Tag: Option Care Health

BANNOCKBURN, Ill. – Option Care Health reported net revenue of $1.07 billion and net income of $114.4 million for the second quarter of 2023.  Gross profit was $250.8 million or 23.5% of net revenue, and adjusted EBITDA was $110.1 million for the quarter.  “The Option Care Health team executed on another solid quarter of financial results,” said John Rademacher, CEO. “Our commitment to providing unparalleled care that produces superior clinical outcomes makes...

BANNOCKBURN, Ill. – Option Care Health announced today that it has terminated its $3.6 billion merger with Amedisys, just weeks after Optum made an unsolicited bid for the home health care provider.  Option Care Health says it will receive a $106 million termination fee.   "While we are disappointed in this outcome, Option Care Health has a long track record of delivering value for our shareholders," said John C. Rademacher, president and CEO. "We take a disciplined approach...

Recently, I wrote about the news that Humana has contracted with AdaptHealth and Rotech Healthcare to provide HME products and services to its Medicare Advantage HME members.  Now, another giant health care company is making waves in the HME industry: Optum, which has been a subsidiary of UnitedHealthcare since 2011 and which earlier this year bought LHC Group for a reported $5.4 billion.  LHC Group has 30,000 employees delivering home health, hospice, home- and community-based services,...

DEERFIELD, Ill. - Walgreens Boots Alliance has sold its remaining 10.8 million shares of Option Care Health, generating about $330 million.  Earlier this year, in March, Walgreens sold 13 million shares of Option Care Health at $30.75 per share. Last year, it sold 11 million shares in the company.  Walgreens says it will use the proceeds from the sale “primarily for debt paydown, continued support of the company’s strategic priorities and healthcare transformation.”  The...

EDEN PRAIRIE, Minn., and BATON ROUGE, La. – Optum has submitted an all-cash proposal to buy Amedisys, despite Option Care Health announcing last month that it was merging with the home health and hospice provider.  “Amedisys’ commitment to quality and care innovation within the home, and the patient-first culture of its people, combined with Optum’s deep value-based care expertise can drive meaningful improvement in the health outcomes and experiences of more patients...

EDEN PRAIRIE, Minn., and BATON ROUGE, La. – Optum has submitted an all-cash proposal to the board of directors of Amedisys to combine with the company in an effort to advance value-based care.  “Amedisys’ commitment to quality and care innovation within the home, and the patient-first culture of its people, combined with Optum’s deep value-based care expertise can drive meaningful improvement in the health outcomes and experiences of more patients at lower costs, leading...

YARMOUTH, Maine – As value-based care gains steam, home infusion companies are increasingly making moves to bulk up their size and offerings, say M&A analysts.  “All of these folks are positioning to be a solution for value-based care, and no one is sure how it will shake out, but they know they need to partner with someone to get bigger in order to be attractive to payers,” said Pat Clifford, managing director, home medical equipment, for The Braff Group.  The biggest,...

BANNOCKBURN, Ill. – Option Care Health reported net revenue of $1.02 billion and net income of $39.2 million for the first quarter of 2023.  Gross profit was $229 million, or 22.5% of net revenue, up 14% compared to $200.9 million, or 21.9% of net revenue, in the first quarter of 2022. Adjusted EBITDA was $93.8 million, up 20.6% compared to $77.8 million.  "The Option Care Health team's commitment to providing extraordinary patient care in the post-acute and ambulatory setting...

BANNOCKBURN, Ill. - Option Care Health has formed a nationwide home infusion nursing network and clinical platform called Naven Health that employs more than 1,500 nurses across the country with the ability to provide care in all 50 states. Option Care formed Naven Health as a wholly owned subsidiary through the acquisitions of Infinity Infusion Nursing in October 2021 and Specialty Pharmacy Nursing Network in April 2022. “Nurses are at the center of who we are at Naven Health,” said...

BANNOCKBURN, Ill. – Option Care Health closed out 2022 with $294 million in cash on hand, despite inflationary pressures across the broader economy, said company execs on a recent call to discuss their financial results.  Conservatively, the company “digested” more than $40 million in year-over-year cost pressures in labor, medical supplies, oil-derived products and operating inputs. Those increased costs are likely here to stay, says CFO Mike Shapiro.  “We...