LHC Group, Texas Health Resources, and Methodist Health System expand partnership with purchase of Arlington home health agency
LAFAYETTE, La., Nov. 22, 2019 (GLOBE NEWSWIRE) -- LHC Group (NASDAQ: LHCG), Texas Health Resources, and Methodist Health System today announced an agreement for DFW Home Health to purchase and share ownership of Healthcare Resources – a home health provider serving patients and families in Arlington, Texas.
DFW Home Health is a separate legal entity jointly owned by LHC Group, Texas Health Resources, and North Texas Health Facilities Management, Inc., a subsidiary of Methodist Health System. The partnership has been in operation since 2012. This acquisition expands the partnership’s footprint to four locations across the Dallas/Fort Worth Metroplex – joining sister locations in Dallas, Fort Worth, and Denton.
DFW Home Health provides in-home healthcare services for 25 hospitals and, in 2019, will provide care for approximately 8,000 patients.
It is anticipated that the agreement will be finalized on January 1, 2020, subject to customary closing conditions, at which time the partnership will assume management responsibility. LHC Group expects approximately $2.4 million in annualized revenue from this joint venture and anticipates that it will not materially affect its 2020 diluted earnings per share. The agency name will change to DFW Home Health Arlington. It will continue to operate from its current location in Arlington.
Through DFW Home Health, LHC Group, Texas Health Resources, and Methodist Health System work together to 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.
The partnership combines the experience and expertise of three respected healthcare providers, creating new opportunities to develop and expand in-home services in the communities they serve.
“We are encouraged and excited by the continued success of DFW Home Health and the growth of our partnership across the region,” said Keith Myers, LHC Group chairman and CEO. “By helping our JV partners expand their footprint, we help them enhance access to important services and create healthier communities across the country.”
Hospital and home health partnerships focused on delivering patient-centered care in the comfort of the patient’s home are increasingly a key component in helping patients manage their conditions and achieve the best possible health outcome. 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.
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 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.”
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.
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