LHC Group finalizes agreements
Lafayette, Louisiana-based LHC Group Inc. (Nasdaq: LHCG) has finalized a joint venture expansion agreement in Missouri while striking a new JV partnership in Alabama at the same time.
LHC Group — one of the largest home health companies in the United States — has also purchased the assets of two home- and community-based services (HCBS) locations in Ohio. The Ohio transaction and other aforementioned moves are all effective as of Aug. 1.
In total, LHC Group expects annualized revenue from all three deals of about $7.5 million. To date in 2019, LHC Group has acquired or agreed to acquire two dozen home health, hospice and HCBS locations in seven states, in addition to the District of Columbia.
“We are excited by this opportunity to expand our footprint in these important markets and provide quality in-home care for even more patients,” Keith Myers, LHC Group chairman and CEO, said in a statement.
In Missouri, LHC Group and Capital Region Medical Center completed their previously announced home health and hospice asset purchases from SSM Health. In Alabama, LHC and Atmore Community Hospital have finalized a JB partnership to share ownership of a home health provider in Atmore.
Meanwhile, in Ohio, LHC Group has purchased two HCBS locations from Comfort Home Care.
Prior to LHC Group highlighting the news in Missouri, Alabama and Ohio, the company also announced it had agreed to purchase a home health and HCBS provider in Baltimore — VNA of Maryland and Elite Home Care Services.
That agreement is expected to close Sept. 1; it is expected to bring about $35 million of annualized revenue.
“We are excited by this opportunity to expand our footprint in Maryland and provide quality in-home care for even more patients,” Myers said. “VNA Home Health of Maryland has a long history of providing great care in this state.”
Elara rebranding continues
The rebranding of Elara Caring has hit a major milestone.
Formed last year as a result of a three-way merger between Great Lakes Caring, National Home Health Care and Jordan Health Services, Elara Caring provides home-based care services to more than 65,000 patients across 225 locations in 16 states.
National Home Health Care and Great Lakes Caring have both completed their rebranding transition in full, according to the company. The process took slightly more than one year, with t the rebranding effort starting in earnest in July 2018.
“Last summer, we announced that our organization was coming together under one name and one banner,” Elara Caring CEO Scott G. Herman said in a statement. “While we all serve different regions of the country, we all share the same commitment — right care, right time, right place.”
Seven Louisiana home health care providers owned by Elara Caring — and four in Oklahoma — have also completed their rebranding transition, according to the company.