LAFAYETTE, La., Nov. 12, 2020 /PRNewswire/ -- LHC Group, Inc. (NASDAQ:LHCG) announced today that it has agreed to purchase Grace Hospice of Oklahoma, located in Tulsa, Okla.
This acquisition is the latest addition to LHC Group's existing hospice footprint of more than 110 locations nationwide.
The agreement is expected to close on December 1, subject to customary closing conditions. LHC Group expects annualized revenue from this purchase of approximately $12.1 million and that it will not materially affect its 2020 diluted earnings per share. The provider will continue to operate under the Grace Hospice name.
"This is an outstanding opportunity to continue expanding our hospice service line as we make our initial entry into the state of Oklahoma," said Keith Myers, LHC Group chairman and CEO. "Grace Hospice has achieved a remarkable reputation for service in their community, and we look forward to building on a trusted name and a record of providing high-quality hospice care to patients and families in Tulsa and across the region."
This acquisition is the latest addition to LHC Group's existing hospice footprint of more than 110 locations around the nation. The company plans to eventually establish home health services in the Tulsa market – in alignment with its ongoing growth strategy of co-locating other in-home healthcare services in communities and markets where there is a need and established, sensible benchmarks are met.
In-home, end-of-life hospice care helps patients live comfortably, with dignity, when a cure is no longer possible. Hospice professionals provide the emotional, spiritual, and medical support needed when patients are facing the final stages of life. Hospice care can be provided in any place a patient calls home, including nursing homes and assisted living facilities.
LHC Group is a leading national provider of in-home healthcare and hospice services and the joint venture partner of choice for almost 400 leading hospitals across the United States.