Q2 2024 Enhabit Inc Earnings Call Transcript
Key Points
- Enhabit Inc (EHAB) demonstrated a 6.4% total admission growth in the home health segment, driven by the payor innovation strategy.
- Non-Medicare admissions grew by 25.2%, contributing to overall admissions growth.
- The company successfully shifted 43% of non-Medicare visits to payor innovation contracts, increasing revenue per visit.
- Hospice segment showed steady progress with a 2.7% year-over-year increase in average daily census.
- Enhabit Inc (EHAB) eliminated nursing contract labor in 2023, positioning the company for long-term growth with 243 more full-time nurses compared to 2022.
- Consolidated net revenue decreased by $1.7 million or 0.6% year-over-year.
- Revenue in the home health segment declined by $3.6 million or 1.7%, primarily due to lower Medicare recertifications.
- Medicare fee-for-service admissions were down 11% year-over-year, indicating a need for improvement in this area.
- The company terminated its contract with UnitedHealthcare after unsuccessful negotiations, which may impact future revenue.
- Home office general and administrative expenses increased by $0.9 million year-over-year, offsetting some cost structure changes.
Good morning, everyone, and welcome to Enhabit Home Health & Hospice's second quarter 2024 earnings conference call. At this time, I'd like to inform all participants that their lines will be in a listen-only mode. After the speakers' remarks, there will be a question-and-answer period. You will be limited to one question and one follow up question. Today's conference call is being recorded. If you have any objections, you may disconnect at this time.
I will now turn the call over to Crissy Carlisle, Enhabit's Chief Financial Officer.
Thank you, operator, and good morning, everyone. Thank you for joining our call today. With me on the call is Barb Jacobsmeyer, President and Chief Executive Officer.
Before we begin, if you do not already have a copy, the second quarter earnings release, supplemental information, and related Form 8-K filed with the SEC are available on our website at investors.ehab.com. On page 2 of the supplemental information, you will find
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