Home health providers are in for a rough session after Baird downgrades the entire sector to sell and slashes price targets. Noting the stocks have moved up in anticipation of the best outcome for the Medicare update, Baird says the actual result - including the rebase - couldn't have been worse. "Importantly, CMS's methodology ties its hands and leaves very little hope for a large reprieve in the final rule." AMED -12.8%, GTIV -11.7%, AFAM -9.5%, LHCG -5.9% premarket.
Shares of home-health nursing services provider Almost Family (AFAM +13.5%) jump after its Q4 beat estimates earlier today. Top and bottom-line results both rose as gains from its recent acquisition of Cambridge Home Health Care helped overshadow the unfavorable impact of Medicare reimbursement rate cuts in its visiting nurse segment.
Home-health nursing provider Almost Family (AFAM +4.7%) recovers much of yesterdays losses after the Senate Committee on Finance's report on its home-health inquiry clears the company of any medicare wrongdoing. In its report, the committee states the company "never pushed therapists to pursue more profitable clinical regimens."
Almost Family Inc is a provider of home health services. It has two reportable segments: Visiting Nurse and Personal Care. Its service locations include: Florida, Ohio, Kentucky, Connecticut, New Jersey, Massachusetts, Missouri and among others.