Option Care Health (OPCH) 10-Q 7 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	May 05, 2020
Document Entity Information [Abstract]
Entity Registrant Name	Option Care Health, Inc.
Entity Central Index Key	0001014739
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		176,712,333
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Current Reporting Status	Yes

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
CURRENT ASSETS:
Cash and cash equivalents	$ 77,244	$ 67,056
Accounts receivable, net	337,197	324,416
Inventories	139,128	115,876
Prepaid expenses and other current assets	47,703	51,306
Total current assets	601,272	558,654
NONCURRENT ASSETS:
Property and equipment, net	125,786	133,198
Operating lease right-of-use asset	58,669	63,502
Intangible assets, net	377,196	385,910
Goodwill	1,427,883	1,425,542
Other noncurrent assets	21,725	22,741
Total noncurrent assets	2,011,259	2,030,893
TOTAL ASSETS	2,612,531	2,589,547
CURRENT LIABILITIES:
Accounts payable	265,703	221,060
Accrued compensation and employee benefits	52,416	45,765
Accrued expenses and other current liabilities	32,302	33,538
Current portion of operating lease liability	19,352	20,391
Current portion of long-term debt	9,250	9,250
Total current liabilities	379,023	330,004
NONCURRENT LIABILITIES:
Long-term debt, net of discount, deferred financing costs and current portion	1,276,329	1,277,246
Operating lease liability, net of current portion	54,541	58,242
Deferred income taxes	2,443	2,143
Other noncurrent liabilities	29,702	15,085
Total noncurrent liabilities	1,363,015	1,352,716
Total liabilities	1,742,038	1,682,720
STOCKHOLDERS’ EQUITY:
Preferred stock; $0.0001 par value; 12,500,000 shares authorized, no shares outstanding as of March 31, 2020 and December 31, 2019, respectively	0	0
Common stock; $0.0001 par value: 250,000,000 shares authorized, 177,088,028 shares issued and 176,704,306 shares outstanding as of March 31, 2020; 176,975,628 shares issued and 176,591,907 shares outstanding as of December 31, 2019	18	18
Treasury stock; 383,722 shares outstanding, at cost, as of March 31, 2020 and December 31, 2019, respectively	(2,403)	(2,403)
Paid-in capital	1,008,570	1,008,362
Accumulated deficit	(111,865)	(91,955)
Accumulated other comprehensive loss	(23,827)	(7,195)
Total stockholders’ equity	870,493	906,827
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 2,612,531	$ 2,589,547

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	12,500,000	12,500,000
Preferred stock, shares, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock, shares, issued (in shares)	177,088,028	176,975,628
Common stock, shares, outstanding (in shares)	176,704,306	176,591,907
Treasury stock, at cost (in shares)	383,722	383,722

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Statement [Abstract]
NET REVENUE	$ 705,440	$ 476,492
COST OF REVENUE	547,411	378,298
GROSS PROFIT	158,029	98,194
OPERATING COSTS AND EXPENSES:
Selling, general and administrative expenses	129,280	82,787
Depreciation and amortization expense	20,101	9,969
Total operating expenses	149,381	92,756
OPERATING INCOME	8,648	5,438
OTHER INCOME (EXPENSE):
Interest expense, net	(28,087)	(11,045)
Equity in earnings of joint ventures	562	549
Other, net	8	(76)
Total other expense	(27,517)	(10,572)
LOSS BEFORE INCOME TAXES	(18,869)	(5,134)
INCOME TAX EXPENSE (BENEFIT)	1,041	(1,422)
NET LOSS	(19,910)	(3,712)
OTHER COMPREHENSIVE LOSS, NET OF TAX:
Change in unrealized losses on cash flow hedges, net of income tax benefit of $0, and $242, respectively	(16,632)	(505)
OTHER COMPREHENSIVE LOSS	(16,632)	(505)
NET COMPREHENSIVE LOSS	$ (36,542)	$ (4,217)
LOSS PER COMMON SHARE
Net (loss) income per share, basic and diluted (in dollars per share)	$ (0.11)	$ (0.03)
Weighted average common shares outstanding, basic and diluted (in shares)	176,661	142,614

UNAUDITED CONDENSED CONSOLIDA_2

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Statement [Abstract]
Income taxes on unrealized gains (losses) on cash flow hedges	$ 0	$ 242

UNAUDITED CONDENSED CONSOLIDA_3

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (19,910)	$ (3,712)
Adjustments to reconcile net loss to net cash provided by operations:
Depreciation and amortization expense	21,844	10,749
Non-cash operating lease costs	4,764	4,231
Deferred income taxes - net	300	(2,082)
Amortization of deferred financing costs	1,396	799
Equity in earnings of joint ventures	(562)	(549)
Stock-based incentive compensation expense	757	584
Other adjustments	(882)	(535)
Changes in operating assets and liabilities:
Accounts receivable, net	(12,781)	266
Inventories	(23,252)	(6,690)
Prepaid expenses and other current assets	3,603	7,263
Accounts payable	42,302	(3,395)
Accrued compensation and employee benefits	6,651	(1,139)
Accrued expenses and other current liabilities	(1,650)	7,217
Operating lease liabilities	(4,740)	(3,765)
Other noncurrent assets and liabilities	563	(162)
Net cash provided by operating activities	18,403	9,080
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of property and equipment	(5,353)	(5,367)
Other investing cash flows	0	636
Net cash used in investing activities	(5,353)	(4,731)
CASH FLOWS FROM FINANCING ACTIVITIES:
Redemptions to related parties	0	(2,000)
Exercise of stock options, vesting of restricted stock, and related tax withholdings	(549)	0
Repayments of debt principal	(2,313)	(1,038)
Net cash used in financing activities	(2,862)	(3,038)
NET INCREASE IN CASH AND CASH EQUIVALENTS	10,188	1,311
Cash and cash equivalents - beginning of the period	67,056	36,391
CASH AND CASH EQUIVALENTS - END OF PERIOD	77,244	37,702
Supplemental disclosure of cash flow information:
Cash paid for interest	25,936	6,321
Cash paid for income taxes	307	180
Cash paid for operating leases	$ 6,798	$ 4,671

UNAUDITED CONDENSED CONSOLIDA_4

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Treasury Stock	Paid-in Capital	Management Notes Receivable	Accumulated Deficit	Accumulated Other Comprehensive (Loss) Income
Equity, beginning balance at Dec. 31, 2018	$ 602,825	$ 0	$ 14	$ 0	$ 619,621	$ (1,619)	$ (16,035)	$ 844
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Interest on management notes receivable	(21)				0	(21)
Stockholders' redemption	(2,000)				(2,000)
Stock-based incentive compensation	584				584
Net loss	(3,712)						(3,712)
Other comprehensive loss	(505)							(505)
Equity, ending balance at Mar. 31, 2019	597,171	0	14	0	618,205	(1,640)	(19,747)	339
Equity, beginning balance at Dec. 31, 2019	906,827	0	18	(2,403)	1,008,362	0	(91,955)	(7,195)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options, vesting of restricted stock and related tax withholdings	(549)				(549)
Stock-based incentive compensation	757				757
Net loss	(19,910)						(19,910)
Other comprehensive loss	(16,632)							(16,632)
Equity, ending balance at Mar. 31, 2020	$ 870,493	$ 0	$ 18	$ (2,403)	$ 1,008,570	$ 0	$ (111,865)	$ (23,827)

