Option Care Health (OPCH) 10-Q 27 Jul 23 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2023	Jul. 25, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-11993
Entity Registrant Name	OPTION CARE HEALTH, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	05-0489664
Entity Address, Address Line One	3000 Lakeside Dr.
Entity Address, Address Line Two	Suite 300N,
Entity Address, City or Town	Bannockburn,
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60015
City Area Code	312
Local Phone Number	940-2443
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	OPCH
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		179,876,706
Entity Central Index Key	0001014739
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
CURRENT ASSETS:
Cash and cash equivalents	$ 441,166	$ 294,186
Accounts receivable, net	396,501	377,542
Inventories	262,924	224,281
Prepaid expenses and other current assets	97,629	98,330
Total current assets	1,198,220	994,339
NONCURRENT ASSETS:
Property and equipment, net	106,777	108,321
Operating lease right-of-use asset	79,781	72,424
Intangible assets, net	21,645	22,371
Referral sources, net	330,948	341,744
Goodwill	1,540,567	1,533,424
Other noncurrent assets	42,960	40,313
Total noncurrent assets	2,122,678	2,118,597
TOTAL ASSETS	3,320,898	3,112,936
CURRENT LIABILITIES:
Accounts payable	467,666	378,763
Accrued compensation and employee benefits	73,013	76,906
Accrued expenses and other current liabilities	103,038	84,302
Current portion of operating lease liability	18,750	19,380
Current portion of long-term debt	6,000	6,000
Total current liabilities	668,467	565,351
NONCURRENT LIABILITIES:
Long-term debt, net of discount, deferred financing costs and current portion	1,057,391	1,058,204
Operating lease liability, net of current portion	81,137	71,441
Deferred income taxes	35,431	22,154
Other noncurrent liabilities	3,089	9,683
Total noncurrent liabilities	1,177,048	1,161,482
Total liabilities	1,845,515	1,726,833
STOCKHOLDERS’ EQUITY:
Preferred stock; $0.0001 par value; 12,500,000 shares authorized, no shares outstanding as of June 30, 2023 and December 31, 2022	0	0
Common stock; $0.0001 par value: 250,000,000 shares authorized, 182,729,537 shares issued and 179,870,650 shares outstanding as of June 30, 2023; 182,341,420 shares issued and 181,957,698 shares outstanding as of December 31, 2022	18	18
Treasury stock; 2,858,887 and 383,722 shares outstanding, at cost, as of June 30, 2023 and December 31, 2022, respectively	(78,106)	(2,403)
Paid-in capital	1,188,430	1,176,906
Retained earnings	344,034	190,423
Accumulated other comprehensive income	21,007	21,159
Total stockholders’ equity	1,475,383	1,386,103
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 3,320,898	$ 3,112,936

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
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)	182,729,537	182,341,420
Common stock, shares, outstanding (in shares)	179,870,650	181,957,698
Treasury stock, at cost (in shares)	2,858,887	383,722

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
NET REVENUE	$ 1,069,072	$ 980,820	$ 2,084,920	$ 1,896,604
COST OF REVENUE	818,243	763,920	1,605,086	1,478,768
GROSS PROFIT	250,829	216,900	479,834	417,836
OPERATING COSTS AND EXPENSES:
Selling, general and administrative expenses	153,564	141,787	301,430	275,756
Depreciation and amortization expense	14,898	16,037	29,412	30,759
Total operating expenses	168,462	157,824	330,842	306,515
OPERATING INCOME	82,367	59,076	148,992	111,321
OTHER INCOME (EXPENSE):
Interest expense, net	(13,196)	(12,765)	(27,030)	(25,011)
Equity in earnings of joint ventures	1,397	1,326	2,834	2,593
Other, net	84,935	1	84,936	3
Total other income (expense)	73,136	(11,438)	60,740	(22,415)
INCOME BEFORE INCOME TAXES	155,503	47,638	209,732	88,906
INCOME TAX EXPENSE	41,100	13,709	56,121	24,702
NET INCOME	114,403	33,929	153,611	64,204
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
Change in unrealized gain (loss) on cash flow hedges, net of income tax (expense) benefit of $(1,103), $(756), $49 and $(4,519), respectively	3,291	4,637	(152)	15,707
OTHER COMPREHENSIVE INCOME (LOSS)	3,291	4,637	(152)	15,707
NET COMPREHENSIVE INCOME	$ 117,694	$ 38,566	$ 153,459	$ 79,911
EARNINGS PER COMMON SHARE:
Earnings per share, basic (in dollars per share)	$ 0.64	$ 0.19	$ 0.85	$ 0.36
Earnings per share, diluted (in dollars per share)	$ 0.63	$ 0.19	$ 0.84	$ 0.35
Weighted average common shares outstanding, basic (in shares)	179,807	180,621	180,531	180,293
Weighted average common shares outstanding, diluted (in shares)	181,241	181,618	181,931	181,176

