Expands partnership with Baptist Memorial Health Care in Arkansas
Lafayette, LA /PRNewswire/ - LHC Group, Inc. (NASDAQ: LHCG) today announced agreements to purchase two providers – one home health and one hospice – in Virginia, complementing and expanding on its existing footprint of providers in the state.
The in-home healthcare company will purchase Generations Home Health, and Freda H. Gordon Hospice and Palliative Care, both in Virginia Beach. The agencies will continue operating under their current names.
The acquisitions are expected to close on October 1, subject to customary closing conditions. LHC Group expects annualized revenue from these purchases of approximately $7 million and that it will not materially affect its 2021 diluted earnings per share.
"LHC Group looks forward to welcoming our new team members from Virginia as we join forces to reach even more patients and families in the Virginia Beach region," said Keith Myers, LHC Group chairman and CEO. "With our combined expertise, and the great reputation these providers have earned, we will help ensure more access to quality, in-home service in the patient's preferred setting – their home."
In addition to expanding LHC Group's scope of services, the acquisitions align with the company's co-location strategy to provide multiple in-home healthcare services in certain markets, as well as its strategy of retaining and operating under a family of well-known local brands.
In Arkansas, the company finalized an expansion of its JV (joint venture) with Baptist Memorial Health Care, adding Elite Home Health in Jonesboro to the partnership's portfolio. The home health agency, which was already part of the LHC Group family, will align with NEA Baptist Memorial Hospital.
LHC Group and Baptist formed their JV partnership in 2017, sharing ownership of 20 home health and hospice agencies across Mississippi and Tennessee.
About LHC Group, Inc.
LHC Group, Inc. is a national provider of in-home healthcare services and innovations for communities around the nation, offering quality, value-based healthcare to patients primarily within the comfort and privacy of their home or place of residence. The company's 30,000 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. Through Imperium Health, the company's ACO management and enablement company, LHC Group helps partners improve both savings and patient outcomes with a value-based approach. As the preferred joint venture partner for more than 400 leading U.S. hospitals and health systems, LHC Group works in cooperation with providers to customize each partnership and reach more patients and families with an effective and efficient model of care.
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.