Company Also Acquires Central Basin Home Health and Hospice
LHC Group, Inc. (NASDAQ: LHCG), one of the largest providers of home
nursing services in the United States, announced today that it has
entered into a definitive agreement to enter into a home health joint
venture with Methodist Hospital to provide home nursing services in
Henderson, Kentucky.
The primary service area of this joint venture spans three counties in
Kentucky, a Certificate of Need (CON) state. The estimated population of
the service area is 150,000, with almost 14 percent over the age of 65.
Net revenue for the Henderson, Kentucky, agency during the most recent
12 months was approximately $3.0 million. This joint venture, which is
expected to close on June 1st, is not expected to add
materially to LHC Group’s earnings in 2009.
Methodist Hospital is a 205-bed regional healthcare facility located on
the banks of the Ohio River in Henderson, Kentucky. Methodist Hospital
provides general medical and surgical care for inpatient, outpatient and
emergency room patients and also operates a critical access hospital
located in Morganfield, Kentucky. Methodist Hospital employs over 875
professionals who provide the nurturing care to those needing hospital
services.
"We are excited about this new partnership with LHC Group,” said Bruce
Begley, Chief Executive Officer of Methodist Hospital. “LHC is an
acknowledged leader in home care services, and our patients will benefit
from the expertise they bring to our daily operations. There will be no
interruption in service to patients served by our agency. This will be a
seamless transition for our patients, but one that results in improved
focus and expertise for our home care services.”
Keith G. Myers, Chief Executive Officer of LHC Group, added, “We are
proud to be partnering with an organization with such an outstanding
reputation and tradition of excellence as Methodist Hospital. We enter
this new relationship knowing we have a strong partner who shares our
commitment to quality care and efficiency. Together, our organizations
will provide the residents of Henderson and the surrounding area with
the highest quality of home care services. We are also extremely excited
about this transaction since it is our first hospital joint venture in
Kentucky, which has been a strong state for LHC Group.