LHC Group announces expansion of joint venture partnership in Dallas-Fort Worth market
LHC Group (NASDAQ: LHCG) has reached an agreement with Texas Health Resources and Methodist Health System to acquire Regent Home Health, which will be renamed DFW Home Health and relocated to McKinney, Texas. This joint venture aims to enhance home health services in the Dallas-Fort Worth area. The agreement is expected to finalize on June 1, 2021, pending closing conditions. DFW Home Health will operate as a separate entity and is part of the partners' commitment to provide quality in-home healthcare, essential during the ongoing COVID-19 pandemic.
- Expansion of joint venture partnership enhances service offerings in Dallas-Fort Worth.
- Acquisition of Regent Home Health aligns with growing demand for in-home healthcare.
- DFW Home Health is an established provider, operational since 2012.
- None.
LAFAYETTE, La., April 29, 2021 /PRNewswire/ -- LHC Group (NASDAQ: LHCG), in cooperation with joint venture (JV) partners Texas Health Resources and Methodist Health System, today announced an agreement for the JV company to purchase and share ownership of Regent Home Health – a provider currently serving patients and families in Fort Worth, Texas.
The agency name will change to DFW Home Health. It will be relocated to McKinney, Texas, upon finalization – joining the partnership's current network of DFW Home Health agencies operating from locations across the Dallas/Fort Worth Metroplex. It is anticipated that the agreement will be finalized on June 1, 2021 subject to customary closing conditions.
DFW Home Health is a separate legal entity jointly owned by LHC Group, Texas Health Resources, and North Texas Health Facilities Management, Inc., a subsidiary of Methodist Health System. The provider has been in operation since 2012, and currently operates four agencies across the Metroplex as part of their long-standing agreement.
"We are thrilled by this latest opportunity to join our partners at Texas Health Resources and Methodist Health System in expanding home health services for Dallas-Fort Worth and the Metroplex region, said Keith G. Myers, LHC Group's chairman and CEO. "Together, we continue fulfilling our mission to grow and reach as many people as possible with the kind of high-quality care that is increasing in both demand and importance to our overall healthcare system."
DFW Home Health provides quality in-home healthcare that 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.
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.
Hospital and home health JV partnerships focus on delivering patient-centered care in the comfort of the patient's home or place of residence. Throughout the COVID-19 pandemic and public health emergency, LHC Group has repeatedly proven to be essential in helping its hospital and health system JV 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 – helping patients manage their conditions, avoid unnecessary hospital readmissions, communicating on capacity planning, following COVID-19 protocols, and accepting patients at the top of the home health acuity capability.
LHC Group is a leading national provider of in-home healthcare services and the JV partner of choice for almost 400 hospitals across the United States.
About Texas Health Resources
Texas Health Resources is a faith-based, nonprofit health system that cares for more patients in North Texas than any other provider. With a service area that consists of 16 counties and more than 7 million people, the system is committed to providing quality, coordinated care through its Texas Health Physicians Group and 27 hospital locations under the banners of Texas Health Presbyterian, Texas Health Arlington Memorial, Texas Health Harris Methodist and Texas Health Huguley. Texas Health access points and services, ranging from acute care hospitals and trauma centers to outpatient facilities and home health and preventive services, provide the full continuum of care for all stages of life. The system has more than 4,000 licensed hospital beds, 6,200 physicians with active staff privileges and more than 23,000 employees. For more information about Texas Health, call 1-877-THR-WELL, or visit www.TexasHealth.org.
About Methodist Health System
Guided by the founding principles of life, learning, and compassion, Dallas-based Methodist Health System (Methodist) provides quality, integrated healthcare to improve and save the lives of individuals and families throughout North Texas. Twelve hospitals proudly carry the Methodist Health System brand, as owners or through affiliation. More than 50 Methodist Family Health Centers and Methodist Medical Group specialty physician office locations are among the facilities served by the nonprofit Methodist Health System, which is affiliated by covenant with the North Texas Conference of the United Methodist Church. Additional information is available at MethodistHealthSystem.org.
Texas law prohibits hospitals from practicing medicine. The physicians on the Methodist Health System medical staff are independent practitioners who are not employees or agents of Methodist Health System.
About LHC Group, Inc.
LHC Group, Inc. is a national provider of in-home healthcare services and innovations for communities around the nation, offering quality, value-based healthcare to patients primarily within the comfort and privacy of their home or place of residence. The company's 30,000 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. As the preferred joint venture partner for almost 400 leading U.S. hospitals and health systems, LHC Group works in cooperation with providers to customize each partnership and reach more patients and families with an effective and efficient model of care.
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 | LHCG Media Relations |
Eric Elliott | Casey Ardoin | |
(337) 233-1307 | 337.789.2516 | |
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SOURCE LHC Group, Inc.
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