Inpatient rehab hospital and home care operator Encompass Health’s operating revenue increased sharply in the third quarter. the company announced in income statement Wednesday.
Encompass Health, based in Birmingham, Alabama, had net operating revenue of $ 1.3 billion for the quarter, up 9.4% from a year earlier.
Encompass Health attributes this increase to favorable prices and an increase in inpatient rehabilitation discharge. The company opened several inpatient rehab hospitals this year and is planning more in Florida, Kentucky, Louisiana, South Carolina, Texas and Wisconsin.
As President and CEO Mark Tarr said in a press release, profits from Encompass Health’s inpatient rehab business have been offset by lower performance in the home health care and hospice segment.
“Our home health care and hospice business faced COVID-related challenges, limiting volume growth and driving up costs. We remain very confident in the long-term trends for each of our businesses and in our competitive position, ”said Tarr.
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Encompass Health has expanded to include 144 hospitals, 249 home health services and 95 hospices in 42 states and Puerto Rico.
The company also uncovered a lawsuit against the former CEO of its home health care and hospice, April Anthony, alleging that it violated its non-competition and non-extortion requirements and embezzled trade secrets. To embrace filed a claim in a Texas state court on Tuesday.