Home Health & Hospice Week
Chain Reports Six-Figure Loss In Latest Quarter
LHC Group Inc. was the only "big four" publicly traded home care chain to increase its revenues in the latest quarter, while Gentiva Health Services Inc. was the only chain to post a loss — and it was a big one.
Lafayette, La.-based LHC reported net income of $8.3 million on revenues of $162.0 million for the quarter ended March 31. That compares to a $9.7 million profit on revenues of $158.8 million in the year-ago quarter.
Atlanta-based Gentiva reported a whopping $207.1 million loss on revenues of $415.6 million for the quarter, compared to a $5.1 million profit on $435.7 million in revenues for the same time period in 2012.
Gentiva faces "a continued challenging reimbursement and regulatory environment," Gentiva CEO Tony Strange says in a release. Net revenues were negatively impacted by the 2013 home health Medicare rate reduction, the initial effects of sequestration and the sale or closure of branches in the prior year, the company says.
Gentiva recorded "non-cash impairment charges of $224.3 million based on an interim impairment test of the Company’s goodwill and other long-lived assets that was performed during the quarter," the release adds.
Almost Family Inc. and Amedisys Inc. already reported both profits and revenues falling from the year-ago period (see Eli’s HCW, Vol. XXII, No. 17).
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