Industry News • November 05, 2019
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.
This article originally appeared in an article in GlobeNewswire.