LHC Group Finalizes Joint Venture Agreements in Nevada and Missouri
RENO, Nev. & JEFFERSON CITY, Mo.--(BUSINESS WIRE)--Aug 1, 2018--LHC Group (NASDAQ: LHCG) today announced the finalization of two equity partnership agreements to purchase and share ownership of home health and hospice services locations with regional health system providers in the markets of Reno, Nev., and Jefferson City, Mo.
In Reno, LHC Group – in a partnership agreement with St. Mary’s Regional Medical Center – is purchasing majority ownership of St. Mary’s Hospice of Northern Nevada and assuming management responsibility. The facility will continue to operate under the same name at its current location. LHC Group expects annualized revenue from this joint venture of approximately $4.9 million and that it will not materially affect its 2018 diluted earnings per share.
The agreement expands LHC Group’s current joint venture partnership with St. Mary’s. In May, the two organizations announced a similar agreement to operate St. Mary’s Home Care Services – a home health provider serving patients and families in Washoe and surrounding counties in Nevada.
In Jefferson City, LHC Group – in a partnership agreement with Capital Region Medical Center – is purchasing majority ownership of Capital Region Home Health and assuming management responsibility. The facility will continue to operate under the same name at its current location. LHC Group expects annualized revenue from this joint venture of approximately $1.6 million and that it will not materially affect its 2018 diluted earnings per share.
Since 1997, Capital Region Medical Center has been affiliated with University of Missouri Health Care – combining the strengths of an academic medical center with the strengths of a community-based hospital.
“We look forward to working with our new partners as we expand their post-acute presence and capabilities in their respective regions – western Nevada and central Missouri,” said Keith Myers, LHC Group chairman and CEO. “Together, we will grow these service lines and enhance our partners’ ability to provide high quality care to the patients and families they serve.”
Hospital and home health/hospice partnerships focus on delivering patient-centered care in the comfort of the patient’s home. They are a key component in helping patients recover, manage chronic conditions, deal with the challenges and complexities of terminal illness, and achieve the best possible outcome. LHC Group is the joint venture partner of choice for 76 health systems consisting of 337 hospitals across the United States.
Working together to provide quality in-home healthcare, LHC Group and its partners help patients attain the quality of life they deserve, offer valuable guidance and support, and provide the educational tools and resources patients and families need to make an informed decision on care for themselves or a loved one.
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 approximately 30,000 employees deliver home health, hospice, home and community based services, and facility-based services from more than 780 locations in communities in 37 states. Through its healthcare innovations business, LHC Group drives increased utilization of home healthcare and enhances patient and caregiver engagement. LHC Group is the preferred in-home healthcare partner for 76 health systems consisting of 337 leading hospitals around the country.
About St. Mary’s Health Network
Saint Mary’s, based in Reno, Nev., includes a 380-bed acute care hospital offering inpatient, outpatient and wellness services. Nationally recognized and accredited by the Joint Commission, Saint Mary’s offers a robust line of services including a top-rated Center for Cancer, robust surgical and orthopedic services, and award-winning Cardiology program and more. The health system also operates a fully-integrated Medical Group and a state-of-the-art Fitness Center. As a long-standing community partner, Saint Mary’s is dedicated to ensuring the health and wellness of northern Nevada remains strong. For more information, visit www.SaintMarysReno.com.
About Capital Region Medical Center
Capital Region is a 100-bed facility offering a continuum of care in-house from prenatal and maternity services to home health services. It also offers one of the few accredited rehabilitation centers in the state, and advanced cardiac and oncology services. In addition to being a full-service hospital, Capital Region Medical Center operates an extensive clinic system, from urgent care centers to specialty physician practices. Throughout the history of Capital Region Medical Center, the mission has stayed the same—to improve the health and promote the wellness of the communities we serve.
View source version on businesswire.com:https://www.businesswire.com/news/home/20180801005554/en/
CONTACT: LHC Group
Eric Elliott, 337-233-1307
Mark Willis, 337-769-0673
KEYWORD: UNITED STATES NORTH AMERICA MISSOURI NEVADA
INDUSTRY KEYWORD: HEALTH HOSPITALS NURSING MANAGED CARE
SOURCE: LHC Group
Copyright Business Wire 2018.
PUB: 08/01/2018 09:37 AM/DISC: 08/01/2018 09:37 AM