UNAUDITED CONDENSED CONSOLIDA_2

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Change in unrealized gain (loss) on cash flow hedges, net of income tax (expense) benefit	$ (1,103)	$ (756)	$ 49	$ (4,519)

UNAUDITED CONDENSED CONSOLIDA_3

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 153,611	$ 64,204
Adjustments to reconcile net income to net cash provided by operations:
Depreciation and amortization expense	30,801	33,249
Non-cash operating lease costs	9,334	9,988
Deferred income taxes - net	13,277	24,777
Amortization of deferred financing costs	2,187	2,117
Equity in earnings of joint ventures	(2,834)	(2,593)
Stock-based incentive compensation expense	13,673	8,576
Capital distribution from equity method investments	2,500	1,000
Other adjustments	361	506
Changes in operating assets and liabilities:
Accounts receivable, net	(18,619)	(22,950)
Inventories	(38,643)	(48,671)
Prepaid expenses and other current assets	654	(5,235)
Accounts payable	88,896	100,924
Accrued compensation and employee benefits	(3,949)	(26,384)
Accrued expenses and other current liabilities	24,805	18,900
Operating lease liabilities	(7,754)	(11,032)
Other noncurrent assets and liabilities	(9,012)	(10,422)
Net cash provided by operating activities	259,288	136,954
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of property and equipment	(13,554)	(10,055)
Business acquisitions, net of cash acquired	(12,855)	(59,897)
Net cash used in investing activities	(26,409)	(69,952)
CASH FLOWS FROM FINANCING ACTIVITIES:
Exercise of stock options, vesting of restricted stock, and related tax withholdings	(2,149)	523
Proceeds from warrant exercises	0	20,098
Repayments of debt principal	(3,000)	(3,000)
Purchase of company stock	(75,000)	0
Other financing activities	(5,750)	0
Net cash (used in) provided by financing activities	(85,899)	17,621
NET INCREASE IN CASH AND CASH EQUIVALENTS	146,980	84,623
Cash and cash equivalents - beginning of the period	294,186	119,423
CASH AND CASH EQUIVALENTS - END OF PERIOD	441,166	204,046
Supplemental disclosure of cash flow information:
Cash paid for interest	33,991	21,793
Cash paid for income taxes	21,786	4,966
Cash paid for operating leases	$ 13,231	$ 12,435