NATURE OF OPERATIONS AND PRESEN

NATURE OF OPERATIONS AND PRESENTATION OF FINANCIAL STATEMENTS	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations and Presentation of Financial Statements	NATURE OF OPERATIONS AND PRESENTATION OF FINANCIAL STATEMENTS Corporate Organization and Business — HC Group Holdings II, Inc. (“HC II”) was incorporated under the laws of the State of Delaware on January 7, 2015, with its sole shareholder being HC Group Holdings I, LLC. (“HC I”). On April 7, 2015, HC I and HC II collectively acquired Walgreens Infusion Services, Inc. and its subsidiaries from Walgreen Co., and the business was rebranded as Option Care (“Option Care”). On March 14, 2019, HC I and HC II entered into a definitive agreement (the “Merger Agreement”) to merge with and into a wholly-owned subsidiary of BioScrip, Inc. (“BioScrip”), a national provider of infusion and home care management solutions, along with certain other subsidiaries of BioScrip and HC II. The merger contemplated by the Merger Agreement (the “Merger”) was completed on August 6, 2019 (the “Merger Date”). The Merger was accounted for as a reverse merger under the acquisition method of accounting for business combinations with Option Care being considered the accounting acquirer and BioScrip being considered the legal acquirer. Under the terms of the Merger Agreement, shares of HC II common stock issued and outstanding immediately prior to the Merger Date were converted into 135,565,392 shares of BioScrip common stock, par value $0.0001 (the “BioScrip common stock”). BioScrip also issued an additional 7,048,357 shares to HC I in respect of certain outstanding unvested contingent restricted stock units of BioScrip, which are held in escrow to prevent dilution related to potential additional vesting on certain share-based instruments. See Note 16, Stockholders’ Equity , for additional discussion of these shares held in escrow. In conjunction with the Merger, holders of BioScrip preferred shares and certain warrants received 864,603 additional shares of BioScrip common stock and preferred shares were repurchased for $125.8 million of cash. In addition, all legacy BioScrip debt was settled for $575.0 million . As a result of the Merger, BioScrip’s stockholders hold approximately 19.3% of the combined company, and HC I holds approximately 80.7% of the combined company. Following the close of the transaction, BioScrip was rebranded as Option Care Health, Inc. (“Option Care Health”, or the “Company”). The combined company’s stock was listed on the Nasdaq Global Select Market as of March 31, 2020 . See Note 3, Business Acquisitions , for further discussion on the Merger. Option Care Health, and its wholly-owned subsidiaries, provides infusion therapy and other ancillary health care services through a national network of 111 full service pharmacies. The Company contracts with managed care organizations, third-party payers, hospitals, physicians, and other referral sources to provide pharmaceuticals and complex compounded solutions to patients for intravenous delivery in the patients’ homes or other nonhospital settings. The Company operates in one segment, infusion services. Basis of Presentation — The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles (“GAAP”) in the United States and contain all adjustments, including normal recurring adjustments, necessary to present fairly the Company’s financial position, results of operations and cash flows for interim financial reporting. The results of operations for the interim periods presented are not necessarily indicative of the results of operations for the entire year. These unaudited condensed consolidated financial statements do not include all of the information and notes to the financial statements required by GAAP for complete financial statements and should be read in conjunction with the 2019 audited consolidated financial statements, including the notes thereto, as presented in the Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 5, 2020. Principles of Consolidation — The Company’s unaudited condensed consolidated financial statements include the accounts of Option Care Health, Inc. and its subsidiaries. The BioScrip results have been included in the consolidated financial results since the Merger Date. All intercompany transactions and balances are eliminated in consolidation. The Company has investments in companies that are 50% owned and are accounted for as equity-method investments. The Company’s share of earnings from equity-method investments is included in the line entitled “Equity in earnings of joint ventures” in the consolidated statements of comprehensive income (loss). See Note 10, Equity-Method Investments , for further discussion of the Company’s equity-method investments.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Concentrations of Business Risk — The Company generates revenue from managed care contracts and other agreements with commercial third-party payers. Revenue related to the Company’s largest payer was approximately 13% and 16% for the three months ended March 31, 2020 and 2019 , respectively. In December 2019, the Company renewed and expanded its multi-year contract with this payer. The contract renewal was effective in February 2020 for a two-year term and auto-renews at the end of that term. There were no other managed care contracts that represent greater than 10% of revenue for the periods presented. For three months ended March 31, 2020 and 2019 , approximately 12% and 13% , respectively, of the Company’s revenue was reimbursable through direct government healthcare programs, such as Medicare and Medicaid. As of March 31, 2020 and December 31, 2019 , respectively, approximately 12% and 12% , respectively, of the Company’s accounts receivable was related to these programs. Governmental programs pay for services based on fee schedules and rates that are determined by the related governmental agency. Laws and regulations pertaining to government programs are complex and subject to interpretation. As a result, there is at least a reasonable possibility that recorded estimates will change in the near term. The Company does not require its patients nor other payers to carry collateral for any amounts owed for goods or services provided. Other than as discussed above, concentration of credit risk relating to trade accounts receivable is limited due to the Company’s diversity of patients and payers. Further, the Company generally does not provide charity care. For the three months ended March 31, 2020 and 2019 , approximately 70% and 75% , respectively, of the Company’s pharmaceutical and medical supply purchases were from three vendors. Although there are a limited number of suppliers, the Company believes that other vendors could provide similar products on comparable terms. However, a change in suppliers could cause delays in service delivery and possible losses in revenue, which could adversely affect the Company’s financial condition or operating results. Although there is uncertainty regarding the COVID-19 pandemic, as of March 31, 2020 the Company has been able to maintain adequate levels of supplies and pharmaceuticals to support its operations. Recently-Adopted Accounting Pronouncements — In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which requires measurement and recognition of expected credit losses for financial assets held. The Amendments in ASU 2016-13 eliminate the probable threshold for initial recognition of a credit loss in current GAAP and reflect an entity’s current estimate of all expected credit losses. ASU 2016-13 is effective for interim and annual reporting periods beginning after December 15, 2019, and is to be applied using a modified retrospective transition method. The Company adopted the standard as of January 1, 2020. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements.

BUSINESS ACQUISITIONS

BUSINESS ACQUISITIONS	3 Months Ended
	Mar. 31, 2020
Business Combinations [Abstract]
Business Acquisitions	BUSINESS ACQUISITIONS Merger with BioScrip, Inc. — As discussed in Note 1, Nature of Operations and Presentation of Financial Statements, Option Care merged with BioScrip on August 6, 2019. BioScrip was a national provider of infusion and home care management solutions. The Merger of Option Care and BioScrip into Option Care Health creates an expanded national platform and the opportunity to drive economies of scale through procurement savings, facility rationalization and other operating cost savings. The fair value of purchase consideration transferred on the closing date includes the value of the number of shares of the combined company owned by BioScrip shareholders at closing of the Merger, the value of common shares issued to certain warrant and preferred shareholders in conjunction with the Merger, the fair value of stock-based instruments that were vested or earned as of the Merger, and cash payments made in conjunction with the Merger. The fair value per share of BioScrip’s common stock was $2.67 per share. This is the closing price of the BioScrip common stock on August 6, 2019. Under the acquisition method of accounting, the calculation of total consideration exchanged is as follows (in thousands): Amount Number of BioScrip common shares outstanding at time of the Merger (1) 129,181 Common shares issued to warrant and preferred stockholders at time of the Merger (1) 3,458 Total shares of BioScrip common stock outstanding at time of the Merger (1) 132,639 BioScrip share price as of August 6, 2019 $ 2.67 Fair value of common shares $ 354,146 Fair value of share-based instruments $ 32,898 Cash paid in conjunction with the Merger included in purchase consideration $ 714,957 Fair value of total consideration transferred $ 1,102,001 Less: cash acquired $ 14,787 Fair value of total consideration acquired, net of cash acquired $ 1,087,214 (1) These shares were not adjusted for the one share for four share reverse stock split effective on February 3, 2020. See Note 16, Stockholders’ Equity , for further discussion on the one share for four share reverse stock split. Cash paid in conjunction with the Merger includes payments made for settlement of $575.0 million in legacy BioScrip debt, $125.8 million in existing BioScrip preferred shares, and $14.1 million in legacy BioScrip success-based fees owed to third-party advisors. HC II financed these payments primarily through cash on hand and debt financing. The Company's allocation of consideration exchanged to the net tangible and intangible assets acquired and liabilities assumed in the Merger is based on estimated fair values as of the Merger Date. The fair values were determined based upon a preliminary valuation and the estimates and assumptions used in the valuation of certain contingent liabilities are pending completion and subject to change, which could be significant, within the measurement period, up to one year from the August 6, 2019 acquisition date. The following is a preliminary estimate of the allocation of the consideration transferred to acquired identifiable assets and assumed liabilities, net of cash acquired, in the Merger as of August 6, 2019 (in thousands): Amount Accounts receivable, net (1) $ 96,532 Inventories (2) 19,683 Property and equipment, net (3) 48,732 Intangible assets, net (4) 193,245 Deferred tax assets, net of deferred tax liabilities (5) 26,731 Operating lease right-of-use asset (6) 22,378 Operating lease liability (6) (28,897 ) Accounts payable (7) (66,371 ) Other assumed liabilities, net of other acquired assets (7) (20,233 ) Total acquired identifiable assets and liabilities 291,800 Goodwill (8) 795,414 Total consideration transferred $ 1,087,214 (1) Management has valued accounts receivables based on the estimated future collectability of the receivables portfolio. (2) Inventories are stated at fair value as of the Merger Date. (3) The fair value of the property and equipment was determined based upon the best and highest use of the property with final values determined based upon an analysis of the cost, sales comparison, and income capitalization approaches for each property appraised. (4) The preliminary allocation of consideration exchanged to intangible assets acquired is as follows (in thousands): Fair Value Weighted Average Estimated Life (in years) Trademarks/Names $ 12,536 2 Patient referral sources 180,329 20 Licenses 380 1.5 Total intangible assets, net $ 193,245 18.8 The Company preliminarily valued trademarks/names utilizing the relief of royalty method and patient referral sources utilizing the multi-period excess earnings method, a form of the income approach. (5) Net deferred tax assets represented the expected future tax consequences of temporary differences between the fair values of the assets acquired and liabilities assumed and their tax bases. See Note 5, Income Taxes , for additional discussion of the Company’s combined income tax position subsequent to the Merger. (6) The fair value of the operating lease liability and corresponding right-of-use asset (current and long-term) was based on current market rates available to the Company. (7) Accounts payable as well as certain other current and non-current assets and liabilities are stated at fair value as of the Merger Date. (8) The Merger preliminarily resulted in $795.4 million of goodwill, which is attributable to cost synergies resulting from procurement and operational efficiencies and elimination of duplicative administrative costs. The goodwill created in the Merger is not expected to be deductible for tax purposes. Assuming BioScrip had been acquired as of January 1, 2018, and the results of BioScrip had been included in operations beginning on January 1, 2018, the estimated unaudited pro forma results of operations for the three months ended March 31, 2019 were net revenue of $655.4 million and a net loss of $22.0 million . The estimated pro forma net loss adjusts for the effect of fair value adjustments related to the Merger, transaction costs and other non-recurring costs directly attributable to the Merger and the impact of the additional debt to finance the Merger. Estimated unaudited pro forma information is not necessarily indicative of the results that actually would have occurred had the Merger been completed on the date indicated or the future operating results.

REVENUE

REVENUE	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenue	REVENUE The following table sets forth the net revenue earned by category of payer for the three months ended March 31, 2020 and 2019 (in thousands): Three Months Ended March 31, 2020 2019 Commercial payers $ 605,994 $ 401,663 Government payers 86,271 63,548 Patients 13,175 11,281 Net revenue $ 705,440 $ 476,492

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES During the three months ended March 31, 2020 , the Company recorded tax expense of $1.0 million , which represents an effective tax rate of (5.5)% . During the three months ended March 31, 2019 , the Company recorded a tax benefit of $1.4 million , which represents an effective tax rate of 27.7% . The Company continues to maintain a full valuation allowance against all of its net U.S. federal and state deferred tax assets with the exception of $0.7 million of estimated state net operating losses (“NOL”). In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets depends on the generation of future taxable income during the periods in which those temporary differences are deductible. The Company considers the scheduled reversal of deferred tax liabilities, including the effect in available carryback and carryforward periods, projected taxable income and tax-planning strategies, in making this assessment. On a quarterly basis, the Company evaluates all positive and negative evidence in determining if the valuation allowance is fairly stated. Based on the Company’s full valuation allowance, as noted above, the Company’s tax expense for the three months ended March 31, 2020 of $1.0 million consists of quarterly tax liabilities attributable to specific state tax returns as well as recognized deferred tax expense. The Company recorded no income tax expense or benefit for the three months ended March 31, 2020 associated with the tax provisions of the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”).

