.