Attached files
| file | filename |
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| 8-K - FORM 8-K - AMEDISYS INC | d312016d8k.htm |
| EX-99.2 - RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES - AMEDISYS INC | d312016dex992.htm |
 March
2012 Investor Presentation
Leading Home Health & Hospice
clinical
quality
clinical
quality
innovative
care models
innovative
care models
better
communities
better
communities
Exhibit 99.1 |
 Leading Home
Health & Hospice Forward-looking Statements
This
presentation
may
include
forward-looking
statements
as
defined
by
the
Private
Securities
Litigation
Reform
Act
of
1995.
These
forward-looking
statements
are
based
upon
current
expectations
and
assumptions
about
our
business
that
are
subject
to
a
variety
of
risks
and
uncertainties
that
could
cause
actual
results
to
differ
materially
from
those
described
in
this
presentation.
You
should
not
rely
on
forward-looking
statements
as
a
prediction
of
future
events.
Additional
information
regarding
factors
that
could
cause
actual
results
to
differ
materially
from
those
discussed
in
any
forward-looking
statements
are
described
in
reports
and
registration
statements
we
file
with
the
SEC,
including
our
Annual
Report
on
Form
10-K
and
subsequent
Quarterly
Reports
on
Form
10-Q
and
Current
Reports
on
Form
8-K,
copies
of
which
are
available
on
the
Amedisys
internet
website
http://www.amedisys.com
or
by
contacting
the
Amedisys
Investor
Relations
department
at
(800)
467-2662.
We
disclaim
any
obligation
to
update
any
forward-looking
statements
or
any
changes
in
events,
conditions
or
circumstances
upon
which
any
forward-looking
statement
may
be
based
except
as
required
by
law.
2
www.amedisys.com
NASDAQ: AMED
We encourage everyone to visit the
Investors Section of our website at
www.amedisys.com, where we
have posted additional important
information such as press releases,
profiles concerning our business
and clinical operations and control
processes, and SEC filings.
We intend to use our website to
expedite public access to time-
critical information regarding the
Company in advance of or in lieu of
distributing a press release or a
filing with the SEC disclosing the
same information. |
 Leading Home
Health & Hospice 82%
18%
Home Health
Hospice
Company Overview
1
3
•
Founded in 1982, publicly listed 1994
•
529 care centers in 41 states
•
16,500 employees
•
$1.5 billion in 2011 adjusted revenue
•
Largest provider of skilled home
health services
•
4
th
largest hospice business
•
85% of revenue is Medicare
1
For the quarter ended December 31, 2011
Revenue Mix |
 Leading Home
Health & Hospice Care Center Locations 2011
4
440 -
Home Health care centers
87 -
Hospice care centers
2 -
Hospice inpatient units
*As of December 31, 2011 |
 Leading Home
Health & Hospice 5
Revenue and Reimbursement
1
2008 industry cut was 2.9%, however due to other HHRG
changes overall reimbursement was budget neutral.
