LHC Group finalizes two new joint venture agreements in Georgia, purchases Colorado hospice provider
LHC Group, Inc. (NASDAQ: LHCG) has finalized two joint venture agreements in Georgia and acquired a hospice provider in Colorado, effective October 1, 2020. In Gainesville, GA, LHC Group will co-own SunCrest Home Health with Northeast Georgia Health System, rebranding it to Northeast Georgia Home Health. In Aurora, CO, they will purchase Santa Rita Hospice, which will operate under the At Home Hospice name. The company anticipates an annualized revenue increase of approximately $8.3 million from these ventures, aiming to enhance its service offerings across regions.
- Finalized two joint ventures and a significant acquisition, expanding market reach.
- Joint venture in Georgia to provide home health services, potentially increasing revenue.
- Acquisition of hospice services in Colorado aligns with strategic goals for growth.
- None.
LAFAYETTE, La., Oct. 1, 2020 /PRNewswire/ -- LHC Group, Inc. (NASDAQ: LHCG) announced today that it has finalized two new joint venture (JV) agreements in Georgia and purchased a hospice provider in Colorado, each effective Oct. 1.
In Gainesville, Ga., LHC Group and Northeast Georgia Health System will share ownership of SunCrest Home Health, a provider serving patients and families in the surrounding region with high-quality affordable healthcare services in the privacy and comfort of their home. Under the terms of the agreement, the agency will be renamed Northeast Georgia Home Health. Moving forward, the agency will be integrated in accordance with LHC Group's current JV processes and procedures.
"Our LHC Group family is genuinely excited to expand our services in the state of Georgia by joining forces with a respected, high-quality healthcare organization like Northeast Georgia Health System," said Keith Myers, LHC Group's chairman and CEO. "With our combined talent, experience, and resources we will be able to bring effective value-based care to more patients in Gainesville and across the region, and do so in the safest and most preferred location – the comfort and familiarity of their home or place of residence."
In Colorado, LHC Group will purchase Santa Rita Hospice in Aurora.
"We see growth potential for hospice services in the Aurora market," Myers said. "This transaction aligns with our strategy to co-locate home health and hospice services in markets where it makes sense – enabling us to reach even more patients and families with the quality care and service they deserve."
The provider will operate under the At Home Hospice name in a shared space with At Home Healthcare, LHC Group's home health provider in Aurora.
In Augusta, Ga., the company finalized a JV with University Health Care System to enhance home health and hospice services in that market. LHC Group first announced the purchase agreement in August 2020. LHC Group expects incremental annualized revenue from this JV of approximately
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 – including 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 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.
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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Eric Elliot | Mark Willis |
(337) 233-1307 | (337) 769-0673 |
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SOURCE LHC Group, Inc.
FAQ
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