LHC Group and CHRISTUS Health announce joint venture agreement
Partnership to Include Home Health, Hospice,
Community-Based Services, and Facility-Based Services
LAFAYETTE, La. (August 1, 2017) – LHC Group (NASDAQ: LHCG) and CHRISTUS Health today announced entry into a definitive agreement to form a new joint venture to enhance home health, hospice, long-term acute-care services and community-based services across four states. The joint venture will include 21 service locations of CHRISTUS Health, including: seven home health agencies, five hospice programs, two community-based home care services, one inpatient hospice unit, and six long-term acute-care hospitals (LTACH).
It is anticipated that the joint venture agreement will be completed by the end of the third quarter, subject to customary closing conditions, at which time LHC Group will purchase majority ownership of CHRISTUS Health’s home health, hospice, community-based home care services and the LTACH facilities and assume management responsibility. The facilities will continue to operate under their existing names. LHC Group expects annualized revenue from this joint venture of approximately $80 million and that it will not materially affect its 2017 diluted earnings per share.
“CHRISTUS Health is a name widely known and respected throughout the healthcare industry, and we could not be more proud to have them join us in our mission to expand quality healthcare services,” said Keith G. Myers, LHC Group’s chairman and CEO. “Like LHC Group, they have earned their reputation for quality through hard work, dedication to patients, and a commitment to the health of the communities they serve. Working together, we will bring that same level of service to even more people.”
“We’re thrilled to find a strong collaborator who will complement our strengths as a health care leader in the communities we serve,” said Paul Generale, CHRISTUS Continuing Care CEO and CHRISTUS Health’s Executive Vice President, Chief Strategy and Health Network Officer. “We are committed to providing our patients and their families the best quality and compassionate care beyond the doors of our hospitals and clinics and into post-acute settings, including the patient’s home and hospice. In partnering with LHC Group, we’re acting on this commitment and gaining additional expertise and resources.”
Based in Irving, Texas, CHRISTUS Health is an international Catholic, faith-based, not-for-profit health system. The organization operates more than 600 services and facilities, including more than 60 hospitals and long-term care facilities, more than 400 clinics and outpatient centers, and dozens of other health ministries and ventures.
Hospital and home health partnerships focused on delivering patient-centered care in the comfort of the patient’s home are increasingly a key component in helping patients manage their conditions and achieve the best possible health. LHC Group is the joint venture partner of choice. Including CHRISTUS Health, LHC Group is partnered with 75 health systems nationwide consisting of more than 250 hospitals across the United States.
About LHC Group, Inc.
LHC Group, Inc. is a national provider of non-acute healthcare services, providing quality, cost-effective healthcare to patients primarily within the comfort and privacy of their home or place of residence. LHC Group provides a comprehensive array of healthcare services through home health, hospice, community-based services agencies and facility-based services. LHC Group operates 311 home health services locations, 87 hospice locations, 11 community-based service locations and six long-term acute care hospitals (LTACHs) with eight locations.
About CHRISTUS Health
CHRISTUS Health, an international Catholic, faith-based, not-for-profit health system, is headquartered in the Dallas area and is comprised of more than 400 services and facilities, including more than 60 hospitals and long-term care facilities, 175 clinics and outpatient centers and dozens of other health ministries and ventures. CHRISTUS services can be found in 60 cities in the U.S., Mexico, Chile and Colombia. The system employs approximately 45,000 Associates and has over 15,000 physicians on facility medical staffs who provide care and support for patients.