|
 Leading Home
Health & Hospice Favorable Long Term Trends
•
Compelling demographics
•
Patient preference
•
Low cost of care delivery
•
Increased payor and hospital focus
6
*Source: Hospital numbers are from US Census Bureau, All others are from Medpac
June 2011 Data Book Hospital
LTAC
IRF
SNF
Hospice
Home
Health
Average Cost of Stay
$10,043
$37,465
$16,568
$16,794
$11,008
$5,848
Average Length of
Stay
5.4 days
26 days
13 days
27 days
86 days
120 days
Average Per Diem
Cost
$1,853
$1,419
$1,265
$622
$128
$49 |
 Leading Home
Health & Hospice Today and Tomorrow
7
Traditional
HHC & HSP
Care
Management
Solutions
•
Fee for service
•
High volume / low margins
•
Technology investments to
drive efficiency
•
Need for scale
•
Clinical quality
•
Superior outcomes
•
Partnering with payors and
other providers
•
Clinical management
technology
•
Partner connectivity
•
Risk-bearing partnerships |
 Leading Home
Health & Hospice Post Acute Care Challenges Today
8
Hospital
Patient
Home
Referring
Physician
Post Acute
Facilities
Payors
Home
Health
Hospice
Key Issues
•Poor care coordination
•Fee-for-service
Patient
•Multiple conditions
•Numerous physicians
•Polypharmacy |
 Leading Home
Health & Hospice Post Acute –
ACO / Bundling
9
Hospital
Patient
Home
Referring
Physician
Post Acute
Facilities
Payors
Home
Health
Hospice
•
Aligned incentives
•
Data exchange
Amed Initiatives
•Healthcare at home
•AMS3
•Mercury Doc
•Hospital partnerships
•Managed care business
•CMS Bundled payment
pilot |
 Leading Home
Health & Hospice Post Acute –
Value Enhancement
10
Care Management
•Med. reconciliation
•Multidisciplinary care
•Telemonitoring
•Focus on readmissions
Care Coordination
•Telefax
•Connectivity –
Mercury Doc
Care Transitions
•Pre-discharge planning
•Facility care coordination
agreements
•Reporting
Facilities
Patient
Home
Referring
Physician
Payors |
 Leading Home
Health & Hospice Home Health/Hospice Medicare Spend
11
Source: Home Health is from CBO March 2011 Baseline report; Hospice is from CBO
March 2010 Baseline report |
 Leading Home
Health & Hospice Market Share –
Medicare Revenue
12
Sources: Company financials, Medicare claims data |
 Leading Home
Health & Hospice Business Fundamentals
13 |
 Leading Home
Health & Hospice •
Clinical Outcomes
–
Exceeded or met 8 out of 8 outcomes vs. footprint of reported measures
Clinical Excellence
14
Amedisys vs. Footprint –
Outcomes September 2011 |
 Leading Home
Health & Hospice Clinical Excellence
15
•
Clinical
leadership
investment
•
Standardized
30-day
readmissions
reporting
•
Enhanced
clinical
processes
–
Patient
care
conferences
•
Medical
director
involvement
•
Future
technology
upgrades
–
Patient-specific
care
treatment |
 Leading Home
Health & Hospice Growth
16
•
Managed
Care
•
Care
coordination
relationships
with
hospitals
and
health
systems
•
Integrated
sales
training
(across
the
continuum)
•
Market-specific
sales
plans
/
CRM
tool
•
Home
health/hospice
opportunities |
 Leading Home
Health & Hospice Operational Efficiency
17
•
Leadership training
•
Hospice point-of-care
•
Managing functional assessments
•
Industry leading operating system (AMS)
–
Technical
–
Economic
–
Strategic
•
Portfolio rationalization
–
Clinical
–
Quality
–
Connectivity |
 Leading Home
Health & Hospice Financial Review
18 |
 Leading Home
Health & Hospice Financial Highlights
19 |
 Leading Home
Health & Hospice 20
Summary Financial Results
($ in millions, except per share data)
2010
2011
4Q10
4Q11
Adjusted Continuing Operations
Net Revenue
$1,596.6
$1,465.6
$388.7
$370.7
Gross Margin %
50.1%
46.6%
49.6%
45.5%
EBITDA
1
256.0
156.3
58.1
35.6
EBITDA Margin
16.0%
10.7%
14.9%
9.6%
Fully-diluted EPS
$4.61
$2.27
$1.03
$0.49
1Adjusted
EBITDA,
a
non-GAAP
financial
measure,
is
defined
as
net
(loss)
income
from
continuing
operations
attributable
to
Amedisys,
Inc.
before
provision
for
income
taxes,
net
interest
expense,
and
depreciation
and
amortization
plus
certain
items
(i.e.,
certain
items
incurred
in
2010
and
2011,
which
are
detailed
in
our
Form
8-K
filed
with
the
Securities
and
Exchange
Commission
on
February
28,
2012).
Adjusted
net
(loss)
income
from
continuing
operations
attributable
to
Amedisys,
Inc.
common
stockholders
per
diluted
share
is
defined
as
diluted
(loss)
earnings
from
continuing
operations
per
share
plus
the
earnings
per
share
effects
of
certain
items
as
discussed
above.
