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Supplemental Slides February 19 th , 2020 1 Forward-looking - - PowerPoint PPT Presentation

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Amedisys Fourth Quarter and Year End 2019 Earnings Call Supplemental Slides February 19 th , 2020 1 Forward-looking statements www.amedisys.com This presentation may include forward-looking statements as defined by the Private Securities

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1

Amedisys Fourth Quarter and Year End 2019 Earnings Call Supplemental Slides

February 19th, 2020

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2 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

  • r by contacting the Amedisys Investor Relations department at (225) 292-2031.

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.

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.

Forward-looking statements

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3

A Look Back

FY 2019 Accomplishments (as compared to FY 2018 unless otherwise noted)

Employer of Choice

  • Reduced overall voluntary

turnover from 17.2% in 2018 to 16.9% in 2019 (ex. PRN)

  • Focused our turnover efforts to

drive down early exits, enabling us to focus on hiring and retaining the right talent. We reduced our early exit rate by 14% over 2018, ending the year at 12.4% Clinical Distinction

  • Maintained at least 91% of

all Home Health care centers achieving 4.0+ Quality of Patient Care star score

  • Outperformed industry
  • n all hospice item set (HIS)

quality metrics

  • Expanded care centers on

Medalogix Touch and Care products from ~10% to nearly 50% of our Home Health care center portfolio Operational Excellence and Efficiency

  • Grew EBITDA from

$180.6M to $225.3M, an increase of 25%

  • Expanded consolidated

EBITDA margin 70 bps to 11.5%

  • Increased LPN utilization to

40.5% (from 38.1%) & PTA utilization to 43.0% (from 40.7%)

  • Delivered over $200M in cash

flow from operations Driving Growth

  • Home Health total

admissions grew +7%

  • Hospice total ADC grew to

~11,200 from ~7,600 (~5%) via organic & inorganic growth

  • Acquired Compassionate Care

Hospice (2/1), RoseRock Hospice (4/1) and signed Asana Hospice (closed 1/1/20)

  • Executed innovative, nation-

wide Personal Care partnership agreement

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4

Our Key Areas of Focus

Strategic areas of focus and progress made during 4Q’19

  • Home Health*:

Total same store admissions +4%. Total same store volume +4%

  • Hospice:

Admissions +1%, ADC +8%

  • Personal Care:

Billable hours / quarter -10% (including acquisitions)

1

Organic Growth

  • Quality: Amedisys

Apr’20 preview STARS score of 4.26 reflects CMS change in measurement (added Improvement in

  • Mgmt. of Oral

Meds)

  • 48 Amedisys care

centers rated at 5- Stars in the Apr’20 Preview (91% of care centers at 4+ Stars)

  • Hospice quality –
  • utperforming

industry average in all hospice item set (HIS) categories

3

Clinical Initiatives

  • Focusing on
  • ptimizing RN /

LPN & PT / PTA staffing ratios.

  • Current LPN

Ratio: 42.3% (vs. 38.6% in 4Q’18)

  • Current PTA

Ratio: 44.4% (vs. 41.7% in 4Q’18)

4

Capacity and Productivity

  • CCH integration

remains on target

  • ADC disruption

felt during 3Q and 4Q

  • Delivered total

2019 synergies

  • f ~$6M. On

track to achieve $10M in synergies in 2020

  • Tuck-in pipeline

remains very active; however, valuations have been a challenge

  • De novo update:
  • 11 de novo’s

started with 8 currently

  • perating as of

4Q’19

5

M&A

2

Recruiting / Retention

  • Targeting industry

leading employee retention amongst all employee categories

  • Current total

voluntary turnover ~16.9%

  • Focus on reduction
  • f clinical turnover

with heavy focus on clinicians and “early exits”

*Note: Home Health same store volume is defined as admissions plus recertifications

  • CMS finalized

PDGM inclusive of a

  • 4.36% Behavioral

Assumption – Amedisys impact will be lower

  • 2020 Hospice rate

update for AMED (in effect 10/1) ~0.5%

6

Regulatory

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5

Amedisys 2020 New Initiatives

Our strategy remains the same (Clinical Excellence, Employer of Choice, Operational Excellence, Driving Growth); however, in 2020 we have several new initiatives that will be of focus

