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Home Health & Hospice Week

Industry Note:

Public Home Care Companies' Earnings Crunch Eases

Published on Thu Nov 08, 2012

Chain celebrates closure of SEC investigation.Medicare rate cuts continue to take their toll on home care providers, including the four publicly traded chains, but the losses aren't as massive as the ones that hit them in the year-ago quarter.Almost Family Inc. reported decreases in both profits and revenues, according to its third quarter earnings release. The Louisville, Ky.-based provider recorded $4.1 million in net income on $85.1 million in revenues for the quarter ended Sept. 30, compared to a $4.8 million profit on $86.2 million in revenues for the year-ago quarter.Medicare rate cuts for 2012 stripped about $2.7 million from its revenues, and Medicare Advantage changes cut another $0.8 million, Almost Family says in the release. The company did cheer the conclusion of the Securities and Exchange Commission investigation into Almost Family with no enforcement action recommended.Gentiva Health Services Inc. managed to cut its losses from a whopping $473.6 million [...]
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