(LOSS) EARNINGS PER SHARE

(LOSS) EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
(Loss) Earnings Per Share	(LOSS) EARNINGS PER SHARE The Company presents basic and diluted (loss) earnings per share for its common stock. Basic (loss) earnings per share is calculated by dividing the net (loss) income of the Company by the weighted average number of shares of common stock outstanding during the period. Diluted (loss) earnings per share is determined by adjusting the profit or loss and the weighted average number of shares of common stock outstanding for the effects of all dilutive potential common shares. As a result of the Merger, which has been accounted for as a reverse merger, all historical per share data and number of shares and equity awards were retroactively adjusted. The (loss) earnings is used as the basis of determining whether the inclusion of common stock equivalents would be anti-dilutive. Accordingly, the computation of diluted shares for the three months ended March 31, 2020 excludes the effect of shares that would be issued in connection with stock options and restricted stock awards, as their inclusion would be anti-dilutive to the loss per share. As of March 31, 2020 there were 2,328,120 warrants, 531,747 stock options and 484,326 restricted stock awards outstanding that were excluded from the calculation as they would be anti-dilutive. There are no dilutive potential common shares for the three months ended March 31, 2019 . The following table presents the Company’s basic and diluted (loss) earnings per share and shares outstanding (in thousands, except per share data): Three Months Ended March 31, 2020 2019 Numerator: Net loss $ (19,910 ) $ (3,712 ) Denominator: Weighted average number of common shares outstanding 176,661 142,614 Loss per Common Share: Loss per common share, basic and diluted $ (0.11 ) $ (0.03 )

LEASES

LEASES	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Leases	LEASES During the three months ended March 31, 2020 and 2019 , the Company incurred operating lease expenses of $7.7 million and $5.2 million , respectively, including short-term lease expenses, which were included as a component of selling, general and administrative expenses in the unaudited condensed consolidated statements of comprehensive income (loss). As of March 31, 2020 , the weighted-average remaining lease term was 5.3 years and the weighted-average discount rate was 5.47% . Operating leases mature as follows (in thousands): Fiscal Year Ending December 31, Minimum Payments 2020 $ 18,202 2021 19,201 2022 14,103 2023 10,767 2024 8,008 Thereafter 18,327 Total lease payments $ 88,608 Less: Interest 14,715 Present value of lease liabilities $ 73,893 During the three months ended March 31, 2020 , the Company did not enter into any significant new operating or financing leases. As of March 31, 2020 , the Company did not have any significant operating or financing leases that had not yet commenced.
Leases	LEASES During the three months ended March 31, 2020 and 2019 , the Company incurred operating lease expenses of $7.7 million and $5.2 million , respectively, including short-term lease expenses, which were included as a component of selling, general and administrative expenses in the unaudited condensed consolidated statements of comprehensive income (loss). As of March 31, 2020 , the weighted-average remaining lease term was 5.3 years and the weighted-average discount rate was 5.47% . Operating leases mature as follows (in thousands): Fiscal Year Ending December 31, Minimum Payments 2020 $ 18,202 2021 19,201 2022 14,103 2023 10,767 2024 8,008 Thereafter 18,327 Total lease payments $ 88,608 Less: Interest 14,715 Present value of lease liabilities $ 73,893 During the three months ended March 31, 2020 , the Company did not enter into any significant new operating or financing leases. As of March 31, 2020 , the Company did not have any significant operating or financing leases that had not yet commenced.

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	3 Months Ended
	Mar. 31, 2020
Property, Plant and Equipment [Abstract]
Property and Equipment	PROPERTY AND EQUIPMENT Property and equipment was as follows as of March 31, 2020 and December 31, 2019 (in thousands): March 31, 2020 December 31, 2019 Infusion pumps $ 33,386 $ 30,416 Equipment, furniture and other 50,988 51,454 Leasehold improvements 82,140 80,916 Computer software, purchased and internally developed 35,079 34,884 Assets under development 5,438 14,150 207,031 211,820 Less: accumulated depreciation 81,245 78,622 Property and equipment, net $ 125,786 $ 133,198 Depreciation expense is recorded within cost of revenue and operating expenses within the unaudited condensed consolidated statements of comprehensive income (loss), depending on the nature of the underlying fixed assets. The depreciation expense included in cost of revenue relates to revenue-generating assets, such as infusion pumps. The depreciation expense included in operating expenses is related to infrastructure items, such as furniture, computer and office equipment, and leasehold improvements. The following table presents the amount of depreciation expense recorded in cost of revenue and operating expenses for the three months ended March 31, 2020 and 2019 (in thousands): Three Months Ended March 31, 2020 2019 Depreciation expense in cost of revenue $ 1,742 $ 780 Depreciation expense in operating expenses 11,319 5,073 Total depreciation expense $ 13,061 $ 5,853

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	3 Months Ended
	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	GOODWILL AND OTHER INTANGIBLE ASSETS Changes in the carrying amount of goodwill consists of the following activity for the three months ended March 31, 2020 (in thousands): Balance at December 31, 2019 $ 1,425,542 Purchase accounting adjustments 2,341 Balance at March 31, 2020 $ 1,427,883 There was no change in the carrying amount of goodwill for the three months ended March 31, 2019. The carrying amount and accumulated amortization of intangible assets consists of the following as of March 31, 2020 and December 31, 2019 (in thousands): March 31, 2020 December 31, 2019 Gross intangible assets: Referral sources $ 438,121 $ 438,121 Trademarks/names 44,536 44,536 Other amortizable intangible assets 402 402 Total gross intangible assets 483,059 483,059 Accumulated amortization: Referral sources (90,846 ) (84,295 ) Trademarks/names (14,845 ) (12,748 ) Other amortizable intangible assets (172 ) (106 ) Total accumulated amortization (105,863 ) (97,149 ) Total intangible assets, net $ 377,196 $ 385,910 Amortization expense for intangible assets was $8.8 million and $4.9 million for the three months ended March 31, 2020 and 2019 , respectively.

EQUITY-METHOD INVESTMENTS

EQUITY-METHOD INVESTMENTS	3 Months Ended
	Mar. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
Equity-Method Investments	EQUITY-METHOD INVESTMENTS The Company’s two equity-method investments totaled $17.0 million and $17.0 million as of March 31, 2020 and December 31, 2019 , respectively, and are included in other noncurrent assets in the accompanying condensed consolidated balance sheets. The Company’s related proportionate share of earnings is recorded in equity in earnings of joint ventures in the accompanying unaudited condensed consolidated statements of comprehensive income (loss). For the three months ended March 31, 2020 and 2019 , the Company’s proportionate share of earnings in its investments was $0.6 million and $0.5 million , respectively. Legacy Health Systems — The Company’s 50% ownership interest in this limited liability company, which provides infusion pharmacy services, expands the Company’s presence in the Portland, Oregon market. In 2005, Option Care’s initial cash investment in this joint venture was $1.3 million . The Company received a capital distribution from this investment of $0.5 million for the three months ended March 31, 2020 . The Company did no t receive a capital distribution from this investment for the three months ended March 31, 2019 . The following presents condensed financial information as of March 31, 2020 and December 31, 2019 and for the three months ended March 31, 2020 and 2019 (in thousands). Consolidated statements of comprehensive income (loss) data: Three Months Ended March 31, 2020 2019 Net revenue $ 5,491 $ 4,775 Cost of revenue 3,940 3,367 Gross profit 1,551 1,408 Net income 517 250 Equity in net income 258 125 Consolidated balance sheet data: As of March 31, 2020 December 31, 2019 Current assets $ 7,482 $ 7,643 Noncurrent assets 3,615 3,846 Current liabilities 1,074 903 Noncurrent liabilities 579 659 Vanderbilt Health Services — The Company’s 50% ownership interest in this limited liability company, which provides infusion pharmacy services, expands the Company’s presence in the Nashville, Tennessee market. In 2009, Option Care contributed both cash and certain operating assets into the joint venture for a total initial investment of $1.1 million . The following presents condensed financial information as of March 31, 2020 and December 31, 2019 and for the three months ended March 31, 2020 and 2019 (in thousands). Consolidated statements of comprehensive income (loss) data: Three Months Ended March 31, 2020 2019 Net revenue $ 10,508 $ 9,238 Cost of revenue 8,640 7,049 Gross profit 1,868 2,189 Net income 608 847 Equity in net income 304 424 Consolidated balance sheet data: As of March 31, 2020 December 31, 2019 Current assets 12,086 11,111 Noncurrent assets 1,862 2,033 Current liabilities 1,528 1,228 Noncurrent liabilities 852 956

INDEBTEDNESS

INDEBTEDNESS	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Indebtedness	INDEBTEDNESS Long-term debt consisted of the following as of March 31, 2020 (in thousands): Principal Amount Discount Debt Issuance Costs Net Balance ABL facility $ — $ — $ — $ — First lien term loan 922,688 (8,120 ) (22,069 ) 892,499 Second lien notes 412,256 (11,455 ) (7,721 ) 393,080 $ 1,334,944 $ (19,575 ) $ (29,790 ) 1,285,579 Less: current portion (9,250 ) Total long-term debt $ 1,276,329 Long-term debt consisted of the following as of December 31, 2019 (in thousands): Principal Amount Discount Debt Issuance Costs Net Balance ABL facility $ — $ — $ — $ — First lien term loan 925,000 (8,399 ) (22,825 ) 893,776 Second lien notes 412,256 (11,672 ) (7,864 ) 392,720 $ 1,337,256 $ (20,071 ) $ (30,689 ) 1,286,496 Less: current portion (9,250 ) Total long-term debt $ 1,277,246 The interest rate on the first lien term loan was 5.49% and 6.20% as of March 31, 2020 and December 31, 2019, respectively. The weighted average interest rate incurred on the first lien term loan was 6.18% for the three months ended March 31, 2020. The weighted average interest rate incurred on the previous first lien term loan was 6.25% for the three months ended March 31, 2019. The interest rate on the second lien notes was 10.49% and 10.66% as of March 31, 2020 and December 31, 2019, respectively. The weighted average interest incurred on the second lien notes was 10.54% for the three months ended March 31, 2020. The weighted average interest incurred on the previous second lien term loan was 11.55% for the three months ended March 31, 2019. Long-term debt matures as follows (in thousands): Year Ending December 31, Minimum Payments 2020 $ 6,938 2021 9,250 2022 9,250 2023 9,250 2024 9,250 Thereafter 1,291,006 Total 1,334,944 During the three months ended March 31, 2020 and 2019 , the Company engaged in hedging activities to limit its exposure to changes in interest rates. See Note 12, Derivative Instruments , for further discussion. The following table presents the estimated fair values of the Company’s debt obligations as of March 31, 2020 (in thousands): Financial Instrument Carrying Value as of March 31, 2020 Markets for Identical Item (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) First lien term loan $ 892,499 $ — $ 775,058 $ — Second lien notes 393,080 — — 339,371 Total debt instruments $ 1,285,579 $ — $ 775,058 $ 339,371 The following table sets forth the changes in Level 3 measurements for the three months ended March 31, 2020 (in thousands): Level 3 Measurements Second lien notes fair value as of January 1, 2020 $ 411,119 Change in fair value (71,748 ) Second lien notes fair value as of March 31, 2020 $ 339,371 See Note 13, Fair Value Measurements , for further discussion.