Scale Personal Care Network CCH PDGM Clinical Excellence, Employer of Choice, Operational Excellence Growth Deliver $34M - $36M EBITDA Build infrastructure needed for care coordination Thrive under payment reform Consistent growth in all three lines of business Our foundational strategies

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6

Highlights and Summary Financial Results (Adjusted): 4Q 2019(1)

Home Health total same store volume +4%, total same store admissions +4%. Hospice same store admissions +1%

Amedisys Consolidated

  • Revenue Growth: +15%
  • EBITDA: $52.2M (+19%)
  • EBITDA Margin: 10.4% (+30 bps)
  • EPS: $0.94 (+3%)

4Q’19

  • Net debt: $149.3M
  • Net Leverage ratio: 0.7x
  • CFFO: $75.2M
  • Free cash flow (4): $72.4M
  • DSO: 40.9 (vs. Q3’19 of 44.5)

Balance Sheet & Cash Flow

4Q’19

Same Store (2)(3):

  • Total Volume: +4%
  • Total Admissions: +4%

Other Statistics:

  • Revenue per Episode: $2,916 (+0.9%)
  • Total Cost per Visit: $94.26 (+2.1%)
  • Medicare Recert Rate: 36.8% (-100

bps)

Home Health

Growth Metrics (5):

  • Billable hours/quarter: -10%
  • Clients served: -6%

Personal Care

Same Store Volume (3):

  • Admissions: +1%
  • ADC: +8%

Other Statistics:

  • Revenue per Day: $153.42

(+1.3%)

  • Cost per day: $83.13 (+5.2%)

Hospice

4Q’19 4Q’19 4Q’19

Adjusted Financial Results(1)

4Q’19

1. The financial results for the three-month periods and years ended December 31, 2018 and December 31, 2019 are adjusted for certain items and should be considered a non-GAAP financial

  • measure. A reconciliation of these non-GAAP financial measures is included in the corresponding 8-K detailing quarterly results for each respective reporting period.

2. Same Store volume – Includes admissions and recertifications. 3. Effective July 1, 2019 same store is defined as care centers that we have operated for a least the last 12 months and startups that are an expansion of a same store care center. 4. Free cash flow defined as cash flow from operations less routine capital expenditures and required debt repayments. 5. Includes acquisitions. $ in Millions, except EPS 4Q18 4Q19 FY 2018 FY 2019 Home Health 304.0 316.1 1,176.2 1,256.4 Hospice 108.8 164.6 410.9 623.2 Personal Care 21.6 20.0 77.2 82.0 Total Revenue 434.4 $ 500.7 $ 1,664.3 $ 1,961.6 $

Gross Margin % 39.6% 41.0% 40.3% 41.4%

Adjusted EBITDA 43.9 52.2 180.6 225.3

10.1% 10.4% 10.8% 11.5%

Adjusted EPS $0.91 $0.94 $3.63 $4.40 Free cash flow (4) $62.8 $72.4 $214.3 $192.8

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OUR REVENUE SOURCES: 4Q’19

68.0% 12.8% 19.2% Home Health Revenue

Medicare FFS Private Episodic Per Visit

63.1% 32.9% 4.0% Amedisys Consolidated Revenue

Home Health Hospice Personal Care

  • Medicare FFS: Paid episodically over a 60-

day episode

  • Private Episodic: MA and Commercial plans

who pay us over a 60-day episode. Generally at rates ~90% – 100% of Medicare

  • Per Visit: Managed care, Medicaid and private

payors reimbursing us per visit performed

95.1% 4.9% Hospice Revenue

Medicare FFS Private

Hospice Per Day Reimbursement:

  • Routine Care: Patient at home with

symptoms controlled – 99% of the Hospice care AMED provides, in line with overall hospice industry provision of care

  • Continuous Care: Patient at home with

uncontrolled symptoms

  • Inpatient Care: Patient in facility with

uncontrolled symptoms

  • Respite Care: Patient at facility with

symptoms controlled

  • Home Health: 321 care centers; 34 states & DC
  • Hospice: 138 care centers; 33 states
  • Personal Care: 12 care centers; 3 states
  • Total AMED: 471 care centers; 38 states

and D.C.

