LHC Group continues national expansion of hospice service with initial entry into Oklahoma
LHC Group (NASDAQ: LHCG) announced its acquisition of Grace Hospice in Tulsa, Oklahoma, expanding its hospice services with over 110 locations nationwide. The acquisition is expected to close on December 1, generating approximately $12.1 million in annualized revenue, without materially impacting 2020 diluted earnings per share. This marks LHC Group's entry into Oklahoma, aiming for future home health services in the area. The company is recognized for high-quality hospice care, enhancing its reputation and service capabilities.
- Acquisition of Grace Hospice expected to generate annualized revenue of $12.1 million.
- Expansion into Oklahoma, enhancing LHC Group's hospice service presence.
- Continues the strategy of co-locating healthcare services in underserved areas.
- None.
LAFAYETTE, La., Nov. 12, 2020 /PRNewswire/ -- LHC Group, Inc. (NASDAQ: LHCG) announced today that it has agreed to purchase Grace Hospice of Oklahoma, located in Tulsa, Okla.
The agreement is expected to close on December 1, subject to customary closing conditions. LHC Group expects annualized revenue from this purchase of approximately
"This is an outstanding opportunity to continue expanding our hospice service line as we make our initial entry into the state of Oklahoma," said Keith Myers, LHC Group chairman and CEO. "Grace Hospice has achieved a remarkable reputation for service in their community, and we look forward to building on a trusted name and a record of providing high-quality hospice care to patients and families in Tulsa and across the region."
This acquisition is the latest addition to LHC Group's existing hospice footprint of more than 110 locations around the nation. The company plans to eventually establish home health services in the Tulsa market – in alignment with its ongoing growth strategy of co-locating other in-home healthcare services in communities and markets where there is a need and established, sensible benchmarks are met.
In-home, end-of-life hospice care helps patients live comfortably, with dignity, when a cure is no longer possible. Hospice professionals provide the emotional, spiritual, and medical support needed when patients are facing the final stages of life. Hospice care can be provided in any place a patient calls home, including nursing homes and assisted living facilities.
LHC Group is a leading national provider of in-home healthcare and hospice services and the joint venture partner of choice for almost 400 leading hospitals across the United States.
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 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. 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.
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SOURCE LHC Group, Inc.
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