Home health and hospice provider Amedisys posted revenue growth for the third quarter as admissions spiked for the Baton Rouge, La.-based company.
The financial results came the same week the company made an aggressive merger and acquisition deal.
Amedisys reported income of $8.4 million on $326.5 million in revenue for this year's third quarter. Income for the same period last year was identical, but derived from $300.3 million in revenue.
The company reported revenue growth in both its hospice and home health segments for the quarter. Hospice care saw a 16% surge in year-over-year growth, which the company attributed to a 23% increase in its patient census over the hospice census number taken Dec. 31, 2014. Same-facility admissions were up 26% over the prior-year quarter, the second straight quarter of double-digit growth, the company reported. Costs per day decreased $2.56, which Amedisys said was driven by lower pharmacy costs.
Revenue from the company's home health segment grew 7% over the same time quarter last year. Non-Medicare same-facility admissions grew 21%, while same-facility admissions for Medicare were up 4%. However, costs per home health visit rose just over $2, which Amedisys attributed to expected increases from ICD-10 preparation, and increased contractor use during that process. There were also higher-than-anticipated labor costs from employee health insurance and workers' compensation, the company said.
The third-quarter earnings release came as Amedisys announced it would acquire Infinity HomeCare, based in Sarasota, Fla., for $63 million. The deal gives Amedisys 15 centers in Florida.