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8

Home Health and Hospice Segment (Adjusted) – 4Q 2019(1)

  • Revenue per Episode up +0.9%
  • Recert rate down 100 bps
  • Y/Y CPV up +$1.90 (+2.1%, raises effective 8/1)
  • EBITDA as a % percentage of revenue: +90 bps
  • Visits per Episode down 0.7 to 17.0

Home Health Highlights

  • Same store average daily census (ADC) up 8%
  • Net revenue per day +1.3%
  • ~$0.4M cap expense for 4Q (~2.1M YTD)
  • CCH revenue contribution: $43.7M
  • CCH segment EBITDA contribution $3.9M ($2.4M net of

corporate)

Hospice Highlights

1. The financial results for the three-month periods and years ended December 31, 2018 and December 31, 2019 are adjusted for certain items and should be considered a non-GAAP financial measure. A reconciliation of these non-GAAP financial measures is included in the corresponding 8-K detailing quarterly results for each respective reporting period. 2. Pre-Corporate EBITDA does not include any corporate G&A expenses. 3. Same store information represents the percent change in volume or admissions for the period as a percent of the volume or admissions of the prior period 4. Effective July 1, 2019, same store is defined as care centers that we have operated for a least the last 12 months and startups that are an expansion of a same store care center.

Home health total volume growth (+4%); Hospice continues strong ADC growth (+8%)

$ in Millions 4Q18 4Q19 2018 2019 Medicare 211.5 215.1 832.5 859.2 Non-Medicare 92.5 101.0 343.7 397.2 Home Health Revenue $304.0 $316.1 $1,176.2 $1,256.4

Gross Margin % 37.7% 39.3% 38.6% 40.0%

Pre-Corporate EBITDA (2) $43.4 $48.1 $177.8 $205.0

14.3% 15.2% 15.1% 16.3%

Operating Statistics Same Store Growth (3 )(4) Total Volume 6% 4% 7% 5% Total Admissions 6% 4% 5% 7% Revenue per Episode 2,891 $ 2,916 $ 2,854 $ 2,920 $ Recert Rate 37.8% 36.8% 38.1% 36.8% Total Cost per visit $92.36 $94.26 $89.89 $91.15 HOME HEALTH Year Ended $ in Millions 4Q18 4Q19 2018 2019 Medicare 103.5 156.6 390.2 592.6 Non-Medicare 5.3 8.0 20.7 30.6 Hospice Revenue $108.8 $164.6 $410.9 $623.2

Gross Margin % 47.8% 45.8% 48.4% 46.4%

Pre-Corporate EBITDA (2) $29.1 $37.6 $114.3 $152.0

26.8% 22.8% 27.8% 24.4%

Operating Statistics Admit growth - same store (4) 12% 1% 8% 4% ADC growth - same store (4) 9% 8% 11% 7% ADC 7,809 11,660 7,588 11,164

  • Avg. discharge length of stay

103 100 100 98 Revenue per day (net) $151.46 $153.42 $148.36 $151.47 Cost per day $79.02 $83.13 $76.53 $82.24 HOSPICE Year Ended

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General & Administrative Expenses – Adjusted (1,2)

Notes:

  • Year over year total G&A as a percentage of revenue increased 100 basis points
  • Home Health segment G&A: 70 bps increase as % of revenue - 40 bps due to change in staffing model (reclass of Clinical

Manager Assistant role from Cost of Revenue to G&A) and raises

  • Hospice segment G&A: 190 bps increase as % of revenue – including $11.5M from acquisition of CCH
  • Personal Care segment G&A: flat as % of revenue
  • Corporate G&A: flat as a % of revenue – including $1.5M from acquisition of CCH
  • Total G&A as a percentage of revenue increased 40 bps sequentially

1. The financial results for the three-month periods ended December 31, 2018, March 31, 2019, June 30, 2019, September 30, 2019 and December 31, 2019 are adjusted for certain items and should be considered a non-GAAP financial measure. A reconciliation of these non-GAAP financial measures is included in the corresponding 8-K detailing quarterly results for each respective reporting period. 2. Adjusted G&A expenses do not include depreciation and amortization.

