Key takeaways from our Q2 earnings

Thanks to the efforts of our employees nationwide, we have been able to face the challenges the COVID-19 pandemic presented to us. As recently reported in our Q2 earnings call, we continued to provide high quality care to our patients both in the home and hospital settings. 

While our operating environment continues to change rapidly along with the COVID-19 pandemic and each market’s response to it, we remain confident in the prospects of both of our business segments based on the increasing demands for the services we provide to an aging population. 

Not only have our patient volumes rebounded from the low point experienced in April, but we also continued to open hospitals and look for opportunities to grow our network of rehabilitation hospitals and home health and hospice locations.

Our patient volumes rebounded substantially

By the close of the second quarter, our rehabilitation hospital census rebounded to 95% of pre-pandemic levels, and home health starts of care rebounded to pre-pandemic levels.

Our Company hasn’t faced the publicized challenges other post-acute providers have with the virus. Though they don’t make up a significant number of the patients we’re currently admitting, many of our hospitals and home health agencies are treating patients recovering from COVID-19. Many of these patients have been in the acute hospital for weeks, often on a ventilator, and need our level of therapy and rehabilitation to get them back to their pre-COVID lives.

Throughout the pandemic we’ve continued to grow our footprint

Pandemic or not, the need for our services is not going away. We say it often, because it’s true—as the population ages, the need for our care will only increase. Throughout this pandemic we’ve continued to open hospitals and open or acquire home health agencies to  grow our national footprint. 

So far this year, we’ve opened three new hospitals, adding two new states to our network—Iowa and South Dakota. We’ve also announced plans to build eight new hospitals in 2021.

In our home health and hospice segment, we continue to seek opportunities to expand our national presence. Thus far in 2020, we have opened or acquired two new home health locations and one new hospice location. Although it’s been minimal at this time, as agencies are focused solely on their response to the COVID-19 pandemic and are being supported by the PPP and CARES Act funds, we still believe the Patient Driven Groupings Model (PDGM) will present industry consolidation opportunities for us.

We are confident in the future

We know we are not out of this pandemic, yet we remain confident in the prospects of both of our business segments based on the increasing demands for the services we provide to an aging population. This confidence is further supported by our strong financial foundation and the substantial investments we have made in our businesses. We have a proven track record of working through difficult situations, and I believe in our ability to overcome current and future challenges.

For more information on our results for the second quarter, view our earnings release and supporting materials.

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