Still battling the fallout from the COVID-19 pandemic, LHC Group, one of the largest home health companies in the United States, made a substantial profit in the first quarter, the company reported late Wednesday.
Earnings per non-diluted share soared 86% to $1.39 in the first quarter. Revenues totaled $524.8 million, a 2.3% increase over the same period a year earlier.
More earnings details paint a picture of a company emerging from the pandemic. The Lafayette, LA-based company said home health admissions decreased 0.4% in the first quarter over the pre-pandemic 2020 quarter, but home health admissions increased 5.9% over the last quarter of 2020. Meanwhile, hospice admissions increased 5.9% in the first quarter versus the same period last year, but increased only 1.3% compared to the final quarter of 2020.
LHC Group Chairman and CEO Keith Myers said in a press release the company remains on strong financial footing, despite being stress tested by the pandemic and the Centers for Medicare and Medicaid Services new Patient Driven Grouping Model (PGDM) payment system.
“We are positioned to earn more market share with leading quality scores, increased physician referrals and a proven history of delivering value for our partners and improved outcomes for patients,” Myers said.
Myers said the COVID-19 pandemic would likely impact the company’s financial results through the remainder of this year. He said the company has implemented cost-cutting strategies and continues to have strong access to capital.
Myers also said the company is expected to accelerate mergers and acquisition activity throughout the year.