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LAFAYETTE, La., Feb. 10, 2014 (GLOBE NEWSWIRE) -- LHC Group, Inc. (Nasdaq:LHCG), a national provider of home health, hospice and comprehensive post-acute healthcare services, announced today that it has acquired two home health providers and has entered into a definitive asset purchase agreement to acquire one hospice provider.
The transactions include a home health and community-based service provider in Tompkinsville, Ky., with a service area covering three counties in the certificate of need (CON) state of Kentucky; a home health provider in Valley, Ala., with a service area covering three counties in the CON state of Alabama and which will become part of the East Alabama Medical Center joint venture with LHC Group; and a hospice provider located in New Orleans, La., covering nine parishes in the state of Louisiana which has a Facility Need Review for new hospice providers, similar to a CON. Combined annual revenue for these providers is approximately $1.5 million. The Tompkinsville, Ky., and Valley, Ala., transactions each closed on February 1, 2014, and the New Orleans, La., hospice transaction is anticipated to close on March 1, 2014, subject to customary closing conditions.
"It is with great pleasure that I welcome the healthcare professionals from Tompkinsville, Ky., and Valley, Ala., and soon those in New Orleans, La., into our growing LHC Group family," said Keith G. Myers, LHC Group chairman and CEO. "These acquisitions fit perfectly into our strategy for finding small underdeveloped providers located in CON states that increase our service area. We look forward to continuing with this strategy throughout 2014 and being able to offer quality home health and hospice services to the patients and families in these communities."
About LHC Group, Inc.LHC Group, Inc. is a national provider of post-acute care services, providing quality, cost-effective health care to patients within the comfort and privacy of their home or place of residence. LHC Group provides a comprehensive array of healthcare services through home health, hospice and community-based services locations in its home-based division and long-term acute care hospitals in its facility-based division.
Certain matters discussed in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements about the Company's future financial performance and the strength of the Company's operations. Such forward-looking statements may be identified by words such as "continue," "expect," and similar expressions. Forward-looking statements involve a number of risks and uncertainties that may cause actual results to differ materially from those expressed or implied by such forward-looking statements, including changes in reimbursement, changes in government regulations, changes in LHC Group's relationships with referral sources, increased competition for LHC Group's services, increased competition for joint venture and acquisition candidates, changes in the interpretation of government regulations and other risks set forth in Item 1A. Risk Factors in LHC Group's Annual Report on Form 10-K for the year ended December 31, 2012, filed with the Securities and Exchange Commission. LHC Group undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACT: Eric Elliott