By LevinPro HC
Overview of Washington State Investment Board’s Facility Affiliations
The Washington State Investment Board demonstrates a strategic focus on expanding its healthcare facility presence through affiliations, particularly in the Hospice sector. As recent CMS data (as of January 2025) reveals, the Board affiliates with a total of 97 facilities. Impressively, 96 of these are under partial ownership of between 5% and 50%. This indicates a widespread strategy of investment rather than full control.
Facility Distribution Across States
According to CMS data, the Board affiliates with facilities across multiple states, notably Wisconsin, Missouri, Georgia, Michigan, Texas and Arizona, each with seven facilities. In their primary sector, Home Health, the Board’s affiliation is notably smaller, with just four facilities.
Sectored Breakdown: Hospice vs. Home Health
In terms of sector distribution, a dominant 93 out of the 97 affiliated facilities belong to the hospice sector, highlighting the Board’s strong emphasis on this area. Washington State Investment Board affiliates with only 4 facilities in the home health sector, signaling a potential area for growth.
Competitive Landscape in Montana
In Montana, the Board affiliates with two home health facilities, where it faces competition from various owners such as Billings Clinic, Logan Health and Greatbanc Trust Company, each maintaining a small number of affiliations in the region. This reflects a fragmented ownership structure commonly seen in more rural markets.
Implications for Investors
Given the dispersed nature of facility affiliations and the Board’s focus on hospice care, the investment strategy appears geared toward indirect influence rather than operational management. Brokers, private equity firms and real estate investment firms might consider drawing inferences about market trends and strategic positioning from this data.
