High-acuity care in the home has become an admissions growth engine for Amedisys (NASDAQ: AMED), which the company delivers through its subsidiary Contessa.
Combined, hospital-at-home and skilled nursing facility-at-home admissions grew by 55% year-over-year during the second quarter of the year. This is compared to a 4% increase in home health same-store admissions and a 6% decline for its hospice segment.
The company’s high-acuity business also saw a corresponding revenue jump to $4 million in Q2, up from $2.7 million the prior year. While these services still represent less than 1% of Amedisys’ total revenue, that segment is its fastest growing.
The company reported its first quarterly results since the UnitedHealth Group (NYSE: UNH) subsidiary Optum agreed to acquire Amedisys in an all-cash transaction of $101 per share, or about $3.3 billion. The pending transaction followed a previous offer to acquire Amedisys by the home infusion company Option Care Health (NASDAQ: OPCH) for $3.6 billion.
“We are excited about this opportunity with Optum – it’s a win for everyone, especially patients who need our services,” Amedisys CEO Richard Ashworth said in a video sent to employees, according to a transcript. “Combining our home health, hospice, palliative, and high-acuity care services with Optum’s value-based care experience and resources will accelerate Amedisys and Optum’s shared mission to serve more patients and improve outcomes and patient experiences at lower costs.”
Amedisys saw its net service revenue drop to $553 million in Q2, compared to $557.9 million in the prior year’s quarter. This was attributed in part to costs associated with the acquisition, which so far have reached $125.5 million.
Though hospice admissions fell, the segment’s revenue saw a modest increase, reaching $199.2 million, up from $198.4 million in Q2 2022.
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