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	3 Months Ended
	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	DERIVATIVE INSTRUMENTS The Company uses derivative financial instruments for hedging and non-trading purposes to limit the Company’s exposure to increases in interest rates related to its variable interest rate debt. Use of derivative financial instruments in hedging programs subjects the Company to certain risks, such as market and credit risks. Market risk represents the possibility that the value of the derivative financial instrument will change. In a hedging relationship, the change in the value of the derivative financial instrument is offset to a great extent by the change in the value of the underlying hedged item. Credit risk related to a derivative financial instrument represents the possibility that the counterparty will not fulfill the terms of the contract. The notional, or contractual, amount of the Company’s derivative financial instruments is used to measure interest to be paid or received and does not represent the Company’s exposure due to credit risk. Credit risk is monitored through established approval procedures, including reviewing credit ratings when appropriate. During 2017, Option Care entered into interest rate caps that reduce the risk of increased interest payments due to interest rates rising. The hedges offset the risk of rising interest rates through 2020 on the first $250.0 million of the previous first lien term loan. The interest rate caps perfectly offset the terms of the interest rates associated with the variable interest rate previous first lien term loan. Option Care entered into the interest rate caps as a cash flow hedge for a notional amount of $1.9 million . In April 2019, Option Care terminated its interest rate caps. In August 2019, the Company entered into interest rate swap agreements that reduce the variability in the interest rates on the newly-issued debt obligations. The first interest rate swap for $925.0 million notional was effective in August 2019 with $911.1 million designated as a cash flow hedge against the underlying interest rate on the first lien term loan interest payments indexed to one-month London Interbank Offered Rate (“LIBOR”) through August 2021. The second interest rate swap of $400.0 million notional was effective in November 2019 and is designated as a cash flow hedge against the underlying interest rate on the second lien notes interest payments indexed to three-month LIBOR through November 2020. In accordance with ASU 2017-12, Targeted Improvements to Accounting for Hedges , the Company has determined that the hedges are perfectly effective. The remaining $13.9 million notional amount of the interest rate swap is not designated as a hedging instrument. The following table summarizes the amount and location of the Company’s derivative instruments in the condensed consolidated balance sheets (in thousands): Fair value - Derivatives in liability position Derivative Balance Sheet Caption March 31, 2020 December 31, 2019 Interest rate swaps designated as cash flow hedges Accrued expenses and other current liabilities $ 3,122 $ 1,275 Interest rate swaps designated as cash flow hedges Other non-current liabilities 20,705 5,920 Interest rate swaps not designated as hedges Other non-current liabilities 315 90 Total derivatives $ 24,142 $ 7,285 The gain and loss associated with the changes in the fair value of the effective portion of the hedging instrument are recorded into other comprehensive (loss) income. The gain and loss associated with the changes in the fair value of the $13.9 million notional amount not designated as a hedging instrument are recognized in net income (loss) through interest expense. The following table presents the pre-tax gains (losses) from derivative instruments recognized in other comprehensive (loss) income in the Company’s unaudited condensed consolidated statements of comprehensive income (loss) (in thousands): Three Months Ended March 31, Derivative 2020 2019 Interest rate caps designated as cash flow hedges $ — $ (747 ) Interest rate swaps designated as cash flow hedges (16,632 ) — $ (16,632 ) $ (747 ) The following table presents the amount and location of pre-tax income (loss) recognized in the Company’s unaudited condensed consolidated statement of comprehensive income (loss) related to the Company’s derivative instruments (in thousands): Three months ended March 31, Derivative Income Statement Caption 2020 2019 Interest rate caps designated as cash flow hedges Interest expense $ — $ (183 ) Interest rate swaps designated as cash flow hedges Interest expense (799 ) — Interest rate swaps not designated as hedges Interest expense (234 ) — $ (1,033 ) $ (183 ) The Company expects to reclassify $18.0 million of total interest rate costs from accumulated other comprehensive loss against interest expense during the next 12 months.

FAIR VALUE MEASURMENTS

FAIR VALUE MEASURMENTS	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	FAIR VALUE MEASUREMENTS Fair value measurements are determined by maximizing the use of observable inputs and minimizing the use of unobservable inputs. The hierarchy places the highest priority on unadjusted quoted market prices in active markets for identical assets or liabilities (Level 1 measurements) and gives the lowest priority to unobservable inputs (Level 3 measurements). The categories within the valuation hierarchy are described as follows: • Level 1 — Inputs to the fair value measurement are quoted prices in active markets for identical assets or liabilities. • Level 2 — Inputs to the fair value measurement include quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. • Level 3 — Inputs to the fair value measurement are unobservable inputs or valuation techniques. While the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. First lien term loan : The fair value of the first lien term loan is derived from a broker quote on the loans in the syndication (Level 2 inputs). See Note 11, Indebtedness , for further discussion on the carrying amount and fair value of the first lien term loan. Second lien notes : The fair value of the second lien notes is derived from a cash flow model that discounted the cash flows based on market interest rates (Level 3 inputs). See Note 11, Indebtedness , for further discussion on the carrying amount and fair value of the second lien notes. Interest rate swaps : The fair values of interest rate swaps are derived from the interest rates prevalent in the market and future expectations of those interest rates (Level 2 inputs). The Company determines the fair value of the investments based on quoted prices from third-party brokers. See Note 12, Derivative Instruments , for further discussion on the fair value of interest rate swaps. There were no other assets or liabilities measured at fair value at March 31, 2020 and December 31, 2019 .

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES The Company is involved in legal proceedings and is subject to investigations, inspections, audits, inquiries, and similar actions by governmental authorities, arising in the normal course of the Company’s business. Some of these suits may purport or may be determined to be class actions and/or involve parties seeking large and/or indeterminate amounts, including punitive or exemplary damages, and may remain unresolved for several years. From time to time, the Company may also be involved in legal proceedings as a plaintiff involving antitrust, tax, contract, intellectual property, and other matters. Gain contingencies, if any, are recognized when they are realized. The results of legal proceedings are often uncertain and difficult to predict, and the costs incurred in litigation can be substantial, regardless of the outcome. The Company believes that its defenses and assertions in pending legal proceedings have merit and does not believe that any of these pending matters, after consideration of applicable reserves and rights to indemnification, will have a material adverse effect on the Company’s condensed consolidated balance sheets. However, substantial unanticipated verdicts, fines, and rulings may occur. As a result, the Company may from time to time incur judgments, enter into settlements, or revise expectations regarding the outcome of certain matters, and such developments could have a material adverse effect on its results of operations in the period in which the amounts are accrued and/or its cash flows in the period in which the amounts are paid.

STOCK-BASED INCENTIVE COMPENSAT

STOCK-BASED INCENTIVE COMPENSATION	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Stock-Based Incentive Compensation	STOCK-BASED INCENTIVE COMPENSATION Equity Incentive Plans — Under the Company’s 2018 Equity Incentive Plan (the “2018 Plan”), approved at the annual meeting by the BioScrip stockholders on May 3, 2018, the Company may issue, among other things, incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock units, stock grants, and performance units to key employees and directors. The 2018 plan is administered by the Company’s Compensation Committee, a standing committee of the Board of Directors. A total of 4,101,735 shares of common stock were initially authorized for issuance under the 2018 Plan. The Company had stock options and restricted stock outstanding related to the 2018 Plan as of March 31, 2020. As of March 31, 2020, the Company also had incentive units outstanding related to the HC I equity incentive plan, which was implemented in October 2015, for certain officers and employees of the Company. During the three months ended March 31, 2020 and 2019 , total stock-based incentive compensation expense recognized by the Company related to these plans was $0.8 million and $0.6 million , respectively.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Stockholders' Equity	STOCKHOLDERS’ EQUITY On January 3, 2020, the Company’s board of directors and HC I, the stockholder of a majority of the Company’s common stock, approved a reverse stock split of the Company’s issued and outstanding common stock on a one share for four share basis and appropriately amended the Company’s Third Amended and Restated Certificate of Incorporation to reflect the change. On February 3, 2020, the reverse stock split became effective. In connection with the reverse stock split, the Company changed its ticker symbol from “BIOS” to “OPCH” and transferred the Company’s common stock from the Nasdaq Capital Market to the Nasdaq Global Select Market. The par value of the Company’s common stock remained unchanged as a result of the reverse stock split, resulting in a decrease to the aggregate par value of common stock and corresponding increase to paid-in capital in the Company’s unaudited condensed consolidated financial statements, which was retrospectively applied to all periods presented in the unaudited condensed consolidated financial statements. All common shares, warrants and stock awards presented in the unaudited condensed consolidated financial statements have been retrospectively adjusted for the reverse stock split 2017 Warrants — During the three months ended March 31, 2020 , warrant holders did not elect to exercise any warrants to purchase shares of common stock. No warrants existed in 2019 prior to the Merger. As of March 31, 2020 and December 31, 2019 , the remaining warrant holders are entitled to purchase 1.4 million shares of common stock, respectively. 2015 Warrants — During the three months ended March 31, 2020 , warrant holders did not elect to exercise any warrants to purchase shares of common stock. No warrants existed in 2019 prior to the Merger. As of March 31, 2020 and December 31, 2019 , warrant holders are entitled to purchase 0.9 million shares of common stock, respectively. Home Solutions Restricted Stock — In conjunction with BioScrip’s 2016 acquisition of Home Solutions, Inc., 1.8 million restricted shares of common stock were issued, of which 0.8 million of these units vest upon the closing price of the Company’s common stock averaging at or above $16.00 per share over 20 consecutive trading days prior to December 31, 2019 and 1.0 million of these units vest upon the closing price of the Company’s common stock averaging at or above $20.00 per share over 20 consecutive trading days prior to December 31, 2019 . The restricted stock expired on December 31, 2019 . As discussed in Note 1, Nature of Operations and Presentation of Financial Statements , 7,048,357 common shares issued to HC I in conjunction with the Merger are held in escrow to prevent dilution related to the vesting of the Home Solutions restricted stock. In the event the Home Solutions restricted stock expires unvested, the 7,048,357 common shares held in escrow will be returned to the Company and canceled. As of March 31, 2020 , the Home Solutions restricted stock remained in escrow pending final resolution of this matter.

