LHC Group (NASDAQ: LHCG) and Orlando Health have announced signing
a definitive agreement to form a new joint venture to enhance home
health and home and community based services (HCBS) in the state of
Florida. The joint venture will include six total locations – three
current Orlando Health providers and three current LHC Group
providers in Orlando, Clermont, Kissimmee, and Altamonte Springs.
It is anticipated that the joint venture agreement will be
finalized on August 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 $3.5 million and
that it will not materially affect its 2020 diluted earnings per
share.
“We look forward to expanding the availability of in-home
healthcare services in the state of Florida, particularly in
cooperation with an outstanding partner like Orlando Health,” said
Keith G. Myers, LHC Group’s chairman and CEO. “Throughout the
state, Orlando Health has earned a reputation for quality through
hard work, dedication to patients, and a commitment to the health
of the communities they serve. Working together, we will bring that
same level of service to even more people.”
“We are pleased that Orlando Health will partner with LHC Group,
a leader in providing home health and home and community based
services,” said Greg Ohe, SVP ambulatory services, Orlando Health.
“LHC Group has been recognized for more than 20 years for its
commitment to delivering person-centered care. This agreement will
create for the community the most convenient, responsive,
high-quality, and full continuum of care currently available."
Orlando Health is a not-for-profit healthcare network based in
Orlando. The system spans nine Florida counties with nearly 450
locations that include 13 wholly-owned or affiliated hospitals and
emergency departments; rehabilitation services, cancer centers,
heart institutes, imaging and laboratory services, wound care
centers, more than 300 physician offices for adults and pediatrics,
and 11 urgent care centers in partnership with CareSpot Urgent
Care.
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.
Hospital and home health 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.
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 Orlando HealthOrlando Health is a
not-for-profit healthcare organization with $5.6 billion of assets
under management. The system spans nine Florida counties with
nearly 450 locations that include 13 wholly-owned or affiliated
hospitals and emergency departments; rehabilitation services,
cancer centers, heart institutes, imaging and laboratory services,
wound care centers, more than 300 physician offices for adults and
pediatrics, and 11 urgent care centers in partnership with CareSpot
Urgent Care. In FY18, Orlando Health served approximately 167,000
inpatients, more than 2.7 million outpatients, and more than 20,000
international patients. The organization is home to the area’s only
Level One Trauma Centers for adults and pediatrics, and is a
statutory teaching hospital system that offers both specialty and
community hospitals. Nearly 3,600 physicians have privileges across
the system, which is also one of the area’s largest employers with
nearly 20,500 employees. Additionally, Orlando Health provides more
than $620 million in total value to the community in the form of
charity care, community benefit programs and services, community
building activities and more. Additional information can be found
at www.orlandohealth.com.
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.
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Contacts: |
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LHCG Investor RelationsEric Elliott (337)
233-1307 Eric.Elliott@LHCgroup.com |
Orlando Health Media RelationsKena Lewis,
APR (407) 403-1661 Kena.lewis@orlandohealth.com |
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LHCG Media RelationsMark Willis(337)
769-0673 Mark.Willis@LHCgroup.com |
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