Healthcare Providers and Services
Company Overview of VITAS Healthcare Corporation
VITAS Healthcare Corporation provides hospice services for patients with terminal illnesses primarily in the United States. The company offers direct medical services to patients, as well as spiritual and emotional counseling to patients and their families. Its services include routine home care, continuous care, inpatient units, and respite care. It provides services for adult and pediatric patients with a range of life-limiting illnesses, including cancer, stroke, heart disease, lung disease, liver disease, kidney disease, multiple sclerosis, ALS, Alzheimer’s, and AIDS. The company also offers prescription drugs, over-the-counter medications, medical equipment, and supplies; and bereavemen...
100 South Biscayne Boulevard
Miami, FL 33131
Founded in 1978
Key Executives for VITAS Healthcare Corporation
President and Chief Financial Officer
Senior Vice President of Operations
Senior Vice President and General Counsel
Compensation as of Fiscal Year 2013.
VITAS Healthcare Corporation Key Developments
VITAS Healthcare Corporation Reports Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2013; Provides Earnings Guidance for Second Half and Full Year 2013
Jul 18 13
VITAS Healthcare Corporation reported unaudited earnings results for the second quarter and six months ended June 30, 2013. For the quarter, service revenues and sales were $263,568,000 against $265,213,000 a year ago. Income from operations was $31,661,000 against $32,251,000 a year ago. Income before income taxes was $33,061,000 against $32,999,000 a year ago. Net income was $20,485,000 against $20,433,000 a year ago. EBITDA was $38,168,000 against $37,714,000 a year ago. Adjusted EBITDA was $37,675,000 against $37,055,000 a year ago.
For the six months, service revenues and sales were $534,895,000 against $526,060,000 a year ago. Income from operations was $63,220,000 against $63,216,000 a year ago. Income before income taxes was $65,637,000 against $64,624,000 a year ago. Net income was $40,628,000 against $40,060,000 a year ago. EBITDA was $75,793,000 against $73,916,000 a year ago. Adjusted EBITDA was $75,251,000 against $72,544,000 a year ago.
The company estimates its full-year 2013 revenue growth will be constrained in the second half of 2013 as a result of mix shift from high acuity care to routine home care. This mix shift is anticipated to have a modest impact on overall profitability given the relatively low direct contribution margins of high acuity care.
United States Files False Claims Act Lawsuit Against Chemed Corporation and Vitas Hospice Services LLC and Vitas Healthcare Corporation
May 2 13
The United States has filed suit against Chemed Corporation and various wholly owned hospice subsidiaries, including Vitas Hospice Services LLC and Vitas Healthcare Corporation, alleging false Medicare billings for hospice services. The government's complaint alleges that Chemed and Vitas Hospice knowingly submitted or caused the submission of false claims to Medicare for crisis care services that were not necessary, not actually provided, or not performed in accordance with Medicare requirements. According to the complaint, the companies set goals for the number of crisis care days that were to be billed to Medicare. The companies also allegedly used aggressive marketing tactics and pressured staff to increase the numbers of crisis care claims submitted to Medicare, without regard to whether the services were appropriate or were actually being provided. In addition, the government's complaint alleges that Chemed and Vitas knowingly submitted or caused the submission of false claims for hospice care for patients who were not terminally ill. The companies allegedly paid bonuses to staff based on the number of patients enrolled in the program and based on patients who were admitted for longer lengths of stay, and took adverse employment actions against marketing representatives who did not meet monthly hospice admissions goals. According to the Complaint, these business practices resulted in the admission of patients who were not eligible for hospice care. The Complaint alleges that Vitas admitted a patient to hospice who showed no signs of a terminal condition and was described in Vitas' own records as, 'very healthy given her age.' As a result of the conduct alleged in the complaint, the government contends that Chemed and Vitas violated the False Claims Act and misspent tens of millions of taxpayer dollars from the Medicare program.
VITAS Healthcare Corporation Announces Unaudited Earnings Results for the First Quarter Ended March 31, 2013; Provides Earnings Guidance for the Year of 2013
Apr 18 13
VITAS Healthcare Corporation announced unaudited earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported service revenues and sales of $271,326,000 against $260,847,000 a year ago. Income from operations were $31,557,000 against $30,964,000 a year ago. Income before income taxes were $32,575,000 against $31,626,000 a year ago. Net income was $20,142,000 against $19,627,000 a year ago. Adjusted EBITDA was $37,577,000 against $35,489,000 a year ago. This revenue growth was the result of increased ADC of 5.3%, driven by an increase in admissions of 5.0%, increased discharges of 4.0% and Medicare price increases of approximately 0.9%. Revenue growth aggregated 5.9% excluding the impact of 2012 leap year and the impact of revenue recognition related from the reversal of prior years Medicare Cap accruals.
VITAS estimates its full-year 2013 revenue growth, prior to Medicare Cap, will be in the range of 4.5% to 5.5%. Admissions in 2013 are estimated to increase approximately 5.0% to 6.0% and full-year Adjusted EBITDA margin, prior to Medicare Cap, is estimated to be 13.8% to 14.2%. Effective October 1, 2012, Medicare increased the average hospice reimbursement rates by approximately 0.9%. As a result of sequestration, effective April 1, 2013, this 0.9% increase was reduced to a 1.1% decline in Medicare rates when compared to the prior year.
Similar Private Companies By Industry
Recent Private Companies Transactions