LHC Group, Inc. | August 17, 2022
LHC Group announced an agreement to purchase Three Rivers Home Health, a provider headquartered in Eastman, Ga. The acquisition includes nine total locations – expanding LHC Group's service footprint in 36 counties in the Certificate of Need state of Georgia.
The acquisition is expected to close in the fourth quarter of 2022, subject to customary closing conditions. LHC Group expects annualized revenue from this purchase of approximately $12 million and that it will not materially affect its 2022 diluted earnings per share.
Three Rivers Home Health will continue operating under its current name and from its present locations. There will be no interruption in the care provided to patients.
Three Rivers Founder and President for the last 43 years, Kaye B. Smith, RN, said: "It is time for us to step aside and allow Three Rivers to become part of a larger organization. This transaction will make it possible for our employees to have greater opportunities and to continue providing the high-quality care they do every day."
LHC Group is a leading national provider of in-home healthcare services. In addition to expanding LHC Group's service area, this acquisition aligns with the company's co-location strategy to provide multiple in-home healthcare services in certain markets, as well as its strategy of retaining and operating under a family of well-known local brands.
"This is a great opportunity to serve more patients and families in Georgia with the quality in-home healthcare they want and deserve. Our new team members at Three Rivers have earned an outstanding reputation for the service they provide. Together, we will help ensure greater access to care in the patient's preferred setting – their home."
Keith G. Myers, LHC Group's chairman and CEO
About LHC Group, Inc.
LHC Group, Inc. is a national provider of in-home healthcare services and innovations for communities around the nation, offering quality, value-based healthcare to patients primarily within the comfort and privacy of their home or place of residence. The company's 29,000 employees deliver home health, hospice, home- and community-based services, and facility-based care in 37 states and the District of Columbia – reaching 68 percent of the U.S. population aged 65 and older. Through Imperium Health, the company's ACO management and enablement company, LHC Group helps partners improve both savings and patient outcomes with a value-based approach. As the preferred joint venture partner for more than 400 leading U.S. hospitals and health systems, LHC Group works in cooperation with providers to customize each partnership and reach more patients and families with an effective and efficient model of care.
Memorial Hermann Health System | July 12, 2022
EnableComp has announced that Memorial Hermann Health System – a non-profit, community-focused, award-winning health system committed to creating healthier communities, now and for generations to come in the Houston area – has made a strategic investment in the company alongside Welsh, Carson, Anderson & Stowe.
Based in Franklin, Tennessee, EnableComp leverages its proprietary software embedded with advanced AI+RPA capability, Enforcer360, to increase revenue yield and accelerate collections for healthcare providers on Veterans Administration, Workers' Compensation, Motor Vehicle Accident/Third-Party Liability, and Out-of-State Medicaid claims. EnableComp also offers comprehensive Denial Resolution, ensuring providers maximize cash collections and revenue recovery from underpayments and/or zero-balance accounts. Today, the company serves more than 1,000 healthcare providers across all 50 states.
"We are very pleased to welcome Memorial Hermann as a health system investor partner. We look forward to working closely with their leadership to meet their needs and seek input on new product offerings. The investment enables us to continue to enhance our world-class Enforcer360 RCM technology platform, expand our product portfolio and ensure high-quality delivery of revenue cycle management solutions to the healthcare market."
Randy Dobbs, EnableComp's Chief Executive Officer
"As a non-profit, values-driven, community-owned health system, Memorial Hermann takes its dual roles of being a responsible financial steward and a trusted healthcare provider extremely seriously," said Feby Abraham, EVP and Chief Strategy Officer at Memorial Hermann Health System. "By making prudent investments in companies that align with our mission to improve health, we ensure we can continue meeting the needs of our Greater Houston community, one of the largest and fastest-growing metropolitan areas of the country, while also creating greater operational efficiencies. The decision to invest in EnableComp is guided by the same philosophies that drive all of our work: deliver value and create healthier communities. EnableComp fits squarely in that mission, with best-in-class solutions delivering compelling ROI and support, allowing health systems to focus on providing care to patients."
Memorial Hermann is one of the largest not-for-profit health systems in Southeast Texas. While practicing the highest standards of safe, evidence-based, quality care, the system's 6,500 affiliated physicians and 29,000 employees provide a personalized and outcome-oriented experience across more than 265 care delivery sites throughout the Greater Houston area.
Memorial Hermann will participate in EnableComp's Strategic Advisory Board to support growth initiatives, continuous quality improvement, new product development and expansion of capabilities.
