While UnitedHealth Group’s (NYSE: UNH) acquisition of it is pending, business still goes on at Amedisys Inc. (Nasdaq: AMED).
As business does go on, more of it continues to come through payer sources other than traditional Medicare, its earnings release Wednesday showed.
Based in Baton Rouge, Louisiana, Amedisys is one of the largest providers of home health and hospice care in the country. Its 521 care centers and 19,000 employees span 37 states and the District of Columbia.
UnitedHealth Group’s Optum agreed to acquire Amedisys last June. That transaction is expected to be completed at some point this year.
In the fourth quarter of 2023, net service revenue in Amedisys’ home health segment came in at $358.9 million, a 4% year-over-year increase. But Medicare-based net service revenue dropped by about 1.7%, while non-Medicare revenue increased by 14.7% year over year.
The same went for the entire year, with Medicare net service revenue in home health decreasing slightly, and non-Medicare revenue soaring. For the full year, overall home health net service revenue was up by about 4%.
Overall, the company brought in about $2.24 billion in net service revenue in 2023, a less than 1% increase year over year. Fourth-quarter revenues checked in at about $571 million, which also represented just a slight increase.
Notably, Amedisys’ high-acuity care arm continued on an upward trajectory in the final quarter of the year. It brought in $5.9 million in net service revenue, compared to the $3.6 million it brought in during the same time period in the prior year.
For the full year, the high-acuity care segment – also known as Contessa Health – brought in $19 million, a major increase from the $12.3 million it brought in during 2022.
Companies featured in this article:
