Home Health & Hospice Week
Profits Fall For Publicly Traded Home Care Chains
One company bucks the trend with increased income compared to last year. The 2.3 percent Medicare payment rate cut this year continues to hit home care providers in the wallet. Three of the four publicly traded home care chains saw profits fall in the quarter ended June 30, while revenues were more mixed. Atlanta-based Gentiva Health Services Inc. was the lone company that saw earnings increase, to $14.2 million in the second quarter from $5.3 million in the year-ago period. Gentiva achieved those earnings while closing branches and seeing earnings dip to $427.7 million from $448.7 million a year ago. Gentiva recorded better days sales outstanding (DSO) compared to the first quarter of 2012 -- 52 versus 61 days. And 45 percent of its revenues came from hospice, as opposed to 43 percent in the same time period of 2011. Both Amedisys Inc. and Almost Family Inc. saw revenues increase while net income fell. Baton Rouge, La.-based Amedisys reported an $8.0 million profit on $378.5 million in revenues for the quarter, compared to a $21.7 million profit on $368.4 million in revenues the previous year. Louisville, Ky.-based Almost Family reported a $4.5 million profit on $86.9 million in revenues for the second quarter, compared to $5.0 million in net income on $81.7 million in earnings a year ago. The 2012 Medicare rate cuts cost Almost Family $2.8 million in revenues, the company says in its earnings release. The company also saw "an apparent slowing in the Medicare home health market," CEO William Yarmuth adds. LHC Group Inc. saw both profits and revenues decrease. The Lafayette, La.-based chain recorded $7.9 million in net income on $158.1 million in revenues for the quarter, compared to a $12.8 million profit on $161.0 in revenues in the year-ago quarter, it says.
Home Health & Hospice Week
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Profits Fall For Publicly Traded Home Care Chains
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