LHC Group, Inc. (NASDAQ: LHCG) announced today that it has
finalized a new joint venture (JV) agreement with Orlando Health
System in Orlando, Fla., effective August 1. LHC Group and Orlando
Health first announced the purchase agreement on June 24, 2020.
The JV will include six total locations – three current Orlando
Health providers and three current LHC Group providers in Orlando,
Clermont, Kissimmee, and Altamonte Springs. The home health
providers will operate under the name Mederi Caretenders, and the
home and community based services (HCBS) location will operate
under the name Mederi Private Care.
LHC Group expects annualized revenue from the Orlando Health
joint venture of approximately $3.5 million and that it will not
materially affect its 2020 diluted earnings per share.
Hospital and home health JV 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 and its partners deliver a level of in-home healthcare
service that is recognized industry-wide for consistent quality.
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.
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 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 JV 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 Orlando HealthOrlando Health is a
not-for-profit healthcare organization with $6.2 billion of assets
under management. The system spans nine Florida counties with
nearly 450 locations that include 13 wholly-owned 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.
Contacts: |
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LHCG Investor Relations |
Orlando Health Media Relations |
Eric Elliott |
Kena Lewis, APR |
(337) 233-1307 |
(407) 403-1661 |
Eric.Elliott@LHCgroup.com |
Kena.lewis@orlandohealth.com |
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LHCG Media Relations |
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Mark Willis |
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(337) 769-0673 |
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Mark.Willis@LHCgroup.com |
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