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LAFAYETTE, La., Aug. 01, 2019 (GLOBE NEWSWIRE) -- LHC Group, Inc. (NASDAQ: LHCG) announced today that it has finalized a joint venture (JV) expansion agreement in Missouri, formed a new JV partnership in Alabama, and purchased the assets of two home and community-based services (HCBS) locations in Ohio – all effective August 1.
In Missouri, current JV partners LHC Group and Capital Region Medical Center (CRMC) have completed the previously announced purchase from SSM Health of the assets of one home health agency and one hospice agency in Mexico, Mo., and one home health agency in Jefferson City, Mo. The three providers will change names and operate as Central Missouri Home Health and Central Missouri Hospice, respectively.
In Alabama, LHC Group and Atmore Community Hospital have finalized a JV partnership agreement to share ownership of a home health provider in Atmore. The provider will continue operating under the name Atmore Community Home Care, serving patients and families in the community and the region with in-home healthcare.
In Ohio, LHC Group has purchased two HCBS locations in West Union and Waverly from Comfort Home Care. The agreement includes 100 percent of each location’s assets. These locations will be consolidated under LHC Group’s existing HCBS provider, HomeCare by Blackstone, in Columbus. The two branches will remain open in their respective communities and operate under the name Comfort Home Care.
In total, LHC Group expects annualized revenue from all three transactions of approximately $7.5 million and that it will not materially affect its 2019 diluted earnings per share. To date in 2019, LHC Group has acquired or agreed to acquire 15 home health, six hospice, and three HCBS locations in seven states and the District of Columbia, representing annualized revenue of approximately $81.2 million.
LHC Group and its JV partners will continue to work with current referral sources and patients to ensure there is no interruption in the continuity of care.
“We are excited by this opportunity to expand our footprint in these important markets and provide quality in-home care for even more patients,” said Keith Myers, LHC Group chairman and CEO. “Providing quality service, for both our partners and the patients we serve together, is our highest calling. We look forward to working with our partners to continue and enhance our care capabilities as we help more people recover and manage their health conditions in the comfort of home.”
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.”
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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