LAFAYETTE, La. and DANVILLE, Pa., Feb. 26, 2019 (GLOBE NEWSWIRE) -- LHC Group, Inc. (NASDAQ: LHCG), Geisinger Home Health and Hospice, and AtlantiCare Home Health and Hospice announced today they have entered into a definitive agreement for a joint venture partnership to enhance home health and hospice services at Geisinger locations in Pennsylvania and at AtlantiCare – A Member of Geisinger in Atlantic County, New Jersey.
It is anticipated that the joint venture agreement will be completed by April 1 for the Pennsylvania locations, and by June 1 for New Jersey, subject to customary closing conditions, at which time LHC Group will purchase majority ownership of Geisinger’s home health and hospice services and assume management responsibility. LHC Group expects annualized revenue from this joint venture of approximately $35 million and that it will not materially affect its 2019 diluted earnings per share.
The Home Health and Hospice service of Geisinger and AtlantiCare delivers patient-centered care for those needing 24/7 access to healthcare in the comfort of their home and for patients in need of end-of-life care. It has locations in Danville, Bloomsburg, Wilkes-Barre, Northumberland, Montoursville, Lewistown, Lewisburg and Camp Hill, Pennsylvania, and in Atlantic County, New Jersey.
“We are pleased to join forces with one of the nation’s leading healthcare organizations to deliver high-quality patient care,” said Keith G. Myers, LHC Group’s chairman and CEO. “LHC Group has a proven history of successful hospital partnerships, helping patients recover in the comfort of home and preventing costly and avoidable hospital readmissions. We look forward to serving patients and families in cooperation with our new partners at Geisinger.”
“This joint venture is great news for the patients and communities we serve and a wonderful opportunity for us to expand the services we offer,” said Jaewon Ryu, M.D., J.D., Geisinger interim president and CEO. “We have a long history of providing high quality and compassionate home health and hospice care, and we are excited to find a partner with a similar commitment to quality and service. Patients and families can continue to look to us for these important healthcare services.”
“Home health and hospice care is an important part of our commitment to providing access to quality, compassionate care and serving our patients at all stages of life,” said Lori Herndon, president and CEO of AtlantiCare – A Member of Geisinger. “Partnering with LHC Group enables us to enhance these services for the communities we serve.”
Healthcare joint venture partnerships are a key component in helping patients manage their conditions and receive efficient and effective care. Working together, LHC Group and its partners deliver a level of in-home healthcare service that is recognized industry-wide for consistent quality. They provide affordable care options that offer the guidance, support, and resources patients and families need to make an informed decision for themselves or a loved one.
LHC Group is a leading national provider of in-home healthcare services and the joint venture partner of choice for 340 hospitals across the United States.
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 32,000 employees deliver home health, hospice, home and community based services, and facility-based care in 36 states – reaching 60 percent of the U.S. population aged 65 and older. LHC Group is the preferred in-home healthcare partner for 340 leading hospitals around the country.
About Geisinger
One of the nation’s most innovative health services organizations, Geisinger serves more than 1.5 million patients in Pennsylvania and New Jersey. The system includes 13 hospital campuses, a nearly 600,000-member health plan, two research centers and the Geisinger Commonwealth School of Medicine. Geisinger is known for its focus on caring and innovative programs including the ProvenCare® best-practice approach to maximize quality, safety and value; ProvenHealth Navigator® advanced medical home; Springboard Health® population health program to improve the health of an entire community; ProvenExperience™ to provide refunds to patients unhappy with their care experience; and Geisinger’s MyCode® Community Health Initiative, the largest healthcare system-based precision health project in the world. With more than 215,000 volunteer participants enrolled, MyCode is conducting extensive research and returning medically actionable results to participants. A physician-led organization, with approximately 32,000 employees and more than 1,800 employed physicians, Geisinger leverages an estimated $12.7 billion positive annual impact on the Pennsylvania and New Jersey economies. Repeatedly recognized nationally for integration, quality and service, Geisinger has a long-standing commitment to patient care, medical education, research and community service. For more information, visit geisinger.org or connect with us on Facebook, Instagram, LinkedIn and Twitter.
About AtlantiCare
AtlantiCare, a member of Geisinger, is an integrated system of services designed to help people achieve optimal health. It includes AtlantiCare Regional Medical Center, AtlantiCare Health Engagement, the AtlantiCare Foundation, and AtlantiCare Health Services. Its more than 5,800 employees and more than 900 physicians serve the community in more than 100 locations. A 2009 Malcolm Baldrige Award winner, AtlantiCare was also included in Modern Healthcare’s Best Places to Work in Healthcare in 2010. ARMC became the 105th hospital in the nation to attain status as a Magnet™ designated hospital in 2004 and was re-designated a Magnet™ hospital in 2008, 2013 and 2018.
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.
Contacts:
LHCG Investor Relations
Eric Elliott
(337) 233-1307
Eric.Elliott@LHCgroup.com
LHCG Media Relations
Mark Willis
(337) 769-0673
Mark.Willis@LHCgroup.com
Geisinger
Alysha Davis
(570) 808-3652
Adavis2@geisinger.edu
AtlantiCare, A Member of Geisinger
Jennifer Tornetta
(609) 569-7010
Jennifer.Tornetta@atlanticare.org