Added investments to Home Health and Hospice to support volume growth

29.7% 29.7% 29.6% 30.3% 30.7%

28.0% 29.0% 30.0% 31.0% 32.0% 4Q18 1Q19 2Q19 3Q19 4Q19

Total G&A as a Percent of Revenue

G&A as a Percent of Revenue $ in Millions 4Q18 1Q19 2Q19 3Q19 4Q19 Home Health Segment - Total 71.2 71.4 74.0 75.6 76.3 % of HH Revenue 23.4% 23.0% 23.2% 24.3% 24.1% Hospice Segment - Total 22.9 29.0 34.8 35.6 37.8 % of HSP Revenue 21.1% 21.1% 21.9% 21.9% 23.0% Personal Care Segment - Total 3.2 3.1 3.1 3.0 3.0 % of PC Revenue 14.9% 15.5% 14.9% 14.6% 14.9% Total Corporate Expenses 31.8 35.6 35.7 35.9 36.6 % of Total Revenue 7.3% 7.6% 7.2% 7.3% 7.3% Total 129.1 139.1 147.6 150.1 153.7 % of Total Revenue 29.7% 29.7% 29.6% 30.3% 30.7%

4Q18 1Q19 2Q19 3Q19 4Q19 Salary and Benefits 18.2 19.6 20.6 20.8 20.9 Other 10.0 11.4 11.3 10.9 11.4

  • Corp. G&A Subtotal

28.2 31.0 31.9 31.7 32.3 Non-cash comp 3.6 4.6 3.8 4.2 4.3 Adjusted Corporate G&A 31.8 35.6 35.7 35.9 36.6

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Industry Leading Quality Scores

Note: Top Competitor Avg weighted by CCN count and includes LHC, Kindred, AFAM, EHC and BKD

Metric JUL 19 Release OCT 19 Release JAN 20 Release APR 20 PREVIEW Quality of Patient Care 4.27 4.28 4.27

4.26

Entities at 4+ Stars 85% 88% 86% 86% Metric APR 19 Release JUL 19 Release OCT 19 Release JAN 20 Release Patient Satisfaction Star 4.19 3.87 3.97

3.71

Performance Over Industry +8% +6% +6% +6%

Quality of Patient Care (QPC) Patient Satisfaction (PS)

  • Amedisys maintains a 4-Star average in the April 2020 HHC preview with 86% of our providers (representing 91% of

care centers) at 4+ Stars and 52% of our providers (representing 60% of care centers) at 4.5+ Stars

  • 29 Amedisys providers (representing 48 care centers) rated at 5-Stars in the April HHC 2020 preview
  • In April 19 Preview for QPC, new measure introduced: Improvement in Management of Oral Meds
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Hospice Quality: Amedisys Hospice Continues to Move Towards Best-in-Class

Hospice Quality

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12

Components 4Q’18 3Q’19 4Q’19 YoY Variance Detail Initiatives Salaries $62.79 $63.24 $64.18 $1.39 YoY increase due to planned wage increases partially offset by improvements in clinical utilization and optimization of discipline mix Staffing mix optimization, productivity and scheduling improvement initiatives in place to help overcome planned salary increases Contractors $3.38 $2.83 $2.72 ($0.66) YoY utilization improvement driving reduction in CPV Focused efforts on filling positions with full-time clinicians Benefits $11.60 $11.14 $12.45 $ 0.85 YoY increase in health and workers comp Focus on cost containment and spend

  • ptimization with specific focus on high

cost claims Transportation & Supplies $6.50 $6.47 $6.47 ($0.03) *Visiting Clinician CPV $84.27 $83.68 $85.82 $1.55 Clinical Managers $8.09 $8.09 $8.44 $0.35 Fixed cost associated with non- visiting clinicians and planned wage increases Unit cost reduced as volume increases Total CPV $92.36 $91.77 $94.26 $1.90

Operational Excellence: Home Health Cost Per Visit (CPV)

Total CPV impacted by planned wage increases

*Note: Direct comparison with industry competitors CPV calculation

$25.00 $50.00 $75.00 $100.00 4Q18 3Q19 4Q19

Cost Per Visit (CPV)

Salaries Contractors Benefits Transportation

$84.27 $83.68 $85.82

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Driving Top Line Growth

Continuing growth in all three lines of business

6% 6% 6% 6% 4%

  • 1.0%

1.0% 3.0% 5.0% 7.0% 9.0% 50,000 100,000 150,000 4Q18 1Q19 2Q19 3Q19 4Q19 Volume YoY Same Store Growth

