Archbold Medical Center Partners with LHC Group for Home Health Services
Archbold Medical Center and LHC Group (NASDAQ: LHCG) announced a joint venture to enhance home health services across seven counties in Georgia. The new partnership, expected to be finalized by May 1, 2022, will expand LHC Group's service area and add two locations in Thomasville and surrounding regions. This initiative is anticipated to generate an incremental annual revenue of approximately $5 million for LHC Group without materially affecting its 2022 earnings per share.
- Joint venture expected to generate approximately $5 million in annualized revenue.
- Expansion into five additional counties enhances service area.
- None.
Partnership will provide home health in seven Georgia counties
THOMASVILLE, Ga. and LAFAYETTE, La., March 15, 2022 /PRNewswire/ -- Archbold Medical Center and LHC Group (NASDAQ: LHCG) announced they have signed a definitive agreement to form a new joint venture and enhance home health services in Thomasville, Ga., and across the greater region. The joint venture will include two locations serving Thomas, Brooks, Grady, Colquitt, Mitchell, Decatur, and Seminole counties, expanding the LHC Group service area to five additional counties
It is anticipated that the joint venture agreement will be finalized on May 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
"Archbold Medical Center looks forward to our partnership with LHC Group, a national leader in providing home health services," said Darcy Craven, president and CEO for Archbold Medical Center. "Our organizations share a commitment to delivering person-centered care, and this agreement will help provide the cities, towns, and communities we serve with convenient, responsive, and effective care in the comfort of home."
"This is a great opportunity to join forces with an exceptional partner and expand the availability of in-home healthcare services in Thomasville and throughout South Georgia," said Keith G. Myers, LHC Group's chairman and CEO. "Archbold Medical Center has a dedicated team that is committed to being the best healthcare system in the region – and they've earned a reputation for high-quality, compassionate care. Working together, we will bring that same level of service to even more patients and families."
Archbold Medical Center is a four-hospital, three-nursing-home health system with 540 patient beds. They employ more than 2,500 people, including a medical staff of nearly 200 qualified physician specialists. The flagship hospital, John D. Archbold Memorial Hospital, is a 264-bed facility located in Thomasville, Georgia. The system's hospitals in Georgia include: Brooks County Hospital in Quitman, Grady General Hospital in Cairo, and Mitchell County Hospital in Camilla.
LHC Group is a leading national provider of in-home healthcare services and the joint venture partner of choice for over 400 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 Archbold Medical Center
Archbold Medical Center is a four-hospital, three nursing-home health system with 540 patient beds. Archbold employs more than 2,500 people and boasts outstanding medical staff of nearly 200 qualified physician specialists. The flagship hospital, John D. Archbold Memorial Hospital, is a 264-bed hospital located in Thomasville, Georgia. System hospitals, also in Georgia, are Brooks County Hospital in Quitman, Grady General Hospital in Cairo, and Mitchell County Hospital in Camilla.
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 30,000 employees deliver home health, hospice, home- and community-based services, and facility-based care from approximately 900 locations in 37 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 over 400 leading hospitals around the country.
Forward-looking Statements
Certain 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 | Archbold Medical Center Marketing and Public Relations |
Eric Elliott | Ashley Griffin |
(337) 233-1307 | (229) 584-5526 |
LHCG Media Relations | |
Mark Willis | |
(337) 769-0673 | |
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SOURCE LHC Group, Inc.
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