RELATED-PARTY TRANSACTIONS

RELATED-PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
Related-Party Transactions	RELATED-PARTY TRANSACTIONS Transactions with Equity-Method Investees — The Company provides management services to its joint ventures such as accounting, invoicing and collections in addition to day-to-day managerial support of the operations of the businesses. The Company recorded management fee income of $0.7 million and $0.6 million for three months ended March 31, 2020 and 2019 , respectively. Management fees are recorded in net revenues in the accompanying unaudited condensed consolidated statements of comprehensive income (loss). The Company had amounts due to its joint ventures of $2.9 million as of March 31, 2020 . The Company also had amounts due to its joint ventures of $4.3 million as of December 31, 2019 . These payables were included in accrued expenses and other current liabilities in the accompanying condensed consolidated balance sheets. These balances primarily relate to cash collections received by the Company on behalf of the joint ventures, offset by certain pharmaceutical inventories purchased by the Company on behalf of the joint ventures.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation — The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles (“GAAP”) in the United States and contain all adjustments, including normal recurring adjustments, necessary to present fairly the Company’s financial position, results of operations and cash flows for interim financial reporting. The results of operations for the interim periods presented are not necessarily indicative of the results of operations for the entire year. These unaudited condensed consolidated financial statements do not include all of the information and notes to the financial statements required by GAAP for complete financial statements and should be read in conjunction with the 2019 audited consolidated financial statements, including the notes thereto, as presented in the Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 5, 2020.
Principles of Consolidation	Principles of Consolidation — The Company’s unaudited condensed consolidated financial statements include the accounts of Option Care Health, Inc. and its subsidiaries. The BioScrip results have been included in the consolidated financial results since the Merger Date. All intercompany transactions and balances are eliminated in consolidation.
Concentrations of Business Risk	Concentrations of Business Risk — The Company generates revenue from managed care contracts and other agreements with commercial third-party payers. Revenue related to the Company’s largest payer was approximately 13% and 16% for the three months ended March 31, 2020 and 2019 , respectively. In December 2019, the Company renewed and expanded its multi-year contract with this payer. The contract renewal was effective in February 2020 for a two-year term and auto-renews at the end of that term. There were no other managed care contracts that represent greater than 10% of revenue for the periods presented. For three months ended March 31, 2020 and 2019 , approximately 12% and 13% , respectively, of the Company’s revenue was reimbursable through direct government healthcare programs, such as Medicare and Medicaid. As of March 31, 2020 and December 31, 2019 , respectively, approximately 12% and 12% , respectively, of the Company’s accounts receivable was related to these programs. Governmental programs pay for services based on fee schedules and rates that are determined by the related governmental agency. Laws and regulations pertaining to government programs are complex and subject to interpretation. As a result, there is at least a reasonable possibility that recorded estimates will change in the near term. The Company does not require its patients nor other payers to carry collateral for any amounts owed for goods or services provided. Other than as discussed above, concentration of credit risk relating to trade accounts receivable is limited due to the Company’s diversity of patients and payers. Further, the Company generally does not provide charity care. For the three months ended March 31, 2020 and 2019 , approximately 70% and 75% , respectively, of the Company’s pharmaceutical and medical supply purchases were from three vendors. Although there are a limited number of suppliers, the Company believes that other vendors could provide similar products on comparable terms. However, a change in suppliers could cause delays in service delivery and possible losses in revenue, which could adversely affect the Company’s financial condition or operating results.
Recent Accounting Pronouncements	Recently-Adopted Accounting Pronouncements — In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which requires measurement and recognition of expected credit losses for financial assets held. The Amendments in ASU 2016-13 eliminate the probable threshold for initial recognition of a credit loss in current GAAP and reflect an entity’s current estimate of all expected credit losses. ASU 2016-13 is effective for interim and annual reporting periods beginning after December 15, 2019, and is to be applied using a modified retrospective transition method. The Company adopted the standard as of January 1, 2020. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements.
Fair Value Measurements	FAIR VALUE MEASUREMENTS Fair value measurements are determined by maximizing the use of observable inputs and minimizing the use of unobservable inputs. The hierarchy places the highest priority on unadjusted quoted market prices in active markets for identical assets or liabilities (Level 1 measurements) and gives the lowest priority to unobservable inputs (Level 3 measurements). The categories within the valuation hierarchy are described as follows: • Level 1 — Inputs to the fair value measurement are quoted prices in active markets for identical assets or liabilities. • Level 2 — Inputs to the fair value measurement include quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. • Level 3 — Inputs to the fair value measurement are unobservable inputs or valuation techniques. While the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. First lien term loan : The fair value of the first lien term loan is derived from a broker quote on the loans in the syndication (Level 2 inputs). See Note 11, Indebtedness , for further discussion on the carrying amount and fair value of the first lien term loan. Second lien notes : The fair value of the second lien notes is derived from a cash flow model that discounted the cash flows based on market interest rates (Level 3 inputs). See Note 11, Indebtedness , for further discussion on the carrying amount and fair value of the second lien notes. Interest rate swaps : The fair values of interest rate swaps are derived from the interest rates prevalent in the market and future expectations of those interest rates (Level 2 inputs). The Company determines the fair value of the investments based on quoted prices from third-party brokers. See Note 12, Derivative Instruments , for further discussion on the fair value of interest rate swaps.

BUSINESS ACQUISITIONS (Tables)

BUSINESS ACQUISITIONS (Tables)	3 Months Ended
	Mar. 31, 2020
Business Combinations [Abstract]
Schedule of Consideration Exchanged	Under the acquisition method of accounting, the calculation of total consideration exchanged is as follows (in thousands): Amount Number of BioScrip common shares outstanding at time of the Merger (1) 129,181 Common shares issued to warrant and preferred stockholders at time of the Merger (1) 3,458 Total shares of BioScrip common stock outstanding at time of the Merger (1) 132,639 BioScrip share price as of August 6, 2019 $ 2.67 Fair value of common shares $ 354,146 Fair value of share-based instruments $ 32,898 Cash paid in conjunction with the Merger included in purchase consideration $ 714,957 Fair value of total consideration transferred $ 1,102,001 Less: cash acquired $ 14,787 Fair value of total consideration acquired, net of cash acquired $ 1,087,214 (1) These shares were not adjusted for the one share for four share reverse stock split effective on February 3, 2020. See Note 16, Stockholders’ Equity , for further discussion on the one share for four share reverse stock split.
Schedule of Acquired Identifiable Assets and Assumed Liabilities	The following is a preliminary estimate of the allocation of the consideration transferred to acquired identifiable assets and assumed liabilities, net of cash acquired, in the Merger as of August 6, 2019 (in thousands): Amount Accounts receivable, net (1) $ 96,532 Inventories (2) 19,683 Property and equipment, net (3) 48,732 Intangible assets, net (4) 193,245 Deferred tax assets, net of deferred tax liabilities (5) 26,731 Operating lease right-of-use asset (6) 22,378 Operating lease liability (6) (28,897 ) Accounts payable (7) (66,371 ) Other assumed liabilities, net of other acquired assets (7) (20,233 ) Total acquired identifiable assets and liabilities 291,800 Goodwill (8) 795,414 Total consideration transferred $ 1,087,214 (1) Management has valued accounts receivables based on the estimated future collectability of the receivables portfolio. (2) Inventories are stated at fair value as of the Merger Date. (3) The fair value of the property and equipment was determined based upon the best and highest use of the property with final values determined based upon an analysis of the cost, sales comparison, and income capitalization approaches for each property appraised. (4) The preliminary allocation of consideration exchanged to intangible assets acquired is as follows (in thousands): Fair Value Weighted Average Estimated Life (in years) Trademarks/Names $ 12,536 2 Patient referral sources 180,329 20 Licenses 380 1.5 Total intangible assets, net $ 193,245 18.8 The Company preliminarily valued trademarks/names utilizing the relief of royalty method and patient referral sources utilizing the multi-period excess earnings method, a form of the income approach. (5) Net deferred tax assets represented the expected future tax consequences of temporary differences between the fair values of the assets acquired and liabilities assumed and their tax bases. See Note 5, Income Taxes , for additional discussion of the Company’s combined income tax position subsequent to the Merger. (6) The fair value of the operating lease liability and corresponding right-of-use asset (current and long-term) was based on current market rates available to the Company. (7) Accounts payable as well as certain other current and non-current assets and liabilities are stated at fair value as of the Merger Date. (8) The Merger preliminarily resulted in $795.4 million of goodwill, which is attributable to cost synergies resulting from procurement and operational efficiencies and elimination of duplicative administrative costs. The goodwill created in the Merger is not expected to be deductible for tax purposes.
Schedule of Allocation of Consideration to Intangible Assets Acquired	The preliminary allocation of consideration exchanged to intangible assets acquired is as follows (in thousands): Fair Value Weighted Average Estimated Life (in years) Trademarks/Names $ 12,536 2 Patient referral sources 180,329 20 Licenses 380 1.5 Total intangible assets, net $ 193,245 18.8