Home Health Total Volume Hospice ADC

9% 8% 5% 5% 8%

0.0% 5.0% 10.0% 15.0% 20.0% 4,000 6,000 8,000 10,000 12,000 14,000 4Q18 1Q19 2Q19 3Q19 4Q19 ADC YoY Same Store Growth

Personal Care Total Hours / Quarter

200,000 400,000 600,000 800,000 1,000,000 4Q18 1Q19 2Q19 3Q19 4Q19 Billable Hours *Includes impact of East Tennessee (5/1/18) and Bring Care Home (10/1/18) acquisitions

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Debt and Liquidity Metrics

~0.7x net leverage – revolver completely paid off during 2019 post Compassionate Care acquisition ex. Asana borrowing

1. Net debt defined as total debt outstanding ($245.7M) less cash & restricted cash balance ($96.5M). 2. Leverage ratio (net) is defined as net debt divided by last twelve months adjusted EBITDA ($225.3M). 3. Liquidity defined as the sum of cash balance and available revolving line of credit.

Total Debt Outstanding 245.7 Less: Deferred Debt Issuance Costs (3.5) Total Debt - Balance Sheet 242.2 Total Debt Outstanding 245.7 Less: Cash & Restricted Cash (96.5) Net Debt (1) 149.2 Leverage Ratio (net) (2) 0.7 Term Loan 175.0 Revolver Size 550.0 Borrowing Capacity 725.0 Revolver Size 550.0 Oustanding Revolver (70.0) Letters of Credit (30.2) Available Revolver 449.8 Plus: Cash & Restricted Cash 96.5 Total Liquidity (3) 546.3 As of: 12/31/19 Credit Facility Outstanding Debt As of: 12/31/19

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Cash Flow Statement Highlights (1)

1. Free cash flow defined as cash flow from operations less routine capital expenditures and required debt repayments.

$ in Millions 4Q18 1Q19 2Q19 3Q19 4Q19 GAAP Net Income 27 .7 31 .6 34.0 34.3 28.0 Changes in working capital 1 7 .4 (25.3) 1 2.6 (1 7 .2) 33.8 Depreciation and amortization 3.4 2.9 5.2 4.4 6.0 Non-cash compensation, includes 401 (k) match expense 7 .3 9.0 7 .8 9.2 9.6 Deferred income taxes 5.4 3.3 2.6 1 1 .9 (4.3) Other 2.8 (1 .4) (2.9) 4.9 2.1 Cash flow from operations 64.0 20.1 59.3 47.5 75.2 Capital expenditures - routine (0.8) (1 .2) (0.3) (1 .2) (1 .0) Required debt repay ments (0.4) (0.6) (1 .7 ) (1 .5) (1 .8) Free cash flow 62.8 18.3 57.3 44.8 72.4 Capital Deployment Acquisitions (5.2) (327 .9) (1 7 .5)

  • Equity Inv estments

(3.7 ) (0.1 ) (0.1 )

  • Total

(8.9) (328.0) (17.6)

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Income Statement Adjustments (1)

1. The financial results for the three-month periods ended December 31, 2018, March 31, 2019, June 30, 2019, September 30, 2019 and December 31, 2019 are adjusted for certain items and should be considered a non-GAAP financial measure. A reconciliation of these non-GAAP financial measures is included in the corresponding 8-K detailing quarterly results for each respective reporting period. 2. Planned closures consist of in-patient units acquired from Compassionate Care Hospice whose operations ceased in April 2019. $000s Income Statement Line Item 4Q18 1Q19 2Q19 3Q19 4Q19 Revenue Contingency Accrual Net Serv ice Rev enue

  • $

1 ,01 8 $ 5,523 $

  • $
  • $

Planned Closures (2) Net Serv ice Rev enue

  • (540)

(8)

  • 6

Cost of Service Planned Closures (2) Cost of Serv ice, Excluding Depreciation & Amortization

  • 844

31 3 1 5 2 G&A Planned Closures (2) G&A, Salaries and benefits

  • 37

6

  • 2

Acquisition and integration costs G&A, Salaries and benefits

  • 4,026

1 ,565 1 ,1 05 27 3 Planned Closures (2) G&A, Other

  • 51

63 28 Acquisition and integration costs G&A, Other 1 ,025 1 ,7 32 2,929 3,036 1 ,445 Legal fees - non-routine G&A, Other 56 (1 32) 1 08 397 604 Indemnity receiv able adjustment G&A, Other 2,1 43

