Medicare’s 5.2 percent cut in reimbursement rates for home health providers like Lafayette-based LHC Group (Nasdaq:LHCG) is being blamed for the company’s 34 percent drop in first quarter profit.
For the three months ending March 31, the company earned $7.7 million, or 42 cents per share, compared with $11.7 million, or 64 cents per share in the first quarter of 2010. Net service revenue for the first quarter of 2011 increased to $161.8 million compared with $145.2 million for the same period in 2010.
“I am very proud of our team for their outstanding performance in the first quarter, as we adapted to a 5.2 percent reimbursement cut and prepared for the face to face requirements and the new therapy rules that went into effect on April 1st,” CEO Keith G. Myers said in announcing the results. “In spite of the reimbursement and regulatory challenges we faced in the quarter, we continued to improve quality outcomes and gain market share, as evidenced by our double digit organic admissions growth.”
The home health and hospice company also reaffirmed its guidance for fiscal year 2011 of net revenue in the range of $660 million to $670 million and fully diluted earnings per share in the range of $2.15 to $2.25. This guidance does not take into account the impact of any potential future acquisitions or share repurchases, de novo locations, or reimbursement changes.
The hip little River Ranch shop will open in the Acadiana Center for the Arts in time for the September ArtWalk.
Lafayette’s first-ever Whole Foods Market will open its doors in September.
"Although the administration is moving forward with climate change regulations at home, we don't consider how policy decisions in the United States impact greenhouse gas emissions in other parts of the world," says Roger Martella, the former general counsel at the Environmental Protection Agency under President George W. Bush.
Louisiana agriculture officials say prices for long-grain rice are projected to drop this year.
First-time claims for unemployment insurance in Louisiana for the week ending July 19 decreased from the previous week's total.
A judge is getting ready to set a new trial date for a former BP executive charged with obstructing a congressional investigation into the 2010 Gulf of Mexico oil spill.
Midsouth Bank has released its second quarter earnings report, showing a year-over-year increase for shareholders.
The parent of Investar Bank says its second-quarter earnings fell to $1.1 million or 26 cents a share from $1.7 million of 44 cents a share in the same period a year ago.
1,554 rigs were exploring for oil and 315 for gas. Two were listed as miscellaneous. A year ago there were 1,770 active rigs.
Most personal auto insurance policies exclude coverage when people charge money to drive others in their personal vehicles.
Louisiana's 21 casinos took in $203.5 million statewide in June, edging up one-half of a percentage point from a year earlier.
Business First Bank has announced plans for a Baton Rouge market expansion through a merger deal with American Gateway Financial Corp.
Mellow Mushroom Pizza Bakers opens on Johnston.
Acadiana's Top 50 Private Companies
It would be an understatement to say Schumacher Group had a challenging year in 2013.
Hampton Toyota has been serving Acadiana as the premier Toyota dealership for more than 10 years. And now, the glossy Johnston Street dealership is looking forward to a makeover.
Even when Floyd Degueyter is on “vacation” he’s hard at work.
As the second largest metal heat treating company in the country, Analytic Stress Relieving Inc. has grown by leaps and bounds since its inception in 1979.
When the Prohibition era came to an end in 1933, Joseph R. Streva saw an opportunity to make a little extra money to supplement his day job.
When a hurricane hits, Brent Mouton doesn’t run. The convenience store chain owner is proof that the challenges of mother nature can almost break a business, but Mouton learned to grow out of temporary closure from near devastation in 2002 and of lost potential revenue.
By launching a Super PAC to end all Super PACs, our Top 50 keynote speaker hopes to change the game in Washington.
Oil Center-based private facility extends its offerings with special events venue in failed women’s store.
One year later, is his expansion plan paying off?
Newspaper industry insiders question John Georges’ expansion plan.
How the U.S. has gotten itself into another fine mess