REVENUE (Tables)

REVENUE (Tables)	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Schedule of Net Revenue Earned by Category of Payer	The following table sets forth the net revenue earned by category of payer for the three months ended March 31, 2020 and 2019 (in thousands): Three Months Ended March 31, 2020 2019 Commercial payers $ 605,994 $ 401,663 Government payers 86,271 63,548 Patients 13,175 11,281 Net revenue $ 705,440 $ 476,492

(LOSS) EARNINGS PER SHARE (Tabl

(LOSS) EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Loss Per Share	The following table presents the Company’s basic and diluted (loss) earnings per share and shares outstanding (in thousands, except per share data): Three Months Ended March 31, 2020 2019 Numerator: Net loss $ (19,910 ) $ (3,712 ) Denominator: Weighted average number of common shares outstanding 176,661 142,614 Loss per Common Share: Loss per common share, basic and diluted $ (0.11 ) $ (0.03 )

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Maturities of Lease Liabilities, Operating	Operating leases mature as follows (in thousands): Fiscal Year Ending December 31, Minimum Payments 2020 $ 18,202 2021 19,201 2022 14,103 2023 10,767 2024 8,008 Thereafter 18,327 Total lease payments $ 88,608 Less: Interest 14,715 Present value of lease liabilities $ 73,893
Maturities of Lease Liabilities, Financing	Operating leases mature as follows (in thousands): Fiscal Year Ending December 31, Minimum Payments 2020 $ 18,202 2021 19,201 2022 14,103 2023 10,767 2024 8,008 Thereafter 18,327 Total lease payments $ 88,608 Less: Interest 14,715 Present value of lease liabilities $ 73,893

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	3 Months Ended
	Mar. 31, 2020
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment was as follows as of March 31, 2020 and December 31, 2019 (in thousands): March 31, 2020 December 31, 2019 Infusion pumps $ 33,386 $ 30,416 Equipment, furniture and other 50,988 51,454 Leasehold improvements 82,140 80,916 Computer software, purchased and internally developed 35,079 34,884 Assets under development 5,438 14,150 207,031 211,820 Less: accumulated depreciation 81,245 78,622 Property and equipment, net $ 125,786 $ 133,198 The following table presents the amount of depreciation expense recorded in cost of revenue and operating expenses for the three months ended March 31, 2020 and 2019 (in thousands): Three Months Ended March 31, 2020 2019 Depreciation expense in cost of revenue $ 1,742 $ 780 Depreciation expense in operating expenses 11,319 5,073 Total depreciation expense $ 13,061 $ 5,853

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	3 Months Ended
	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of the Carrying Amount of Goodwill	Changes in the carrying amount of goodwill consists of the following activity for the three months ended March 31, 2020 (in thousands): Balance at December 31, 2019 $ 1,425,542 Purchase accounting adjustments 2,341 Balance at March 31, 2020 $ 1,427,883
Schedule of Carrying Amount and Accumulated Amortization of Intangible Assets	The carrying amount and accumulated amortization of intangible assets consists of the following as of March 31, 2020 and December 31, 2019 (in thousands): March 31, 2020 December 31, 2019 Gross intangible assets: Referral sources $ 438,121 $ 438,121 Trademarks/names 44,536 44,536 Other amortizable intangible assets 402 402 Total gross intangible assets 483,059 483,059 Accumulated amortization: Referral sources (90,846 ) (84,295 ) Trademarks/names (14,845 ) (12,748 ) Other amortizable intangible assets (172 ) (106 ) Total accumulated amortization (105,863 ) (97,149 ) Total intangible assets, net $ 377,196 $ 385,910

EQUITY-METHOD INVESTMENTS (Tabl

EQUITY-METHOD INVESTMENTS (Tables)	3 Months Ended
	Mar. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Condensed Financial Information of Equity Method Investments	The following presents condensed financial information as of March 31, 2020 and December 31, 2019 and for the three months ended March 31, 2020 and 2019 (in thousands). Consolidated statements of comprehensive income (loss) data: Three Months Ended March 31, 2020 2019 Net revenue $ 10,508 $ 9,238 Cost of revenue 8,640 7,049 Gross profit 1,868 2,189 Net income 608 847 Equity in net income 304 424 Consolidated balance sheet data: As of March 31, 2020 December 31, 2019 Current assets 12,086 11,111 Noncurrent assets 1,862 2,033 Current liabilities 1,528 1,228 Noncurrent liabilities 852 956 The following presents condensed financial information as of March 31, 2020 and December 31, 2019 and for the three months ended March 31, 2020 and 2019 (in thousands). Consolidated statements of comprehensive income (loss) data: Three Months Ended March 31, 2020 2019 Net revenue $ 5,491 $ 4,775 Cost of revenue 3,940 3,367 Gross profit 1,551 1,408 Net income 517 250 Equity in net income 258 125 Consolidated balance sheet data: As of March 31, 2020 December 31, 2019 Current assets $ 7,482 $ 7,643 Noncurrent assets 3,615 3,846 Current liabilities 1,074 903 Noncurrent liabilities 579 659

INDEBTEDNESS (Tables)

INDEBTEDNESS (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Summary of Debt	Long-term debt consisted of the following as of March 31, 2020 (in thousands): Principal Amount Discount Debt Issuance Costs Net Balance ABL facility $ — $ — $ — $ — First lien term loan 922,688 (8,120 ) (22,069 ) 892,499 Second lien notes 412,256 (11,455 ) (7,721 ) 393,080 $ 1,334,944 $ (19,575 ) $ (29,790 ) 1,285,579 Less: current portion (9,250 ) Total long-term debt $ 1,276,329 Long-term debt consisted of the following as of December 31, 2019 (in thousands): Principal Amount Discount Debt Issuance Costs Net Balance ABL facility $ — $ — $ — $ — First lien term loan 925,000 (8,399 ) (22,825 ) 893,776 Second lien notes 412,256 (11,672 ) (7,864 ) 392,720 $ 1,337,256 $ (20,071 ) $ (30,689 ) 1,286,496 Less: current portion (9,250 ) Total long-term debt $ 1,277,246
Schedule of Long-term Debt Maturities	Long-term debt matures as follows (in thousands): Year Ending December 31, Minimum Payments 2020 $ 6,938 2021 9,250 2022 9,250 2023 9,250 2024 9,250 Thereafter 1,291,006 Total 1,334,944
Schedule of Estimated Fair Values of Debt Obligations	The following table presents the estimated fair values of the Company’s debt obligations as of March 31, 2020 (in thousands): Financial Instrument Carrying Value as of March 31, 2020 Markets for Identical Item (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) First lien term loan $ 892,499 $ — $ 775,058 $ — Second lien notes 393,080 — — 339,371 Total debt instruments $ 1,285,579 $ — $ 775,058 $ 339,371 The following table sets forth the changes in Level 3 measurements for the three months ended March 31, 2020 (in thousands): Level 3 Measurements Second lien notes fair value as of January 1, 2020 $ 411,119 Change in fair value (71,748 ) Second lien notes fair value as of March 31, 2020 $ 339,371

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Amount and Location of Derivatives in the Balance Sheet	The following table summarizes the amount and location of the Company’s derivative instruments in the condensed consolidated balance sheets (in thousands): Fair value - Derivatives in liability position Derivative Balance Sheet Caption March 31, 2020 December 31, 2019 Interest rate swaps designated as cash flow hedges Accrued expenses and other current liabilities $ 3,122 $ 1,275 Interest rate swaps designated as cash flow hedges Other non-current liabilities 20,705 5,920 Interest rate swaps not designated as hedges Other non-current liabilities 315 90 Total derivatives $ 24,142 $ 7,285
Schedule of Pre-tax Income (Loss) Recognized in the Statements of Comprehensive Income (Loss)	The following table presents the pre-tax gains (losses) from derivative instruments recognized in other comprehensive (loss) income in the Company’s unaudited condensed consolidated statements of comprehensive income (loss) (in thousands): Three Months Ended March 31, Derivative 2020 2019 Interest rate caps designated as cash flow hedges $ — $ (747 ) Interest rate swaps designated as cash flow hedges (16,632 ) — $ (16,632 ) $ (747 ) The following table presents the amount and location of pre-tax income (loss) recognized in the Company’s unaudited condensed consolidated statement of comprehensive income (loss) related to the Company’s derivative instruments (in thousands): Three months ended March 31, Derivative Income Statement Caption 2020 2019 Interest rate caps designated as cash flow hedges Interest expense $ — $ (183 ) Interest rate swaps designated as cash flow hedges Interest expense (799 ) — Interest rate swaps not designated as hedges Interest expense (234 ) — $ (1,033 ) $ (183 )

NATURE OF OPERATIONS AND PRES_2

NATURE OF OPERATIONS AND PRESENTATION OF FINANCIAL STATEMENTS (Details) $ / shares in Units, $ in Thousands	Aug. 06, 2019USD ($)$ / sharesshares	Mar. 31, 2020USD ($)pharmacy$ / shares	Dec. 31, 2019USD ($)$ / shares
Business Acquisition [Line Items]
Common stock, par value (in dollars per share) | $ / shares		$ 0.0001	$ 0.0001
Principal amount of debt | $		$ 1,285,579	$ 1,286,496
OptionCare Enterprises, Inc.
Business Acquisition [Line Items]
Shares converted in merger (in shares) | shares	135,565,392
Common stock, par value (in dollars per share) | $ / shares	$ 0.0001
Additional shares issued (in shares) | shares	7,048,357
Ownership retained by shareholders after merger	19.30%
Number of service locations | pharmacy		111
Preferred Stock and Certain Warrants | OptionCare Enterprises, Inc.
Business Acquisition [Line Items]
Shares repurchased | $	$ 125,800
Preferred Stock and Certain Warrants | Common Stock | OptionCare Enterprises, Inc.
Business Acquisition [Line Items]
Additional shares issued (in shares) | shares	864,603
HC Group Holdings I, LLC | OptionCare Enterprises, Inc.
Business Acquisition [Line Items]
Percentage of the combined company held	80.70%
Senior Notes | First Lien Term Loan
Business Acquisition [Line Items]
Principal amount of debt | $	$ 575,000
Legacy Health Systems
Business Acquisition [Line Items]
Ownership interest		50.00%	50.00%

