At BrightSpring Health Services (Nasdaq: BTSG), home health is one of the key factors in dramatically reducing hospitalizations.
The other component is the company’s medication management program for individuals at home.
“Our medication management program … has demonstrated a 73% reduction in hospitalizations when used in conjunction with our home health care,” BrightSpring President and CEO Jon Rousseau said during the company’s first-quarter earnings call on Thursday.
BrightSpring is based in Louisville and serves patients at home and in the community. The company focuses on complex populations and provides primary care, home and community based services (HCBS), pharmacy services and rehabilitation services to over 400,000 consumers in 50 states.
Rousseau noted that the company’s ability to reduce hospitalizations is well above the industry average.
Additionally, BrightSpring’s home-based primary care team has seen an 84% decrease in readmissions for IDD patients, and the company’s seniors and dual patients have experienced 50% fewer hospitalizations compared to the national average for similar patients, according to Rousseau.
“In our service segment, our patients often suffer from complex health conditions that require dynamic care plans that incorporate expertise from multiple disciplines,” he said. “We are proactive in coordinating care through tailored programs and plans. Because care is provided at home or in community clinics, we have proven our ability to deliver high quality results at lower costs.”
Another recent success for BrightSpring was that the company was able to escape the Change Healthcare cybersecurity attack with minimal financial consequences.
“Our proactive best practices and operational capabilities were also demonstrated recently when BrightSpring was able to mitigate any significant revenue or EBITDA impact related to the Change Healthcare incident in the first quarter,” Rousseau said.
Overall, BrightSpring posted revenue of $2.6 billion in the first quarter. This is a 27% increase compared to $2 billion in the first quarter of 2023.
The company’s provider services segment brought in $600 million, up 7% compared to $561 million in the same period last year.
Within the provider services segment, home health care had revenue of $242 million in the first quarter. This is a 9% increase compared to $223 million in the same period last year.
“These results are driven by our delivery of services in large and growing markets,” Rousseau said. “[It’s] the delivery of valuable services that reduce costs and improve outcomes, our demonstrated high levels of quality and service, strong operational capabilities within a scale platform and our continued pursuit of attractive short and long-term growth opportunities through a sales and marketing focus and commitment to strategic growth.”