About Memorial Hermann Health System
Charting a better future. A future that's built upon the HEALTH of our community. This is the driving force for Memorial Hermann, redefining health care for the individuals and many diverse populations we serve. Our 6,500 affiliated physicians and 29,000 employees practice the highest standards of safe, evidence-based, quality care to provide a personalized and outcome- oriented experience across our more than 265 care delivery sites. As one of the largest not-for- profit health systems in Southeast Texas, Memorial Hermann has an award-winning and nationally acclaimed Accountable Care Organization, 17* hospitals and numerous specialty programs and services conveniently located throughout the Greater Houston area. Memorial Hermann-Texas Medical Center is one of the nation's busiest Level I trauma centers and serves as the primary teaching hospital for McGovern Medical School at UTHealth Houston. For more than 115 years, our focus has been the best interest of our community, contributing more than $400 million annually through school-based health centers and other community benefit programs. Now and for generations to come, the health of our community will be at the center of what we do – charting a better future for all.
EnableComp partners with over 1,000 healthcare providers to manage Veterans Administration, Workers' Compensation, Motor Vehicle Accident/TPL, and Out of State Medicaid claims, as well as ERISA appeals. EnableComp also offer services for A/R management, zero balance recovery, and commercial and government denials. The company's industry leading technology and analytics identifies the right payer, at the right time, for the right amount, ensuring clients collect the appropriate revenue for their complex claims and denials. EnableComp is also among the top one percent of companies to make the Inc. 5000 list of the fastest-growing private companies in the United States for the last eight years.
About Welsh, Carson, Anderson & Stowe
WCAS is a leading U.S. private equity firm focused on two target industries: technology and healthcare. Since its founding in 1979, the firm's strategy has been to partner with outstanding management teams and build value for its investors through a combination of operational improvements, growth initiatives and strategic acquisitions. The firm has raised and managed funds totaling over $30 billion of committed capital.
Google Cloud | July 18, 2022
Northwell Health, New York State's largest health care provider and private employer, and Google Cloud announced a collaboration to improve patient care, clinician experiences, and to help the health and hospital network operate more efficiently.
The new alliance will be paramount in Northwell's effort to transform digital and connected experiences with the cloud and artificial intelligence (AI) to increase the efficiency of care and allow the health system more opportunities to better deliver equitable care in the communities it serves. Leveraging Google's advanced technology will give Northwell the ability to enhance experiences in digital scheduling, automate payer interactions and provide intelligent summarizations of medical information. In addition, Northwell will leverage Google Cloud's AI and machine learning (ML) capabilities for predictive insights to help with capacity planning and scheduling, and to identify risk indicators to help with early interventions.
"Digital transformation is critical to our long-term goals of further advancing clinical excellence in our health system," said Michael Dowling, president and CEO, Northwell Health. "This partnership will help us deliver personalized experiences by safely and privately harnessing customers' data to enhance care, well-being, and equity in care for our patients."
As part of this partnership, Northwell Health will leverage Google Cloud as its preferred cloud platform for infrastructure modernization, and to build an interoperable data platform with AI and ML capabilities. This includes contextual recommendations that equip nurses and clinicians with decision making support that goes beyond summarizing the information from different records, building relationships between the information to help support the right actions at the right time.
"People want the same kind of seamless experiences and access to their healthcare that they have in other areas of their life, and healthcare providers need to meet these demands while also running the organization more efficiently. Northwell Health is taking the lead on innovation and interoperability to transform health and wellness for millions of New Yorkers."
Joe Miles, managing director, Global Healthcare & Life Sciences Solutions for Google Cloud
Privacy and security will be of the utmost importance in all aspects of this digital transformation. Through the implementation of Google Cloud's reliable infrastructure along with Northwell Health's layers of security, privacy controls and processes, the access and use of patient data will be appropriately protected.
About Northwell Health
Northwell Health is New York State's largest health care provider and private employer, with 21 hospitals, 850 outpatient facilities and more than 12,000 affiliated physicians. We care for over two million people annually in the New York metro area and beyond, thanks to philanthropic support from our communities. Our 80,000 employees – 18,900 nurses and 4,900 employed doctors, including members of Northwell Health Physician Partners – are working to change health care for the better. We're making breakthroughs in medicine at the Feinstein Institutes for Medical Research. We're training the next generation of medical professionals at the visionary Donald and Barbara Zucker School of Medicine at Hofstra/Northwell and the Hofstra Northwell School of Nursing and Physician Assistant Studies.
About Google Cloud
Google Cloud accelerates every organization's ability to digitally transform its business. We deliver enterprise-grade solutions that leverage Google's cutting-edge technology – all on the cleanest cloud in the industry. Customers in more than 200 countries and territories turn to Google Cloud as their trusted partner to enable growth and solve their most critical business problems.