LHC Group (NASDAQ: LHCG) and University Health Care System have
announced signing a definitive agreement to form a new joint
venture to enhance home health and hospice services across eight
cities in Georgia and South Carolina.
The joint venture will include 10 total locations: three
University Health home health providers, three University Health
home health branches, two LHC Group home health providers, and two
LHC Group hospice providers.
It is anticipated that the joint venture agreement will be
finalized on October 1, subject to customary closing conditions, at
which time LHC Group will purchase majority ownership and assume
management responsibility. LHC Group expects incremental annualized
revenue from this joint venture of approximately $8.3 million and
that it will not materially affect its 2020 diluted earnings per
share.
“We are pleased to join our new partners at University Health in
announcing plans to expand the availability of vital healthcare
services in the states of Georgia and South Carolina,” said Keith
G. Myers, LHC Group’s chairman and CEO. “With our combined
experience and infrastructure, we will be able to offer more
families and patients the high-quality, efficient, and effective
in-home healthcare and hospice services they deserve.”
The joint venture with LHC Group helps fulfill the mission of
University Health Care System by ensuring the long-term
sustainability of high-quality home health and hospice services in
the communities we serve, according to James R. Davis, University
Health Care System president and CEO.
“This partnership combines the expertise and experience of two
high-quality medical providers, creating new opportunities to
further develop and expand our in-home healthcare services to
include hospice, completing University’s continuum of care, Mr.
Davis said. “The great success LHC Group has demonstrated with
other partnerships has shown us that their focus on in-home medical
services will move the safe, quality, and compassionate care
University is known for to the next level.”
Throughout the COVID-19 pandemic and public health emergency,
LHC Group has repeatedly proven to be essential in helping its
hospital and health system joint venture partners deliver
industry-leading quality care in the most cost-effective setting.
More than ever before, hospitals and health systems are fully
leveraging LHC Group’s infrastructure and capabilities as an
integral part of their healthcare delivery model – including
communicating on capacity planning, following COVID-19 protocols,
and accepting patients at the top of the home health acuity
capability.
Hospital and home health joint venture partnerships focus on
delivering patient-centered care in the comfort of the patient’s
home or place of residence. They are an increasingly key component
in helping patients manage their conditions, avoid unnecessary
hospital readmissions, and achieve the best possible health
outcomes in the most cost-efficient manner.
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.
About LHC Group, Inc.LHC Group, Inc. is a
national provider of in-home healthcare services and innovations,
providing quality, value-based healthcare to patients primarily
within the comfort and privacy of their home or place of residence.
LHC Group’s services cover a wide range of healthcare needs for
patients and families dealing with illness, injury, or chronic
conditions. The company’s 32,000 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. LHC Group is the preferred
in-home healthcare partner for 350 leading hospitals around the
country.
About University Health Care SystemUniversity
Health Care System is anchored by University Hospital, an 812-bed
nonprofit, acute care hospital serving Augusta-Richmond County,
Ga., and the surrounding region. Founded in 1818 as City Hospital,
University has moved through four facilities to its present
location on Walton Way and includes its Summerville Campus on
Wrightsboro Road. Together they specialize in heart, vascular,
orthopaedic, spine, neurosurgery, medicine and women’s services.
Over the years, University has expanded its main campus and
established medical centers in South Richmond County, Grovetown,
Aiken, North Augusta and Columbia County to include physician
practices, Prompt Care facilities, Home Health and three skilled
nursing centers. In addition to being the longest serving health
system in the region, University has the largest and most
experienced medical staff and leads the region in quality and
safety.
Forward-looking StatementsCertain 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.
Contacts: |
|
LHCG Investor Relations |
University Health Care System Media
Relations |
Eric Elliott |
Rebecca Sylvester |
(337) 233-1307 |
(706) 828-2394 |
Eric.Elliott@LHCgroup.com |
RSylvester@uh.org |
|
|
LHCG Media Relations |
|
Mark Willis |
|
(337) 769-0673 |
|
Mark.Willis@LHCgroup.com |
|
LHC (NASDAQ:LHCG)
Historical Stock Chart
From Aug 2024 to Sep 2024
LHC (NASDAQ:LHCG)
Historical Stock Chart
From Sep 2023 to Sep 2024