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LAFAYETTE, La., Nov. 05, 2019 (GLOBE NEWSWIRE) -- LHC Group, Inc. (NASDAQ: LHCG) and LifePoint Health have announced an agreement to further expand their existing joint venture (JV) partnership with the purchase of one home health provider with a location in Wilmington, Ohio, and two hospice providers located in Sierra Vista, Ariz., and Lewiston, Idaho. The organizations will share ownership of CMH Home Health Care, Casa de la Paz Hospice, and St. Joseph Family Hospice in each market, respectively. LHC Group will assume management responsibility of the agencies, which will continue to operate from their current locations and under the same names.
It is anticipated that the agreement will be finalized on December 1, subject to customary closing conditions. LHC Group expects approximately $3.6 million in annualized revenue from this expansion of the joint venture and anticipates that it will not materially affect its 2019 diluted earnings per share.
The acquisitions in Arizona, Idaho, and Ohio demonstrate the success of LHC Group and LifePoint’s ongoing strategy to expand their service capacity and capabilities in key markets. Home health and hospice JV partnerships are a key component in helping patients receive efficient and effective care.
LHC Group and LifePoint Health formed their JV partnership in 2017 to share ownership and governance of LifePoint's home health agencies and hospices as well as select LHC Group agencies located near LifePoint facilities. The partnership combines the experience and expertise of both companies, creating new opportunities to develop and expand in-home services in the communities they serve. The JV is governed by a board with equal representation from both companies.
Since it was established, the partnership has grown to include 46 home health and hospice locations across eight states.
“We are encouraged and excited by the continued growth and success of our partnership with LifePoint Health,” said Keith Myers, LHC Group chairman and CEO. “Our goal is to help our JV partners expand their footprint, enhance access to these services, and create healthier communities across the country. We look forward to bringing quality, affordable care to even more patients in cooperation with our colleagues at LifePoint.”
Working together, LHC Group and its partners deliver a level of in-home care that is recognized industry-wide for consistent quality. They provide affordable care options that offer the guidance, support, and resources patients and families need to make an informed decision for themselves or a loved one.
“As our partnership with LHC Group continues to grow, it is energizing to know that we are helping strengthen home health and hospice services in even more communities and further enhancing the support we offer patients and their families,” said David Dill, president and CEO of LifePoint Health. “We look forward to continuing to work with LHC Group to ensure access to high quality services for those we serve.”
LHC Group is a leading national provider of in-home healthcare services and the joint venture partner of choice for 350 hospitals across the United States. LifePoint Health owns and operates 88 hospital campuses in 29 states and is a leader in the delivery of quality care, close to home.
About LHC Group, Inc.
LHC Group, Inc. is a national provider of in-home healthcare services and innovations, providing high-quality and affordable healthcare services to patients in the privacy and comfort of the home or place of residence. LHC Group’s services cover a wide range of healthcare needs for patients and families dealing with illness, injury, or chronic conditions. The company’s 32,000 employees deliver home health, hospice, home and community based services, and facility based care in 35 states and the District of Columbia – reaching 60 percent of the U.S. population aged 65 and older. LHC Group is the preferred in-home healthcare partner for 350 leading hospitals around the country. In 2019, the company was named to the inaugural Forbes list of “America’s Best-in-State Employers.”
About LifePoint Health
LifePoint Health is a leading healthcare company dedicated to Making Communities Healthier®. Through its subsidiaries, it provides quality inpatient, outpatient and post-acute services close to home. LifePoint owns and operates community hospitals, regional health systems, physician practices, outpatient centers and post-acute facilities across the country. It is the sole community healthcare provider in the majority of the non-urban communities it serves. More information about the company can be found at www.LifePointHealth.net.
Certain statements and information in this press release may be deemed to contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may include, but are not limited to, statements relating to our objectives, plans and strategies, and all statements, other than statements of historical facts, that address activities, events or developments that we intend, expect, project, believe or anticipate will or may occur in the future. These statements are often characterized by terminology such as “believe”, “hope”, “may”, “anticipate”, “should”, “intend”, “plan”, “will”, “expect”, “estimate”, “project”, “positioned”, “strategy” and similar expressions, and are based on assumptions and assessments made by LHC Group’s management in light of their experience and their perception of historical trends, current conditions, expected future developments and other factors they believe to be appropriate. Any forward-looking statements in this press release are made as of the date hereof, and LHC Group undertakes no duty to update or revise any such statements, whether as a result of new information, future events or otherwise. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties. Important factors that could cause actual results, developments, and business
decisions to differ materially from forward-looking statements are described in LHC Group’s most recent Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q, including the sections entitled “Risk Factors”, as well LHC Group’s current reports on Form 8-K, filed with the Securities and Exchange Commission.
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