These
non-GAAP
financial
measures
should
not
be
considered
as
an
alternative
to,
or
more
meaningful
than,
income
before
income
taxes,
cash
flow
from
operating
activities,
or
other
traditional
indicators
of
operating
performance.
The
calculations
of
these
non-GAAP
financial
measures
may
not
be
comparable
to
similarly
titled
measures
reported
by
other
companies,
since
not
all
companies
calculate
these
non-GAAP
financial
measures
in
the
same
manner.
1 |
 Leading Home
Health & Hospice Summary Division Results
21
($ in millions, except per share data)
2010
2011
4Q10
4Q11
Home Health
Net Revenue
$ 1,457.9
$ 1,247.9
$ 351.2
$ 302.5
Gross Margin %
50.5%
46.9%
49.8%
45.2%
Hospice
Net Revenue
$ 138.6
$ 217.7
$ 37.5
$ 68.2
Gross Margin %
46.5%
46.4%
47.2%
46.8%
Adjusted Continuing Operations |
 Leading Home
Health & Hospice 22
Summary Operating Statistics
2010
2011
4Q10
4Q11
Home Health
Care centers at period end
486
440
486
440
Total visits
8,899,106
8,335,493
2,153,498
2,027,499
Episodic-based admissions
247,789
233,721
60,776
56,959
Completed episodes
416,179
391,744
103,617
96,914
Revenue per episode
$3,312
$3,005
$3,294
$2,984
Statistics are for continuing operations only. |
 Leading Home
Health & Hospice Summary Operating Statistics
23
2010
2011
4Q10
4Q11
Hospice
Care centers at period
end
67
87
67
87
Total admissions
11,275
15,889
3,037
4,435
Daily census
2,832
4,197
3,035
5,010
Average length of stay
88
88
88
93
Statistics are for continuing operations only. |
 Leading Home
Health & Hospice 24
Summary Balance Sheet
Assets
Dec. 31, 2010
Dec. 31, 2011
Cash
$ 120.3
$ 48.0
Accounts Receivable, Net
141.5
148.1
Property and Equipment
138.6
148.5
Goodwill
791.4
334.7
Other
108.1
179.0
Total Assets
$ 1,299.9
$ 858.3
Liabilities and Equity
Debt
$ 181.9
$ 145.4
All Other Liabilities
238.3
192.8
Equity
879.7
520.1
Total Liabilities and Equity
$ 1,299.9
$ 858.3
Leverage Ratio
0.8x
1.0x |
 Leading Home
Health & Hospice 25
Liquidity
Available line of credit (LOC): 12/31/11 = $231M
($ in millions)
2011
2012
Cash Flow From Operations
$ 142
$ 100-110
Cap Ex
44
40-45
Debt repayments
38
34
Cash Flow, Net
60
26-31
Beginning Cash
120
Acquisitions
(132)
End Cash
$ 48 |
 Leading Home
Health & Hospice 26
Guidance
1
Calendar Year 2012
2
Net revenue:
$1.475 -
$1.525 billion
EPS:
$0.95 -
$1.10
Diluted shares:
30.2 million
1
Guidance
excludes
the
effects
of
the
following:
any
future
acquisitions,
if
any
are
made;
effects
of
any
share
repurchases;
non-recurring
costs
(i.e.
certain
items)
that
may
be
incurred
during
the
year
and
the
impact
of
any
future
Medicare
rate
changes.
2
Provided
as
of
the
date
of
our
form
8-K
filed
with
the
Securities
and
Exchange
Commission
on
February
28,
2012. |
 Leading Home
Health & Hospice Investment Rationale
•
Favorable demographic trends
•
IT infrastructure/scalability
•
Clinical quality and innovation
•
Strong liquidity and capital position
•
Market share capture opportunities
27
Efficient Core
Business
Care Mgmt
Solutions |
 Leading Home
Health & Hospice Contact Information
Kevin B. LeBlanc
Director of Investor Relations
Amedisys, Inc.
5959 S. Sherwood Forest Boulevard
Baton Rouge, LA 70816
Office: 225.299.3391
Fax: 225.298.6435
kevin.leblanc@amedisys.com
28 |