Industry News • July 30, 2019
LAFAYETTE, La., July 30, 2019 (GLOBE NEWSWIRE) — LHC Group, Inc. (NASDAQ: LHCG) announced today that it has agreed to purchase a home health and home and community based services (HCBS) provider located in Baltimore from VNA of Maryland and Elite Home Care Services.
The agreement is expected to close on September 1, subject to customary closing conditions. LHC Group expects annualized revenue from this purchase of approximately $35 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 12 home health, five hospice, and one HCBS locations in four states and the District of Columbia, representing annualized revenue of approximately $72.5 million.
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 will continue to work with current referral sources and patients to ensure there is no interruption in the continuity of care.
Home healthcare is an effective and affordable solution for many patients’ healthcare needs and situations. Home health professionals treat a wide range of medical conditions, allowing patients to rest and recover in the comfort of home.
HCBS caregivers offer personal assistance with everything from grooming and light housekeeping to transportation and errand running. They will come to a patient’s home or assisted living facility and help with day-to-day needs, providing care and companionship when it’s needed most.
“We are excited by this opportunity to expand our footprint in Maryland and provide quality in-home care for even more patients,” said Keith Myers, LHC Group chairman and CEO. “VNA Home Health of Maryland has a long history of providing great care in this state. We look forward to continuing and enhancing that level of care as we help more people recover and manage their health conditions in the comfort of home.”
“This agreement with LHC Group is the right decision at the right time,” said Barry Ray, VNA of Maryland CEO. “As a leading provider of in-home care, LHC Group will provide VNA with more staff resources, new paths for growth and development, and, most importantly, expanded care capabilities and a solid support system for the patients and families 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.
This article originally appeared in an article in GlobeNewswire.