  • Asset impairment

G&A, Other

  • 1 ,47 0

Other Items Legal settlements Total other (expense) income, net

  • (1 ,437 )
  • Other (income) expense, net

Total other (expense) income, net (1 00) (1 22) (2,242) 1 ,944 81 6 Total 3,124 6,914 8,257 5,088 4,618 EPS Impact 0.07 $ 0.16 $ 0.19 $ 0.11 $ 0.10 $

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2020 Guidance

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Amedisys 2020 Preliminary Guidance

2019 Actual Performance 2020 Guidance

Revenue Adjusted EBITDA

$225.3M $1,962M

Adjusted Earnings per Share

$4.40 $250M - $260M $2,115M - $2,160M $4.90 - $5.13

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2020 Guidance Considerations

Amedisys Consolidated

  • Tax rate ~26%
  • Cash tax rate ~24%
  • Diluted share count ~33.4

million shares

  • Capital Expenditures ~$7-

$9 million

  • Salary increase ~2% - 3%
  • Benefits increase ~13% (6%

growth / headcount, 7% pricing / claims costs)

  • Overall ~$10 million

investment in business development resources

  • Excludes future

acquisitions and related integration costs

Home Health Personal Care Hospice

  • Total same store

admission growth: 7%

  • Focus on business

development staffing strategy ~$4 million (Y/Y increase)

  • Continue focus on Quality
  • f Care (Stars and Acute

Care Hospitalization rates)

  • Total same store

admission growth: 14%

  • Addition of business

development resources to maintain organic growth ~ $6 million

  • Includes contribution
  • f CCH acquisition of

~$34M-$36M

  • CCH will be

included in same store numbers beginning Feb. 2020

  • Total billable hours

growth: ~2%

Growing and thriving through Patient Driven Groupings Model (PDGM), continued organic and inorganic growth in Hospice and investments in our people and future innovations drive 2020 performance 2020 Investments

  • Total Investments in business of ~$12M
  • Innovations & Projects ($3M) – spend related to ClearCare partnership and other innovations projects (dialysis, retail etc.)
  • PDGM Resources ($5M) – Continued investments in teams, projects, processes needed to thrive in PDGM
  • De Novos ($4M) – Expansion of de novo program largely focused on Hospice
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20 20

Reimbursement Outlook

Reimbursement Impact for Home Health and Hospice

Home Health Hospice

2019

Final Rule (PDGM – Behavioral Assumpitons) (4.36%) Estimated AMED-Specific Impact (Claims from Jan – Sept 2019) (2.8%)

2020*

Market Basket Update 3.0% Productivity / Other Adjustment (0.4) Estimated Industry Impact +2.6% Estimated AMED-Specific Impact +~0.5%

Note: AMED impact differs from industry due to patient mix, referral mix and footprint *Hospice rate increase effective October 1, 2019 – majority of rate increase will be passed through to general inpatient & respite facilities resulting in a ~(0.5%) reduction in gross margin percentage

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Impact of Health Insurance and Raises

10.0 15.0 20.0 25.0 30.0 Q1 Q2 Q3 Q4

Total Spend ($M)

Health Insurance and Raises

2017 2018 2019

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Our Path Forward: 2020, 2021 & Beyond

  • Headwind from PDGM in

first quarter

  • Minimal impact from

PDGM cost levers

  • Integration of Hospice

assets underway – ramping towards legacy AMED growth and profitability

1H 2020 2H 2020 2021 & Beyond

  • Entering 2021 with all cost

levers in place

  • Continued strategic

acquisitions of Home Health and Hospice assets

  • FY 2021 – CCH to deliver

$50M+ EBITDA

  • Previously acquired

Hospice assets performing near legacy AMED growth and profitability

  • Continued industry

consolidation

  • Positive market basket

updates in Home Health and Hospice

  • Ramping PDGM cost

levers (50%/50% LPN and PTA utilization) and full impact of utilization management (visits per episode)

  • Continued integration of

Hospice assets

  • FY 2020 – CCH to deliver

$34M -$36M in EBITDA

  • Increasing industry

consolidation