Partnership to acquire five additional locations
LAFAYETTE, La. (Dec. 18, 2019) – LHC Group, Inc. (NASDAQ: LHCG) and Ochsner Health System (Ochsner) announced an expansion of their joint venture partnership – Southeast Louisiana HomeCare – with an agreement to purchase five Egan Home Health and Hospice provider locations across South Louisiana.
LHC Group and Ochsner have been home health joint venture partners since 2009. Through their partnership, the two healthcare organizations have improved the overall quality ratings for their agencies, as well as reduced hospital readmission rates.
“We are excited by this opportunity to expand our current joint venture agreement with a respected healthcare partner like Ochsner Health System,” said Keith Myers, LHC Group chairman and CEO. “We look forward to helping Ochsner care for more people and continue enhancing and expanding access to vital healthcare services in communities we serve together.”
“There is nothing more important than continuing seamless quality care for the patients who depend on us,” said Peter Egan, CEO of Egan Home Health and Hospice. “We are thrilled that LHC Group and Ochsner together have the experience and infrastructure – along with an outstanding reputation for quality – to ensure the patients in our care continue receiving vital healthcare services without interruption.”
Working together, LHC Group and Ochsner help patients regain strength and independence, attain the quality of life they deserve, provide valuable guidance and support, and provide the educational tools and resources that help families make an informed decision when the time arrives to plan for the care of a loved one.
“We strive to deliver exceptional care to our patients no matter where they are on their healthcare journey,” stated Warner Thomas, president and CEO, Ochsner Health System. “Our partnership with LHC Group allows Ochsner to care for more patients in ways beyond our traditional hospital and clinic setting. By aligning two quality-focused organizations, we can help our community receive valuable resources and needed support.”
It is anticipated that this agreement will be finalized on Jan. 1, 2020, subject to customary closing conditions. LHC Group expects approximately $16 million in annualized revenue from this purchase.
Through their partnership, LHC Group and Ochsner focus on expanding access to in-home healthcare service capacity and capabilities in key markets. Home health and hospice partnerships are a key component in helping patients receive efficient and effective care.
LHC Group and its partners deliver a level of in-home care that is recognized industry-wide for consistent quality. LHC Group is a leading national provider of in-home healthcare services and the joint venture partner of choice for 350 hospitals across the United States.
Founded in 1942 by five physicians, Ochsner is one of the largest independent academic health systems in the United States and the largest not-for-profit health system in the Gulf South.
About LHC Group, Inc.
LHC Group, Inc. is a national provider of in-home healthcare services and innovations, providing high-quality and affordable healthcare services to patients in the privacy and comfort of the 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. In 2019, the company was named to the inaugural Forbes list of “America’s Best-in-State Employers.”
About Ochsner Health System
Ochsner Health System is Louisiana’s largest non-profit, academic, healthcare system. Driven by a mission to Serve, Heal, Lead, Educate and Innovate, coordinated clinical and hospital patient care is provided across the region by Ochsner’s 40 owned, managed and affiliated hospitals and specialty hospitals, and more than 100 health centers and urgent care centers. Ochsner is the #1 ranked hospital in Louisiana by U.S. News & World Report and is recognized as a “Best Hospital” across two specialty categories caring for patients from all 50 states and more than 70 countries worldwide each year. Ochsner Hospital for Children is the only facility in Louisiana to be recognized as a top 50 children’s hospital by U.S. News & World Report for three consecutive years. Ochsner employs nearly 25,000 employees and over 4,500 employed and affiliated physicians in over 90 medical specialties and subspecialties and conducts more than 700 clinical research studies. Ochsner Health System is proud to be a tobacco-free environment. For more information, please visit ochsner.org and follow us on Twitter and Facebook.
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.