LAFAYETTE, La. and BRENTWOOD, Tenn., Jan. 03, 2017 (GLOBE NEWSWIRE) -- LHC Group, Inc. (NASDAQ:LHCG) and LifePoint Health® (NASDAQ:LPNT) have finalized the formation of a joint venture that will strengthen home health and hospice services across the country. The joint venture, which will operate LifePoint’s home health agencies and hospices and select LHC Group agencies located near LifePoint hospitals, combines the experience and expertise of both companies, creating new opportunities for them to develop and expand post-acute services in the communities they serve.
“For LHC Group, this joint venture with LifePoint marks an incredible step forward in achieving our company’s purpose: it’s all about helping people,” said Keith G. Myers, LHC Group’s chairman and chief executive officer. “As healthcare providers seek ways to better support the health and wellbeing of their patients both within and outside hospital settings, post-acute services are more important than ever. Our new partnership represents significant growth for LHC Group – and exciting opportunities for both companies to grow home health and hospice services in the communities we serve, enhancing families’ access to these services and creating healthier communities.”
LHC Group and LifePoint announced a definitive agreement to share ownership and governance of a joint venture on November 2, 2016. The joint venture was finalized effective January 1, 2017, following regulatory approvals and customary closing conditions, and LifePoint’s current home health agencies and hospices have begun transitioning to the joint venture’s management in a phased approach.
The LHC Group/LifePoint joint venture will be governed by a board with equal representation from both companies. Operationally, LHC Group will oversee day-to-day management of the joint venture’s assets, which will ultimately include LifePoint’s 20 home health and 10 hospice locations, as well as any future home health and hospice acquisitions. All home health agencies and hospices will continue to operate under their existing names, and there will be no changes in staff, location, contact information or referral processes.
“LifePoint is constantly striving to improve care coordination and strengthen the entire continuum of care that our patients and their families experience,” said William F. Carpenter III, chairman and chief executive officer of LifePoint Health. “As an organization, we recognize when we can benefit from a strong partner who can provide greater, specialized expertise. We’re thrilled to have found this partner for home health and hospice services in LHC Group. Our organizations’ shared vision for building stronger healthcare delivery systems in the communities we serve is the foundation we believe will enable this joint venture to meet and exceed our expectations. We are confident that through this joint venture, we’ll be able to make our communities healthier in meaningful ways.”
About LHC Group, Inc.
LHC Group, Inc. is a national provider of non-acute healthcare services, providing quality, cost-effective healthcare to patients primarily 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, community-based services agencies and long-term acute care hospitals (LTACHs). LHC Group operates more than 289 home health services locations, 64 hospice locations, 11 community-based service locations and six LTACHs with eight locations.
About LifePoint Health
LifePoint Health (NASDAQ:LPNT) is a leading healthcare company dedicated to Making Communities Healthier®. Through its subsidiaries, it provides quality inpatient, outpatient and post-acute services close to home. LifePoint owns and operates community hospitals, regional health systems, physician practices, outpatient centers, and post-acute facilities in 22 states. It is the sole community healthcare provider in the majority of the non-urban communities it serves. More information about the company can be found at www.LifePointHealth.net. All references to "LifePoint," "LifePoint Health" or the "Company" used in this release refer to affiliates or subsidiaries of LifePoint Health, Inc.
Forward-looking Statements
In addition to historical information, this release may contain certain statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, together with other statements that are not historical, are based on current expectations of the managements of LHC Group and LifePoint (the “Companies”) and involve known and unknown risks, uncertainties, contingencies and other factors that could cause results, performance or achievements to differ materially from those stated. The most significant of these risks and uncertainties are described in the Companies’ Form 10-K, Form 10-Q and Form 8-K reports filed with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, the Companies’ actual results, performance or achievements could differ materially from those expressed in, or implied by, such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Except as otherwise required by law, the Companies do not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.