At BrightSpring Health Services (Nasdaq: BTSG), home health is one of the key ingredients to dramatically reducing hospitalizations.
The other ingredient is the company’s medication management program for individuals in their homes.
“Our medication management program … has demonstrated a 73% reduction in hospitalizations when utilized together with our home health,” Jon Rousseau, president and CEO of BrightSpring, said during the company’s first-quarter earnings call on Thursday.
Based in Louisville, BrightSpring delivers care to patients in the home and in the community. The company focuses on complex populations, offering primary care, home- and community-based services (HCBS), pharmacy services and rehab services to over 400,000 consumers throughout 50 states.
Rousseau noted that the company’s ability to reduce hospitalizations is well above industry average.
What’s more, BrightSpring’s home-based primary care team demonstrated an 84% reduction in readmissions for IDD patients, and the company’s seniors and dual patients experienced 50% less hospitalizations, compared to the national average for similar patients, according to Rousseau.
“In our provider services segment, our patients often have complex health conditions, which require dynamic care plans, incorporating expertise across multiple disciplines,” he said. “We are proactive in coordinating care delivered through customized programs and plans. As care takes place in the home or community clinics, we have demonstrated an ability to deliver high-quality outcomes with lower costs.”
Another recent win for BrightSpring was escaping the Change Healthcare cybersecurity attack with minimal financial fallout.
“Our proactive best practices and operational capabilities were also recently evidenced when BrightSpring was able to mitigate any significant impact to revenue or EBITDA related to the Change Healthcare incident in the first quarter,” Rousseau said.
Overall, BrightSpring saw $2.6 billion in revenue in Q1. This is a 27% increase compared to $2 billion in Q1 2023.
The company’s provider services segment brought in $600 million, a 7% increase compared to $561 million during the same period last year.
Within the provider services segment, home health checked in at $242 million in revenue for the first quarter. This is a 9% increase compared to $223 million in during the same period last year.
“These results are driven by our provision of services in large and growing markets,” Rousseau said. “[It’s] the delivery of valuable services that reduce costs and improve outcome, our demonstration of strong quality and service levels, strong operational capabilities within a scale platform, and our ongoing pursuit of attractive near-term and long-term growth opportunities through a sales and marketing focus and commitment to strategic growth.”
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