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Revenue from Contract with Customer Benchmark | Company's Largest Payer
Concentration Risk [Line Items]
Contract term	2 years
Concentration risk	13.00%	16.00%
Revenue from Contract with Customer Benchmark | Governmental Programs
Concentration Risk [Line Items]
Concentration risk	12.00%	13.00%
Accounts Receivable | Governmental Programs
Concentration Risk [Line Items]
Concentration risk	12.00%		12.00%
Cost of Goods and Service, Product and Service Benchmark | Medical Supply Vendors
Concentration Risk [Line Items]
Concentration risk	70.00%	75.00%

BUSINESS ACQUISITIONS - Additio

BUSINESS ACQUISITIONS - Additional Information (Details) $ / shares in Units, $ in Thousands	Feb. 03, 2020	Aug. 06, 2019USD ($)$ / shares	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Business Acquisition [Line Items]
Stock split ratio	0.25
Goodwill			$ 1,427,883	$ 1,425,542
BioScrip
Business Acquisition [Line Items]
Share price (in dollars per share) | $ / shares		$ 2.67
Payment of shares in acquisition		$ 125,800
Success-based fees		14,100
Goodwill		795,414
Senior Notes | First Lien Term Loan | BioScrip
Business Acquisition [Line Items]
Payment in settlement of debt		$ 575,000

BUSINESS ACQUISITIONS - Conside

BUSINESS ACQUISITIONS - Consideration Exchanged (Details) - USD ($) $ / shares in Units, $ in Thousands	Aug. 06, 2019	Mar. 31, 2020	Dec. 31, 2019	Aug. 05, 2019
Business Acquisition [Line Items]
Number of BioScrip common shares outstanding at time of the merger (in shares)		176,704,306	176,591,907
BioScrip
Business Acquisition [Line Items]
Number of BioScrip common shares outstanding at time of the merger (in shares)	132,639,000			129,181,000
Common shares issued to warrant and preferred stockholders at time of the merger (in shares)	3,458,000
BioScrip share price as of August 6, 2019 (in dollars per share)	$ 2.67
Fair value of common shares	$ 354,146
Fair value of share-based instruments	32,898
Cash paid in conjunction with the Merger included in purchase consideration	714,957
Fair value of total consideration transferred	1,102,001
Less: cash acquired	14,787
Fair value of total consideration acquired, net of cash acquired	$ 1,087,214

BUSINESS ACQUISITIONS - Acquire

BUSINESS ACQUISITIONS - Acquired Identifiable Assets and Assumed Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Aug. 06, 2019
Business Acquisition [Line Items]
Goodwill	$ 1,427,883	$ 1,425,542
BioScrip
Business Acquisition [Line Items]
Accounts receivable, net			$ 96,532
Inventories			19,683
Property and equipment, net			48,732
Intangible assets, net			193,245
Deferred tax assets, net of deferred tax liabilities			26,731
Operating lease right-of-use asset			22,378
Operating lease liability			(28,897)
Accounts payable			(66,371)
Other assumed liabilities, net of other acquired assets			(20,233)
Total acquired identifiable assets and liabilities			291,800
Goodwill			795,414
Total consideration transferred			$ 1,087,214

BUSINESS ACQUISITIONS - Consi_2

BUSINESS ACQUISITIONS - Consideration Allocated to Intangible Assets (Details) - BioScrip $ in Thousands	Aug. 06, 2019USD ($)
Business Acquisition [Line Items]
Total intangible assets, net	$ 193,245
Weighted Average Estimated Life (in years)	18 years 10 months
Trademarks/Names
Business Acquisition [Line Items]
Total intangible assets, net	$ 12,536
Weighted Average Estimated Life (in years)	2 years
Patient referral sources
Business Acquisition [Line Items]
Total intangible assets, net	$ 180,329
Weighted Average Estimated Life (in years)	20 years
Licenses
Business Acquisition [Line Items]
Total intangible assets, net	$ 380
Weighted Average Estimated Life (in years)	1 year 6 months

BUSINESS ACQUISITIONS - Pro For

BUSINESS ACQUISITIONS - Pro Forma Financial Information (Details) - BioScrip $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
Business Acquisition [Line Items]
Net revenue	$ 655.4
Net loss	$ 22

REVENUE - Net Revenue Earned by

REVENUE - Net Revenue Earned by Category of Payer (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Net revenue	$ 705,440	$ 476,492
Commercial payers
Disaggregation of Revenue [Line Items]
Net revenue	605,994	401,663
Government payers
Disaggregation of Revenue [Line Items]
Net revenue	86,271	63,548
Patients
Disaggregation of Revenue [Line Items]
Net revenue	$ 13,175	$ 11,281

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income tax (benefit) expense	$ 1,041	$ (1,422)
Effective tax rate	(5.50%)	27.70%
State net operating losses	$ 700

(LOSS) EARNINGS PER SHARE - Sch

(LOSS) EARNINGS PER SHARE - Schedule of Basic and Diluted Earnings (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Numerator:
Net (loss) income	$ (19,910,000)	$ (3,712,000)
Denominator:
Weighted average number of common shares outstanding (in shares)	176,661,000	142,614,000
Loss per Common Share:
(Loss) earnings per common share, basic and diluted (in dollars per share)	$ (0.11)	$ (0.03)
Dilutive potential common shares		$ 0
Warrant
Loss per Common Share:
Antidilutive securities excluded	2,328,120
Stock Options
Loss per Common Share:
Antidilutive securities excluded	531,747
Restricted Stock Award
Loss per Common Share:
Antidilutive securities excluded	484,326

LEASES - Additional Information

LEASES - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Leases [Abstract]
Operating lease cost	$ 7.7	$ 5.2
Weighted-average remaining lease term, operating leases	5 years 3 months 19 days
Weighted-average discount rate, operating leases	5.47%

LEASES - Maturities of Lease Li

LEASES - Maturities of Lease Liabilities (Details) $ in Thousands	Mar. 31, 2020USD ($)
Minimum Payments
Minimum Payments, Total lease payments, 2020	$ 18,202
Minimum Payments, Total lease payments, 2021	19,201
Minimum Payments, Total lease payments, 2022	14,103
Minimum Payments, Total lease payments, 2023	10,767
Minimum Payments, Total lease payments, 2024	8,008
Minimum Payments, Total lease payments, Thereafter	18,327
Minimum Payments, Total lease payments	88,608
Less: Interest	14,715
Present value of lease liabilities	$ 73,893

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 207,031		$ 211,820
Less: accumulated depreciation	81,245		78,622
Property and equipment, net	125,786		133,198
Depreciation expense	13,061	$ 5,853
Infusion pumps
Property, Plant and Equipment [Line Items]
Property and equipment, gross	33,386		30,416
Equipment, furniture and other
Property, Plant and Equipment [Line Items]
Property and equipment, gross	50,988		51,454
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	82,140		80,916
Computer software, purchased and internally developed
Property, Plant and Equipment [Line Items]
Property and equipment, gross	35,079		34,884
Assets under development
Property, Plant and Equipment [Line Items]
Property and equipment, gross	5,438		$ 14,150
Depreciation expense in cost of revenue
Property, Plant and Equipment [Line Items]
Depreciation expense	1,742	780
Depreciation expense in operating expenses
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 11,319	$ 5,073

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS - Carrying Amount of Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Goodwill [Roll Forward]
Goodwill - net book value, begging of period	$ 1,425,542
Purchase accounting adjustments	2,341
Goodwill - net book value, end of period	$ 1,427,883

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS - Carrying Amount and Accumulated Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Total gross intangible assets	$ 483,059		$ 483,059
Total accumulated amortization	(105,863)		(97,149)
Total intangible assets, net	377,196		385,910
Amortization expense for intangible assets	8,800	$ 4,900
Referral sources
Finite-Lived Intangible Assets [Line Items]
Total gross intangible assets	438,121		438,121
Total accumulated amortization	(90,846)		(84,295)
Trademarks/names
Finite-Lived Intangible Assets [Line Items]
Total gross intangible assets	44,536		44,536
Total accumulated amortization	(14,845)		(12,748)
Other amortizable intangible assets
Finite-Lived Intangible Assets [Line Items]
Total gross intangible assets	402		402
Total accumulated amortization	$ (172)		$ (106)

EQUITY-METHOD INVESTMENTS - Add

EQUITY-METHOD INVESTMENTS - Additional Information (Details)	3 Months Ended
	Mar. 31, 2020USD ($)investment	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2009USD ($)	Dec. 31, 2005USD ($)
Schedule of Equity Method Investments [Line Items]
Number of equity method investments | investment	2
Investments in equity-method investees	$ 17,000,000		$ 17,000,000
Proportionate share of earnings in equity-method investees	562,000	$ 549,000
Legacy Health Systems
Schedule of Equity Method Investments [Line Items]
Proportionate share of earnings in equity-method investees	$ 258,000	125,000
Ownership interest	50.00%		50.00%
Initial investment					$ 1,300,000
Capital distribution received from investment	$ 500,000	0
Vanderbilt Health Services
Schedule of Equity Method Investments [Line Items]
Proportionate share of earnings in equity-method investees	$ 304,000	$ 424,000
Ownership interest	50.00%
Initial investment				$ 1,100,000

