Industry News • February 26, 2019
LAFAYETTE, La. and DANVILLE, Pa., Feb. 26, 2019 (GLOBE NEWSWIRE) — LHC Group, Inc. (NASDAQ: LHCG), Geisinger Home Health and Hospice, and AtlantiCare Home Health and Hospice announced today they have entered into a definitive agreement for a joint venture partnership to enhance home health and hospice services at Geisinger locations in Pennsylvania and at AtlantiCare – A Member of Geisinger in Atlantic County, New Jersey.
It is anticipated that the joint venture agreement will be completed by April 1 for the Pennsylvania locations, and by June 1 for New Jersey, subject to customary closing conditions, at which time LHC Group will purchase majority ownership of Geisinger’s home health and hospice services and assume management responsibility. LHC Group expects annualized revenue from this joint venture of approximately $35 million and that it will not materially affect its 2019 diluted earnings per share.
The Home Health and Hospice service of Geisinger and AtlantiCare delivers patient-centered care for those needing 24/7 access to healthcare in the comfort of their home and for patients in need of end-of-life care. It has locations in Danville, Bloomsburg, Wilkes-Barre, Northumberland, Montoursville, Lewistown, Lewisburg and Camp Hill, Pennsylvania, and in Atlantic County, New Jersey.
“We are pleased to join forces with one of the nation’s leading healthcare organizations to deliver high-quality patient care,” said Keith G. Myers, LHC Group’s chairman and CEO. “LHC Group has a proven history of successful hospital partnerships, helping patients recover in the comfort of home and preventing costly and avoidable hospital readmissions. We look forward to serving patients and families in cooperation with our new partners at Geisinger.”
“This joint venture is great news for the patients and communities we serve and a wonderful opportunity for us to expand the services we offer,” said Jaewon Ryu, M.D., J.D., Geisinger interim president and CEO. “We have a long history of providing high quality and compassionate home health and hospice care, and we are excited to find a partner with a similar commitment to quality and service. Patients and families can continue to look to us for these important healthcare services.”
“Home health and hospice care is an important part of our commitment to providing access to quality, compassionate care and serving our patients at all stages of life,” said Lori Herndon, president and CEO of AtlantiCare – A Member of Geisinger. “Partnering with LHC Group enables us to enhance these services for the communities we serve.”
Healthcare joint venture partnerships are a key component in helping patients manage their conditions and receive efficient and effective care. Working together, LHC Group and its partners deliver a level of in-home healthcare service 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.
LHC Group is a leading national provider of in-home healthcare services and the joint venture partner of choice for 340 hospitals across the United States.
This article originally appeared in an article in GlobeNewswire.