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LHC Group Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: November 3, 2010 05:33PM

LHC Group (LHCG) filed Quarterly Report for the period ended 2010-09-30. Lhc Group has a market cap of $509.8 million; its shares were traded at around $27.5 with a P/E ratio of 10.7 and P/S ratio of 0.9. Lhc Group had an annual average earning growth of 32.7% over the past 5 years.

LHCG is in the portfolios of Chuck Royce of Royce& Associates, Paul Tudor Jones of The Tudor Group, Jim Simons of Renaissance Technologies LLC, George Soros of Soros Fund Management LLC.

Highlight of Business Operations:

Home Nursing. The base payment rate for Medicare home nursing in calendar year (“CY”) 2010 is $2,312.94 per 60-day episode. This is an increase of 1.8% over the CY 2009 base payment rate of $2,271.92. The increase includes a 2.2% market basket increase, a 2.75% coding adjustment decrease, and a 2.5% increase resulting from a modification to the current outlier policy.

The standard Federal rate for FY 2011 is $39,599.95, which will apply to LTCH-PPS discharges occurring on or after October 1, 2010 through September 30, 2011 and the high cost outlier threshold will be $ $18,785.

At September 30, 2010, the Company’s allowance for uncollectible accounts, as a percentage of patient accounts receivable, was approximately 11.4%, or $10.0 million, compared to 10.1% or $8.3 million at December 31, 2009.

Consolidated net service revenue for the three months ended September 30, 2010 was $166.6 million, an increase of $33.7 million, or 25.4%, from $132.9 million for the three months ended September 30, 2009. Consolidated net service revenue for the nine months ended September 30, 2010 was $467.0 million, an increase of $76.5 million, or 19.6%, from $390.5 million for the nine months ended September 30, 2009.

Home-Based Services. Net service revenue for home-based services for the three months ended September 30, 2010 was $145.8 million, an increase of $28.7 million, or 24.5%, from $117.1 million for the three months ended September 30, 2009. Total admissions increased 21.6% to 23,807 during the current period, compared to 19,582 for the same period in 2009. Average home-based patient census for the three months ended September 30, 2010, increased 18.7% to 33,402 patients as compared to 28,150 patients for the three months ended September 30, 2009.

Net service revenue for home-based services for the nine months ended September 30, 2010 was $411.0 million, an increase of $66.2 million, or 19.2%, from $344.8 million for the nine months ended September 30, 2009. Total admissions increased 21.7% to 68,152 for the nine months ended September 30, 2010, compared to 55,993 for the same period in 2009. Average home-based patient census for the nine months ended September 30, 2010, increased 12.0% to 31,823 patients as compared to 28,401 patients for the nine months ended September 30, 2009.

Read the The complete Report



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