LAFAYETTE, La. (September 10, 2018) – LHC Group, Inc. (NASDAQ: LHCG) announced that Bruce D. Greenstein has been promoted to Executive Vice President and Chief Strategy and Innovation Officer. With his added role as Chief Strategy Officer, Mr. Greenstein will lead the Company’s accelerated value-based contracting, Accountable Care Organization (ACO) management company and alternative payment and delivery model strategies.
Mr. Greenstein joined the Company in June, after serving as Chief Technology Officer for the U.S. Health and Human Services (HHS) where he provided leadership and direction to ensure that HHS effectively used data, technology and innovation to improve the lives of the American people and the performance of the operating divisions across the Department. He brings an extensive healthcare industry background in both government and the private sector, including having served as President-West for Quartet Health, CEO of Blend Health Insights, and as Managing Director of Worldwide Health for Microsoft. Mr. Greenstein was also a cabinet member in Louisiana, serving as Secretary of the Department of Health and Hospitals.
Commenting on the announcement, Mr. Keith G. Myers, LHC Group’s Chairman and Chief Executive Officer, said, “With our differentiated strategy, industry leading quality and patient satisfaction scores, and a unique array of service capabilities in the post-acute care setting, we are positioned to take advantage of the growing percentage of Medicare Advantage enrollees and the increasing demands from health systems, taking on risk for a market basket of covered lives. Since joining us this summer, Bruce has already made a difference in helping us accelerate our value-based contracting and ACO strategies.”
As the partner of choice for leading health systems and hospitals, LHC Group is well positioned to help its joint venture partners manage risk and reduce their post-acute costs. With 30 combined ACOs and more than 410,000 attributed lives under its management, the company via Imperium Health is one of the largest ACO management companies in the country.
“As the healthcare delivery system continues to migrate to a value-based system, we are continuing to sculpt a service network to help our existing and future partners and have a direct impact on reducing costs for the Medicare Trust Fund,” said Myers. “We have only just begun to realize the potential of what we have created with our national platform, and with Bruce’s experience and leadership, we look forward to sharing more details on these results in the very near future.”
Mr. Greenstein added, “For a number of years, our industry has focused on a Medicare Advantage strategy that is primarily comprised of obtaining national contracts at the best rates possible. While we already have a number of these contracts, a strategy based on that alone is uni-dimensional and commoditized. We believe the future of the industry will depend upon a national platform for delivery of healthcare in the home. To that end, we are investing time and resources in further developing the people, technology and supply chain that extend us well beyond home health to meet both the complex and light functional needs of patients. This is the direction that the federal government and payors are headed, and it is where our future lies as well.”
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 care from more than 780 locations in communities in 36 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.
This press release contains “forward-looking statements” (as defined in the Securities Litigation Reform Act of 1995) regarding, among other things, future events or the future financial performance of the Company, or anticipated benefits of the transaction. Words such as “anticipate,” “expect,” “project,” “intend,” “believe,” “will,” “estimates,” “may,” “could,” “should” and words and terms of similar substance used in connection with any discussion of future plans, actions or events identify forward-looking statements. Forward-looking statements contained in this press release include, but are not limited to: our 2018 revenue and earnings guidance, statements about the benefits of the merger, including anticipated earnings accretion, synergies and cost savings and the timing thereof; the Company’s plans, objectives, expectations, projections and intentions; and other statements relating to the transaction that are not historical facts. Forward-looking statements are based on information currently available to the Company and involve estimates, expectations and projections. Investors are cautioned that all such forward-looking statements are subject to risks and uncertainties, and important factors could cause actual events or results to differ materially from those indicated by such forward-looking statements. With respect to the merger, these risks, uncertainties and factors include, but are not limited to: the risk that the businesses will not be integrated successfully; the risk that the cost savings, synergies and growth from the transaction may not be fully realized or may take longer to realize than expected; the diversion of management time on integration-related issues; and the risk that costs associated with the integration of the businesses are higher than anticipated. With respect to the Company’s businesses, these risks, uncertainties and factors include, but are not limited to: changes in, or failure to comply with, existing government regulations that impact the Company’s businesses; legislative proposals for healthcare reform; the impact of changes in future interpretations of fraud, anti-kickback, or other laws; changes in Medicare and Medicaid reimbursement levels; changes in laws and regulations with respect to Accountable Care Organizations; changes in the marketplace and regulatory environment for Health Risk Assessments; decrease in demand for the Company’s services; the potential impact of the transaction on relationships with customers, joint venture and other partners, competitors, management and other employees, including the loss of significant contracts or reduction in revenues associated with major payor sources; ability of customers to pay for services; risks related to any current or future litigation proceedings; potential audits and investigations by government and regulatory agencies, including the impact of any negative publicity or litigation; the ability to attract new customers and retain existing customers in the manner anticipated; the ability to hire and retain key personnel; increased competition from other entities offering similar services as offered by the Company; reliance on and integration of information technology systems; ability to protect intellectual property rights; impact of security breaches, cyber-attacks or fraudulent activity on the Company’s reputation; the risks associated with assumptions the parties make in connection with the parties’ critical accounting estimates and legal proceedings; the risks associated with the Company’s expansion strategy, the successful integration of recent acquisitions, and if necessary, the ability to relocate or restructure current facilities; and the potential impact of an economic downturn or effects of tax assessments or tax positions taken, risks related to goodwill and other intangible asset impairment, tax adjustments, anticipated tax rates, benefit or retirement plan costs, or other regulatory compliance costs.
Many of these risks, uncertainties and assumptions are beyond the Company’s ability to control or predict. Because of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements. Furthermore, forward-looking statements speak only as of the information currently available to the Company on the date they are made, and the Company does not undertake any obligation to update publicly or revise any forward-looking statements to reflect events or circumstances that may arise after the date of this press release. The Company does not give any assurance (1) that the Company will achieve its guidance or expectations, or (2) concerning any result or the timing thereof. All subsequent written and oral forward-looking statements concerning the transaction or other matters and attributable to the Company or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above.
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