Tag: Option Care Health
Option Care monitors ‘vigorous’ competition
March 1, 2024Theresa Flaherty, Managing Editor
BANNOCKBURN, Ill. – The trend of payers integrating with providers, including Elevance Health’s recent acquisition of Paragon Healthcare, a Texas-based infusion provider, is a shift that Option Care Health is keeping a close eye on, says CEO John Rademacher.
“They're vigorous competitors and so we take that full view as we're approaching the marketplace,” he said on a recent call to discuss the company’s fourth quarter and full year earnings. “Our...
In brief: Change Healthcare breach, Option Care results, Masimo collaboration
February 23, 2024HME News Staff
MINNEAPOLIS, Minn. – Change Healthcare, a revenue cycle management company, has experienced a cyberattack, it stated on its website.
“Once we became aware of the outside threat, in the interest of protecting our partners and patients, we took immediate action to disconnect our systems to prevent further impact. At this time, we believe the issue is specific to Change Healthcare and all other systems across UnitedHealth Group are operational.”
UnitedHealth Group...
Option Care delivers ‘strong results’
February 22, 2024HME News Staff
BANNOCKBURN, Ill. – Option Care Health reported revenue of $1.12 billion for the fourth quarter of 2023, an increase of 9.5% compared to the same quarter in 2022.
Revenue for the full year was $4.3 billion, up 9.1% compared to 2022. Gross profit for the quarter was $247.1 million and adjusted EBITDA was $111.6 million.
“The Option Care Health team delivered strong financial results in the fourth quarter and full year of 2023 and continued to execute on our commitment...
Option Care plans to complete stock repurchase in Q4
December 7, 2023HME News Staff
BANNOCKBURN, Ill. – Option Care Health plans to complete the remaining $75 million of repurchases in the fourth quarter under an original authorization. In addition, the company’s board of directors approved an increase to its share repurchase program authorization from $250 million to $500 million. The program has no specified expiration date. During a call in October to discuss its third quarter earnings, Option Care said it had completed a repurchase of approximately $100 million in...
Option Care ‘builds momentum’ in Q3
October 25, 2023HME News Staff
BANNOCKBURN, Ill. – Option Care reported net revenue of $1.09 billion for the third quarter of 2023, an increase of 7.1% year over year, and net income of $56.3 million, an increase of 45%.
Gross profit was $254.3 million, up 16.6%, and adjusted EBITDA was $109.8 million, up 28.2%.
“The Option Care Health team continues to execute on outstanding clinical outcomes and extraordinary patient care, which helped translate into solid financial results in the third quarter,”...
Option Care Health posts gains
July 27, 2023HME News Staff
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...
Option Care-Amedisys acquisition falls through
June 26, 2023HME News Staff
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...
Focus on post-acute care circles HME
June 19, 2023Liz Beaulieu, Editor
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,...
Walgreens lets go of Option Care
June 12, 2023HME News Staff
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...
In brief: Optum makes play for Amedisys, FDA updates Philips report count
June 7, 2023HME News Staff
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...