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Diversified Senior Services in Pact With In Home Health to Provide Personal Services to Its Frail-Elderly Residents
WINSTON-SALEM, N.C., June 15 /PRNewswire/ -- Diversified Senior Services, Inc. (Nasdaq: DISS - news), a senior living and assisted living company, today said it has entered into a strategic alliance with In Home Health, Inc. (Nasdaq: IHHI - news) under which In Home Health will provide medical and personal care services to Diversified's more than 1,000 frail-elderly citizens who reside in its independent housing facilities.
Diversified Chief Executive William Benton characterized the alliance as a ''very meaningful step in the growth of our company in that it will provide our residents with the medical and personal care assistance they need in living their everyday lives while making it possible for Diversified to focus and accelerate its activities on developing and managing new facilities with the knowledge that its residents are being properly cared for.''
With its network of offices in 34 states, In Home, said Benton, is presently in all of the locations where we have residences and where we plan to open new residences this year and next. ''The alliance is favorable to both Diversified and In Home. It will serve both of our corporate purposes, but, most importantly, it should prove of benefit to our residents.'' Thirty of In Home's offices offer certified hospices and 33 are JCAHO (Joint Commission on Accreditation of Healthcare Organizations) accredited.
Diversified presently manages low and moderate-income apartment complexes in relatively small communities in the southeastern United States, occupied by approximately 2,000 residents, more than half of whom are frail-elderly who have been receiving home care services from Diversified.
Diversified has two 30-unit independent facilities under construction, also in small communities in the southeast, and plans to begin construction on two additional 30-unit facilities in the near future. In Home Services will provide the residents of the 30-door facilities as well as the frail-elderly living in apartments with medical and personal care services.
Additionally, the company has six 60-door facilities under construction, similarly located in relatively small southeastern communities, all of which will offer residents full assisted living facilities.
Benton said that as a result of a recent private financing and the alliance with In Home Services, the company believes that starting this year or early in the year 2000 that it will be able to build between 12 and 24 30-door independent living facilities and six to eight 60-door assisted living projects per year. Diversified is a developer of assisted living residences and manager of low and moderate-income apartment complexes and assisted living facilities. |
