Amedisys, a leading home health and hospice firm, expanded revenues in the fourth quarter of 2023 but ultimately lost profits in its year-in-total financial results.
In the quarter ended Dec. 31, Amedisys generated $570.7 million in revenue, an increase of about 1.5% year-over-year, according to an earnings report. However, in part due to rising expenses, the company saw net income decrease almost 40% to $19 million. Home health had a strong quarter with admissions growth of more than 7%, whereas hospice admissions fell by just over 3%.
Amedisys lost nearly $11 million in calendar year 2023, compared to a gain of more than $117 million in 2022. During the entire year, revenues grew less than 1% to reach more than $2.2 billion. Home health saw growth in admissions, total volume and visits throughout the year, but Amedisys’ hospice segment endured lowered admissions and average daily census.
Amedisys also sold its personal care division at the end of the first quarter 2023, which had brought in millions of dollars during the previous year.
The home health and hospice provider has been in the process of being acquired by UnitedHealth Group’s Optum. In June, Optum offered to acquire Amedisys’ outstanding common stock for $101 per share, or roughly $3.3 billion. The Justice Department in August said it would conduct a second review of the deal amid mounting antitrust concerns.
But still, Amedisys has continued to expand its service offerings to better serve its customer base. Last week, the company partnered with Patient Choice Laboratories to bring rapid advanced molecular testing to all of its nationwide care centers, hastening clinicians’ ability to address complex medical needs and ultimately producing better outcomes, Amedisys said at the time.
