LAFAYETTE, La., July 13, 2010 (GLOBE NEWSWIRE) -- LHC Group, Inc. (Nasdaq:LHCG), a national provider of home health and hospice, announced today that it has received a request from the Securities and Exchange Commission (SEC) to preserve all documents relating to the Company's Medicare reimbursement practices. In the letter, the SEC expressed its intent to issue a subsequent request for the production of documents. LHC Group intends to fully cooperate with the review by the SEC.
"Since our inception, we have maintained a clinically driven, decentralized operating model and company culture that promotes the provision of care centered on the needs of the patients we serve. In our response to the SEC, we intend to demonstrate this commitment to patient-centered care and our commitment to compliance and program integrity," said LHC Group President and Chief Executive Officer Keith Myers.
Below are some key facts regarding LHC Group's therapy utilization and quality outcomes:
- LHC's overall therapy utilization from 2006 through 2008 was 13% below the national average.
- LHC's reimbursement per episode was 13% below the national average from 2006 through 2009.
- LHC's reimbursement per therapy episode was 8% lower than the national average from 2006 through 2009.
- LHC's therapy patients reported outcomes that were 7% better than the national average from 2006 through 2009.
- LHC has shown a 7% increase in overall quality outcomes from 2006 through 2009.
- LHC improved the overall quality outcomes at acquired agencies by 21% from 2006 through 2009.
Guidance
Although LHC's second quarter earnings call will take place on August 5, 2010, the Company reaffirms its previously issued 2010 annual guidance with revenues expected to be in the range of $615 million to $625 million and fully diluted earnings per share expected to be in the range of $2.75 to $2.85. This guidance does not take into account any future acquisitions. In 2010, the Company anticipates opening 25 to 30 new de novo locations, which has not been factored into the 2010 guidance. This guidance also does not include any future legal or other expenses associated with responding to the SEC or Senate Finance inquiries.
About LHC Group, Inc.
LHC Group, Inc. (www.LHCGroup.com) is a national provider of home health and hospice services, providing quality, cost-effective healthcare to patients within the comfort and privacy of their home or place of residence. LHC Group provides a comprehensive array of post-acute healthcare services through home health and hospice locations in its home-based division and long-term acute care hospitals in its facility-based division.
Certain matters discussed in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements about the Company's future financial performance and the strength of the Company's operations. Such forward-looking statements may be identified by words such as "continue," "expect," and similar expressions. Forward-looking statements involve a number of risks and uncertainties that may cause actual results to differ materially from those expressed or implied by such forward-looking statements, including changes in reimbursement, changes in government regulations, changes in LHC Group's relationships with referral sources, increased competition for LHC Group's services, increased competition for joint venture and acquisition candidates, changes in the interpretation of government regulations, and other risks set forth in Item 1A. Risk Factors in LHC Group's Annual Report on Form 10-K for the year ended December 31, 2009, filed with the Securities and Exchange Commission. LHC Group undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.