Industry News • August 01, 2019
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.
This article originally appeared in an article in GlobeNewswire.