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LAFAYETTE, La., Sept. 13, 2022 /PRNewswire/ -- LHC Group (NASDAQ: LHCG) and University of Maryland Medical System (UMMS) today announced the signing of a definitive agreement to form a new joint venture partnership to provide enhanced in-home healthcare services throughout a large portion of the state of Maryland.
The partnership's combined assets will include multiple locations serving 20 Maryland counties, the city of Baltimore, and the greater metropolitan area.
It is anticipated that the agreement will be finalized in the fourth quarter of 2022, subject to customary closing conditions, at which time LHC Group will purchase majority ownership and assume management responsibility. LHC Group expects incremental annualized revenue from this joint venture of approximately $4.8 million and that it will not materially affect its 2022 diluted earnings per share.
"Joining forces in Maryland with such an accomplished and respected health institution like UMMS is a great opportunity," said Keith Myers, LHC Group chairman and CEO. "Together, we will expand the availability of vital healthcare services in the place patients want it most – the comfort of their own home. With our combined experience and infrastructure, we will be able to offer more families and patients the high-quality, efficient, and effective in-home healthcare they deserve."
"Our partnership with LHC Group is an important step forward in our journey to continue improving access to post-acute care for our patients, which is an increasingly essential element in the continuum of care that we provide at UMMS," said Mohan Suntha, MD, MBA, the System's President and Chief Executive Officer.
UMMS is a private, university-based regional health system focused on serving the healthcare needs of Maryland. UMMS' flagship academic campus, the University of Maryland Medical Center in Baltimore, is recognized regionally and nationally for excellence in specialized care.
As the demand for in-home healthcare continues to increase, hospital and home health partnerships focus on delivering patient-centered care in the comfort of the patient's home or place of residence. They are an increasingly key component in helping patients manage their conditions, avoid unnecessary hospital readmissions, and achieve the best possible health outcomes in the most cost-efficient manner.
About LHC Group, Inc.
LHC Group, Inc. is a national provider of in-home healthcare services and innovations for communities around the nation, offering quality, value-based healthcare to patients primarily within the comfort and privacy of their home or place of residence. The company's 29,000 employees deliver home health, hospice, home- and community-based services, and facility-based care in 37 states and the District of Columbia – reaching 68 percent of the U.S. population aged 65 and older. Through Imperium Health, the company's ACO management and enablement company, LHC Group helps partners improve both savings and patient outcomes with a value-based approach. As the preferred joint venture partner for more than 400 leading U.S. hospitals and health systems, LHC Group works in cooperation with providers to customize each partnership and reach more patients and families with an effective and efficient model of care.
About the University of Maryland Medical System
The University of Maryland Medical System (UMMS) is an academic private health system, focused on delivering compassionate, high-quality care and putting discovery and innovation into practice at the bedside. Partnering with the University of Maryland School of Medicine and University of Maryland, Baltimore who educate the state's future health care professionals, UMMS is an integrated network of care, delivering 25 percent of all hospital care in urban, suburban and rural communities across the state of Maryland. UMMS puts academic medicine within reach through primary and specialty care delivered at 11 hospitals, including the flagship University of Maryland Medical Center, the System's anchor institution in downtown Baltimore, as well as through a network of University of Maryland Urgent Care centers and more than 150 other locations in 13 counties. For more information, visit www.umms.org.
Forward-looking Statements
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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SOURCE LHC Group, Inc.