Transaction expands services across 36 counties
LAFAYETTE, La., Aug. 16, 2022 /PRNewswire/ -- LHC Group (NASDAQ: LHCG) today announced an agreement to purchase Three Rivers Home Health, a provider headquartered in Eastman, Ga. The acquisition includes nine total locations – expanding LHC Group's service footprint in 36 counties in the Certificate of Need state of Georgia.
The acquisition is expected to close in the fourth quarter of 2022, subject to customary closing conditions. LHC Group expects annualized revenue from this purchase of approximately $12 million and that it will not materially affect its 2022 diluted earnings per share.
Three Rivers Home Health will continue operating under its current name and from its present locations. There will be no interruption in the care provided to patients.
Three Rivers Founder and President for the last 43 years, Kaye B. Smith, RN, said: "It is time for us to step aside and allow Three Rivers to become part of a larger organization. This transaction will make it possible for our employees to have greater opportunities and to continue providing the high-quality care they do every day."
LHC Group is a leading national provider of in-home healthcare services. In addition to expanding LHC Group's service area, this acquisition aligns with the company's co-location strategy to provide multiple in-home healthcare services in certain markets, as well as its strategy of retaining and operating under a family of well-known local brands.
"This is a great opportunity to serve more patients and families in Georgia with the quality in-home healthcare they want and deserve," said Keith G. Myers, LHC Group's chairman and CEO. "Our new team members at Three Rivers have earned an outstanding reputation for the service they provide. Together, we will help ensure greater access to care in the patient's preferred setting – their home."
About LHC Group, Inc.
LHC Group, Inc. is a national provider of in-home healthcare services and innovations for communities around the nation, offering quality, value-based healthcare to patients primarily within the comfort and privacy of their home or place of residence. The company's 29,000 employees deliver home health, hospice, home- and community-based services, and facility-based care in 37 states and the District of Columbia – reaching 68 percent of the U.S. population aged 65 and older. Through Imperium Health, the company's ACO management and enablement company, LHC Group helps partners improve both savings and patient outcomes with a value-based approach. As the preferred joint venture partner for more than 400 leading U.S. hospitals and health systems, LHC Group works in cooperation with providers to customize each partnership and reach more patients and families with an effective and efficient model of care.
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.
SOURCE LHC Group, Inc.