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Company also completes purchase of Baltimore location from VNA of Maryland
LAFAYETTE, La., Sept. 04, 2019 (GLOBE NEWSWIRE) -- LHC Group, Inc. (NASDAQ: LHCG) announced today that it has finalized a new joint venture (JV) agreement with Norton Healthcare in Louisville, Ky., effective Sept. 1. The two organizations will share ownership of Caregivers Health Network, a home health provider serving patients and families in Louisville and the region with high-quality affordable healthcare services in the privacy and comfort of their home.
Under the terms of the agreement, Norton Healthcare will purchase a minority interest in the agency, which will be renamed Norton Home Health. Moving forward, the agency will be integrated in accordance with LHC Group’s current JV processes and procedures.
“As citizens of the Louisville business community, we are honored and excited to join forces with Norton Healthcare, one of the region’s most recognized and respected healthcare providers,” said Keith Myers, LHC Group chairman and CEO. “The combined resources and experience of our two organizations will allow us to enhance and expand services for our patients, and continue making in-home healthcare the preferred and most efficient setting for recovery and management of health conditions.”
LHC Group and Norton Healthcare will continue to work with providers, patients, and families to ensure there is no interruption in the continuity of care.
Norton Healthcare is a leader in serving adult and pediatric patients throughout Greater Louisville, Southern Indiana, the Commonwealth of Kentucky, and beyond. The hospital and health care system is Louisville’s fourth largest employer, providing care at more than 250 locations throughout Kentucky and Southern Indiana.
“We are pleased to partner with LHC Group, one of the leading national providers of in-home healthcare, to enhance the services we provide for our patients,” said Russell Cox, president and CEO of Norton Healthcare. “Through Norton Home Health, patients will receive care to regain strength and independence following an injury or illness, or when dealing with a chronic condition or disabling disease. They will also benefit from a multidisciplinary approach to treatment that is monitored through their electronic medical record, stay connected to their health record, and communicate with their provider through MyNortonChart.”
In Baltimore, LHC Group has finalized the purchase of a home health and home and community based services (HCBS) provider located in Baltimore from VNA of Maryland and Elite Home Care Services – also effective Sept. 1. LHC Group first announced the purchase agreement in July 2019.
The provider’s home health services will continue to operate under the current name of VNA of Maryland. HCBS services will operate under the name of Maryland Private Care. The provider serves patients in Baltimore and the licensed service area with in-home healthcare.
LHC Group expects annualized revenue from the Baltimore purchase of approximately $35 million and that it will not materially affect its 2019 diluted earnings per share.
LHC Group helps its hospital partners provide patients with solutions for recovery in the comfort of home, helping prevent costly and avoidable hospital readmissions. Working together, they enhance home health services, facilitate better coordination of care delivery, and seamlessly transition patients from the hospital to the recovery setting.
Quality in-home healthcare helps patients regain strength and independence, attain the quality of life they deserve, offers valuable guidance and support, and provides the educational tools and resources patients and families need to make an informed decision on care for themselves or a loved one.
Healthcare JV partnerships are a key component in helping patients manage their conditions and receive efficient and effective care. LHC Group and its partners deliver a level of in-home healthcare service that is recognized industry-wide for consistent quality.
LHC Group is a leading national provider of in-home healthcare services and the JV partner of choice for 350 hospitals across the United States.
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 Norton Healthcare
For more than 130 years, Norton Healthcare’s faith heritage has guided its mission to provide quality health care to all those it serves. Today, Norton Healthcare is a leader in serving adult and pediatric patients from throughout Greater Louisville, Southern Indiana, the commonwealth of Kentucky and beyond. The hospital and health care system is Louisville’s fourth largest employer, providing care at more than 250 locations throughout Kentucky and Southern Indiana. The Louisville-based not-for-profit system includes five Louisville hospitals with 1,837 licensed beds; seven outpatient centers; 14 Norton Immediate Care Centers; more than 15,000 employees; more than 1,000 employed medical providers; and approximately 2,000 total physicians on its medical staff. Hospitals provide inpatient and outpatient general care as well as specialty care including heart, neuroscience, cancer, orthopedic, women’s and pediatric services. A strong research program provides access to clinical trials in a multitude of areas. In 2018 Norton Healthcare was named by Healthiest Employers as the fourth healthiest place to work in the country. More information about Norton Healthcare is available at NortonHealthcare.com.
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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|Eric Elliott||Mark Willis|
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