LHC Group, Inc. (NASDAQ: LHCG), one of the largest providers of home
nursing services in the United States, and New Orleans-based Ochsner
Health System, today announced a definitive agreement to enter into a
joint home health venture allowing both organizations to better serve
1.6 million residents in southeast Louisiana.
The joint venture includes an LHC Group purchase of 75-percent of two
home health agencies, currently owned by Ochsner, in Kenner and
Raceland, Louisiana, and an Ochsner purchase of 25-percent of three home
health agencies, currently owned by LHC Group, in Houma, Lutcher and
Hammond, Louisiana. The transaction is expected to close on February 1,
2009.
“Ochsner and LHC Group support this partnership because it’s the best
move for home health patients in southeast Louisiana. This decision
increases Ochsner Home Health locations and patient accessibility to
additional home health services provided by LHC Group,” said Warner
Thomas, President and Chief Operating Officer of Ochsner Health System.
“LHC Group’s proven leadership in the home health industry is an
assurance to our patients.”
Keith G. Myers, Chief Executive Officer of LHC Group, added, “Ochsner
Health System has a reputation for excellence, and we are proud to
become their partner. LHC Group and Ochsner share a common goal of
providing high quality patient care in an environment that is exciting
and rewarding for our employees and caregivers. Together we intend to
develop a home health partnership that will serve as the standard of
excellence in the greater New Orleans area and throughout southeast
Louisiana.”
For more than 100 Ochsner Home Health employees, effective February 1,
2009, they will become employees of LHC Group. “We welcome the new
employees who will become part of the LHC Group family through this
joint venture. We are dedicated to their continued success and look
forward to providing them with the same commitment to employee
satisfaction that they experienced during their tenure with Ochsner,”
says Myers.
About LHC Group, Inc.
Headquartered in Lafayette, Louisiana, LHC Group (www.lhcgroup.com)
operates 211 home nursing locations in 17 states. Through the Company’s
46 home health partnerships with non-profit hospitals, LHC Group has
developed a proven track record of working with hospital partners to
provide the highest quality of patient care in the communities that it
serves while continually receiving the highest marks in employee
satisfaction. LHC Group is led by a distinguished Board of Directors
that includes former Louisiana Senator John Breaux and Congressman Billy
J. Tauzin. In 2008, LHC Group was ranked #8 on the Forbes 2008
list of “America’s 200 Best Small Companies” and was recently added to
the S&P SmallCap 600. LHC Group has more than 5,000 employees throughout
the United States.
About Ochsner Health System
Ochsner Health System (www.ochsner.org)
is a non-profit, academic, multi-specialty, healthcare delivery system
dedicated to patient care, research and education. The system includes
seven hospitals and over 35 health centers located throughout Southeast
Louisiana. Ochsner employs more than 750 physicians in 90 medical
specialties and subspecialties and over 300 clinical research trials
annually. Ochsner has been listed as one of the “Best Places to Work” by New
Orleans CityBusiness since 2005 and received the Consumer Choice for
Healthcare in New Orleans for 13 consecutive years. Ochsner was ranked
as “Best” Hospital by U.S. News and World Report in 2007. Ochsner
has 11,000 employees system-wide.
Certain matters discussed in this press release constitute
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements
may be identified by words such as “believe,” “expect,” “anticipate,”
“intend,” “estimate” or similar expressions. Forward-looking
statements involve a number of risks and uncertainties and there can be
no assurance that any forward-looking statements will prove to be
accurate. Important factors that could cause actual results to
differ materially from those anticipated in the forward-looking
statements include: changes in reimbursement, changes in government
regulations, changes in our relationships with referral sources,
increased competition for our services, increased competition for joint
venture and acquisition candidates and changes in the interpretation of
government regulations. LHC Group undertakes no obligation to
update or revise any forward-looking statements. Further
information regarding risks, uncertainties and other factors that could
adversely affect LHC Group or cause actual results to differ materially
from those anticipated in forward-looking statements are included in LHC
Group’s Form 10K for the year ended December 31, 2007, as amended, filed
with the Securities and Exchange Commission.
LHCG-G
