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Assured Home Health and Hospice President Richard Block expects big things from Assured’s acquisition by LHC Group Inc.
“This is a wonderful opportunity for the employee-owners of Assured,” he said.
“We now have joined a much larger family of clinical experts . . . [and] the citizens of Clallam and Jefferson counties will now have a rich resource in health care for those in need.”
LHC Group of Lafayette, La., will acquire 100 percent of the outstanding capital stock of Northwest Healthcare Alliance, which operates as Assured Home Health and Hospice.
Terms were not revealed. LHC said it expects to close the deal on Wednesday.
The acquisition will expand LHC’s footprint to 17 states with 232 home health and hospice locations. LHC is one of the nation’s largest providers of home nursing services.
Assured, based in Centralia, comprises four home health and five hospice locations in Washington, including Hospice of Clallam and Jefferson counties, with offices in Sequim, Forks and Port Townsend.
Block said LHC will work with the not-for-profit Assured Hospice Foundation to develop a capital budget campaign to raise funds for the building of a regulated, state Department of Health approved and sanctioned hospice care center.
“This is a dream Assured’s leaders have had for these past six years since being approved to bring the Medicare hospice benefit to Clallam and Jefferson counties,” said Block.
Since 2002, Block said, Assured has brought in more than $4 million of federal funds from Medicare that were never before available on the North Olympic Peninsula.
He said the Medicare funds were used for nursing, physician and social work services, drugs, durable medical equipment, inpatient and nursing home stays.
“Assured and LHC Group will combine resources to serve the community with pride and excellence in quality, regulated hospice care, as the only Medicare-approved [state] Department of Health-licensed hospice agency in Clallam County,” Block said.
‘Open access’
Block said LHC will also provide the financial resources in Clallam and Jefferson counties for Assured to offer “open access” for patients using curative therapies, “such as the treatments provided by the brilliant board-certified oncologists Drs. Thomas Kummet, Clare Bertucio and R. Health Foxlee at the Cancer Care Center in Sequim.”
“‘Open access’ permits patients to also have the palliative [pain-relieving] services provided at no charge by Assured’s Medicare hospice, licensed and certified professionals.”
Block added:
“What convinced me to join their organization was the fact that, of the dozens of interested parties in Assured, LHC was the one organization that grew from rural America, just like Assured.
“They understand rural, regulated health care under the Medicare umbrella.”
The president of LHC is a nurse, as is the chief operating officer, Block said.
The president of LHC has testified before Congress on health-care issues and is on the board of the National Association of Home Care.
The LHC board includes former U.S. Sen. John Breaux, D-La., and former U.S. Rep. W.J. “Billy” Tauzin, R-La.
“They are connected to the federal government’s inner sanctum to make sure Medicare remains the important benefit it is for home care and hospice,” Block said.
Block said the purchasing power of the larger group, with 5,600 employees, will also provide better benefits to Assured employees.
The service area of this acquisition spans nine counties in Washington and has an estimated total population of 650,000, with almost 15 percent over age 65.
Assured/Northwest Healthcare Alliance had net revenue for the most recent 12 months of about $10.2 million.
This acquisition is expected to add about 2 cents per share in earnings during 2009.
LHC shares have traded in a 52-week range of $13.55 to $36.83.
Keith Myers, chief executive officer of LHC Group, said Assured will provide a platform for future expansion of the company in the Pacific Northwest.
“We are excited to close out a great year of growth into new markets,” he wrote in a statement.
“We look forward to 2009 as all signs indicate it will be another year of significant growth for the LHC Group family.”.