EQUITY-METHOD INVESTMENTS - Con

EQUITY-METHOD INVESTMENTS - Condensed Financial Information of Equity Method Investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Consolidated statements of comprehensive income (loss) data:
Equity in net income	$ 562	$ 549
Legacy Health Systems
Consolidated statements of comprehensive income (loss) data:
Net revenue	5,491	4,775
Cost of revenue	3,940	3,367
Gross profit	1,551	1,408
Net income	517	250
Equity in net income	258	125
Consolidated balance sheet data:
Current assets	7,482		$ 7,643
Noncurrent assets	3,615		3,846
Current liabilities	1,074		903
Noncurrent liabilities	579		659
Vanderbilt Health Services
Consolidated statements of comprehensive income (loss) data:
Net revenue	10,508	9,238
Cost of revenue	8,640	7,049
Gross profit	1,868	2,189
Net income	608	847
Equity in net income	304	$ 424
Consolidated balance sheet data:
Current assets	12,086		11,111
Noncurrent assets	1,862		2,033
Current liabilities	1,528		1,228
Noncurrent liabilities	$ 852		$ 956

INDEBTEDNESS - Summary of Debt

INDEBTEDNESS - Summary of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Principal Amount	$ 1,334,944	$ 1,337,256
Discount	(19,575)	(20,071)
Debt Issuance Costs	(29,790)	(30,689)
Total	1,285,579	1,286,496
Less: current portion	(9,250)	(9,250)
Total long-term debt	1,276,329	1,277,246
Senior Notes | First lien term loan
Debt Instrument [Line Items]
Principal Amount	922,688	925,000
Discount	(8,120)	(8,399)
Debt Issuance Costs	(22,069)	(22,825)
Total	892,499	893,776
Senior Notes | Second lien notes
Debt Instrument [Line Items]
Principal Amount	412,256	412,256
Discount	(11,455)	(11,672)
Debt Issuance Costs	(7,721)	(7,864)
Total	393,080	392,720
Senior Notes | ABL facility
Debt Instrument [Line Items]
Principal Amount	0	0
Discount	0	0
Debt Issuance Costs	0	0
Total	$ 0	$ 0

INDEBTEDNESS - Additional Infor

INDEBTEDNESS - Additional Information (Details) - Credit Agreements, Entered Into 2019 - Senior Notes	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
First Lien Term Loan
Debt Instrument [Line Items]
Effective rate on term loans at end of period	5.49%		6.20%
Weighted average interest rate paid on term loans during period	6.18%	6.25%
Second Lien Term Loan
Debt Instrument [Line Items]
Effective rate on term loans at end of period	10.49%		10.66%
Weighted average interest rate paid on term loans during period	10.54%	11.55%

INDEBTEDNESS - Long Term Debt M

INDEBTEDNESS - Long Term Debt Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
2020	$ 6,938
2021	9,250
2022	9,250
2023	9,250
2024	9,250
Thereafter	1,291,006
Total	$ 1,334,944	$ 1,337,256

INDEBTEDNESS - Estimated Fair V

INDEBTEDNESS - Estimated Fair Values of Debt Obligations (Details) - Senior Notes $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Debt Instrument [Line Items]
Total debt instruments	$ 1,285,579
Debt Instrument, Changes In Long-Term Debt [Roll Forward]
Total debt instruments, end of period	1,285,579
First lien term loan
Debt Instrument [Line Items]
Total debt instruments	892,499
Debt Instrument, Changes In Long-Term Debt [Roll Forward]
Total debt instruments, end of period	892,499
Second lien notes
Debt Instrument [Line Items]
Total debt instruments	393,080
Debt Instrument, Changes In Long-Term Debt [Roll Forward]
Total debt instruments, end of period	393,080
Markets for Identical Item (Level 1)
Debt Instrument [Line Items]
Total debt instruments	0
Debt Instrument, Changes In Long-Term Debt [Roll Forward]
Total debt instruments, end of period	0
Markets for Identical Item (Level 1) | First lien term loan
Debt Instrument [Line Items]
Total debt instruments	0
Debt Instrument, Changes In Long-Term Debt [Roll Forward]
Total debt instruments, end of period	0
Markets for Identical Item (Level 1) | Second lien notes
Debt Instrument [Line Items]
Total debt instruments	0
Debt Instrument, Changes In Long-Term Debt [Roll Forward]
Total debt instruments, end of period	0
Significant Other Observable Inputs (Level 2)
Debt Instrument [Line Items]
Total debt instruments	775,058
Debt Instrument, Changes In Long-Term Debt [Roll Forward]
Total debt instruments, end of period	775,058
Significant Other Observable Inputs (Level 2) | First lien term loan
Debt Instrument [Line Items]
Total debt instruments	775,058
Debt Instrument, Changes In Long-Term Debt [Roll Forward]
Total debt instruments, end of period	775,058
Significant Other Observable Inputs (Level 2) | Second lien notes
Debt Instrument [Line Items]
Total debt instruments	0
Debt Instrument, Changes In Long-Term Debt [Roll Forward]
Total debt instruments, end of period	0
Significant Unobservable Inputs (Level 3)
Debt Instrument [Line Items]
Total debt instruments	339,371
Debt Instrument, Changes In Long-Term Debt [Roll Forward]
Total debt instruments, end of period	339,371
Significant Unobservable Inputs (Level 3) | First lien term loan
Debt Instrument [Line Items]
Total debt instruments	0
Debt Instrument, Changes In Long-Term Debt [Roll Forward]
Total debt instruments, end of period	0
Significant Unobservable Inputs (Level 3) | Second lien notes
Debt Instrument [Line Items]
Total debt instruments	339,371
Debt Instrument, Changes In Long-Term Debt [Roll Forward]
Total debt instruments, beginning of period	411,119
Change in fair value	(71,748)
Total debt instruments, end of period	$ 339,371

DERIVATIVE INSTRUMENTS - Additi

DERIVATIVE INSTRUMENTS - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2020	Nov. 06, 2019	Aug. 31, 2019	Dec. 31, 2017
Derivative [Line Items]
Total interest rate costs expected to reclassify during next 12 months	$ 18
Interest Rate Swap
Derivative [Line Items]
Notional amount of derivative			$ 925
Designated as Hedging Instrument | Senior Notes | First Lien Term Loan | Credit Agreements, Entered Into 2019 | Interest Rate Cap
Derivative [Line Items]
Notional amount of derivative				$ 250
Designated as Hedging Instrument | Senior Notes | Second Lien Term Loan | Credit Agreements, Entered Into 2019 | Interest Rate Swap
Derivative [Line Items]
Notional amount of derivative		$ 400
Not Designated as Hedging Instrument | Interest Rate Swap
Derivative [Line Items]
Notional amount of derivative			13.9
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Cap
Derivative [Line Items]
Notional amount of derivative				$ 1.9
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap
Derivative [Line Items]
Notional amount of derivative			$ 911.1

DERIVATIVE INSTRUMENTS - Balanc

DERIVATIVE INSTRUMENTS - Balance Sheet Location of Derivatives (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fair value - Derivatives in liability position
Total derivatives	$ 24,142	$ 7,285
Designated as Hedging Instrument | Accrued expenses and other current liabilities | Interest Rate Swap
Fair value - Derivatives in liability position
Interest rate swaps	3,122	1,275
Designated as Hedging Instrument | Other non-current liabilities | Interest Rate Swap
Fair value - Derivatives in liability position
Interest rate swaps	20,705	5,920
Not Designated as Hedging Instrument | Other non-current liabilities | Interest Rate Swap
Fair value - Derivatives in liability position
Interest rate swaps	$ 315	$ 90

DERIVATIVE INSTRUMENTS - Pre-ta

DERIVATIVE INSTRUMENTS - Pre-tax Gain (Loss) on Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Derivative [Line Items]
Pre-tax gains (losses) on interest rate derivatives recognized	$ (16,632)	$ (747)
Total gain (loss) on derivatives	(1,033)	(183)
Interest Rate Cap
Derivative [Line Items]
Pre-tax gains (losses) on interest rate derivatives recognized	0	(747)
Interest Rate Swap
Derivative [Line Items]
Pre-tax gains (losses) on interest rate derivatives recognized	(16,632)	0
Interest expense | Interest Rate Cap
Derivative [Line Items]
Gain (loss) location of derivative instruments	0	(183)
Interest expense | Interest Rate Swap
Derivative [Line Items]
Gain (loss) location of derivative instruments	(799)	0
Gain (loss) location of derivative instruments not designated	$ (234)	$ 0

STOCK-BASED INCENTIVE COMPENS_2

STOCK-BASED INCENTIVE COMPENSATION (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	May 03, 2018
HC I Incentive Units
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Share-based compensation expense	$ 0.8	$ 0.6
The 2018 Plan
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of shares authorized (in shares)			4,101,735

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details)	Feb. 03, 2020	Aug. 06, 2019shares	Dec. 31, 2016Days$ / sharesshares	Mar. 31, 2020shares	Dec. 31, 2019shares	Aug. 05, 2019shares
Class of Warrant or Right [Line Items]
Stock split ratio	0.25
Common Stock | 2017 Warrants
Class of Warrant or Right [Line Items]
Number of shares purchasable through warrants (in shares)				1,400,000	1,400,000	0
Common Stock | 2015 Warrants
Class of Warrant or Right [Line Items]
Number of shares purchasable through warrants (in shares)				900,000	900,000	0
OptionCare Enterprises, Inc.
Class of Warrant or Right [Line Items]
Common shares issued to warrant and preferred stockholders at time of the merger (in shares)		7,048,357
Restricted Stock Units (RSUs) | Home Solutions
Class of Warrant or Right [Line Items]
Shares issued pursuant to acquisition (in shares)			1,800,000
Tranche One | Restricted Stock Units (RSUs) | Home Solutions
Class of Warrant or Right [Line Items]
Shares issued pursuant to acquisition (in shares)			800,000
Stock price threshold (in dollars per share) | $ / shares			$ 16
Consecutive trading days threshold | Days			20
Tranche Two | Restricted Stock Units (RSUs) | Home Solutions
Class of Warrant or Right [Line Items]
Shares issued pursuant to acquisition (in shares)			1,000,000
Stock price threshold (in dollars per share) | $ / shares			$ 20
Consecutive trading days threshold | Days			20

RELATED-PARTY TRANSACTIONS (Det

RELATED-PARTY TRANSACTIONS (Details) - Joint Venture - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Related Party Transaction [Line Items]
Management fee income	$ 0.7	$ 0.6
Due to joint ventures	$ 2.9		$ 4.3