UNAUDITED CONDENSED CONSOLIDA_4

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Treasury Stock	Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Equity, beginning balance at Dec. 31, 2021	$ 1,175,886	$ 0	$ 18	$ (2,403)	$ 1,138,855	$ 39,867	$ (451)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options, vesting of restricted stock, and related tax withholdings	355				355
Stock-based incentive compensation	4,178				4,178
Net income	30,275					30,275
Other comprehensive income	11,070						11,070
Equity, ending balance at Mar. 31, 2022	1,221,764	0	18	(2,403)	1,143,388	70,142	10,619
Equity, beginning balance at Dec. 31, 2021	1,175,886	0	18	(2,403)	1,138,855	39,867	(451)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	64,204
Other comprehensive income	15,707
Equity, ending balance at Jun. 30, 2022	1,284,994	0	18	(2,403)	1,168,052	104,071	15,256
Equity, beginning balance at Mar. 31, 2022	1,221,764	0	18	(2,403)	1,143,388	70,142	10,619
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options, vesting of restricted stock, and related tax withholdings	168				168
Exercise of warrants	20,098				20,098
Stock-based incentive compensation	4,398				4,398
Net income	33,929					33,929
Other comprehensive income	4,637						4,637
Equity, ending balance at Jun. 30, 2022	1,284,994	0	18	(2,403)	1,168,052	104,071	15,256
Equity, beginning balance at Dec. 31, 2022	1,386,103	0	18	(2,403)	1,176,906	190,423	21,159
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options, vesting of restricted stock, and related tax withholdings	(1,902)				(1,902)
Stock-based incentive compensation	5,988				5,988
Purchase of company stock	(75,735)			(75,735)
Net income	39,208					39,208
Other comprehensive income	(3,443)						(3,443)
Equity, ending balance at Mar. 31, 2023	1,350,219	0	18	(78,138)	1,180,992	229,631	17,716
Equity, beginning balance at Dec. 31, 2022	1,386,103	0	18	(2,403)	1,176,906	190,423	21,159
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	153,611
Other comprehensive income	(152)
Equity, ending balance at Jun. 30, 2023	1,475,383	0	18	(78,106)	1,188,430	344,034	21,007
Equity, beginning balance at Mar. 31, 2023	1,350,219	0	18	(78,138)	1,180,992	229,631	17,716
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options, vesting of restricted stock, and related tax withholdings	(247)				(247)
Stock-based incentive compensation	7,685				7,685
Purchase of company stock, and related tax effects	32			32
Net income	114,403					114,403
Other comprehensive income	3,291						3,291
Equity, ending balance at Jun. 30, 2023	$ 1,475,383	$ 0	$ 18	$ (78,106)	$ 1,188,430	$ 344,034	$ 21,007

NATURE OF OPERATIONS AND PRESEN

NATURE OF OPERATIONS AND PRESENTATION OF FINANCIAL STATEMENTS	6 Months Ended
	Jun. 30, 2023
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, Inc. (“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”) (the “Merger”), a national provider of infusion and home care management solutions, which was completed on August 6, 2019 (the “Merger Date”). Following the close of the transaction, BioScrip was rebranded as Option Care Health. The combined Company’s stock is listed on the Nasdaq Global Select Market as of June 30, 2023. During the three and six months ended June 30, 2023, HC I completed sales of 10,771,926 and 23,771,926 shares of common stock, respectively. All remaining shares held by HC I were sold during the three months ended June 30, 2023. In addition, the Company repurchased 2,475,166 shares from HC I on March 3, 2023 under the Company’s share repurchase program. See Note 15, Stockholders’ Equity , for further discussion of the Company’s share repurchase program. As of June 30, 2023, HC I no longer holds shares of the Company’s common stock. Option Care Health, and its wholly-owned subsidiaries, provides infusion therapy and other ancillary health care services through a national network of 94 full service pharmacies and 76 stand-alone ambulatory infusion suites. 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 2022 audited consolidated financial statements, including the notes thereto, as presented in our Form 10-K. Principles of Consolidation — The Company’s unaudited condensed consolidated financial statements include the accounts of Option Care Health, Inc. and its subsidiaries. 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 unaudited condensed consolidated statements of comprehensive income. See Equity-Method Investments within Note 2, Summary of Significant Accounting Policies , for further discussion of the Company’s equity-method investments.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Cash and Cash Equivalents — The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. As of June 30, 2023, cash equivalents consisted of money market funds. Prepaid Expenses and Other Current Assets — Included in prepaid expenses and other current assets are rebates receivable from pharmaceutical and medical supply manufacturers of $58.2 million and $53.4 million as of June 30, 2023 and December 31, 2022, respectively. Equity-Method Investments — The Company’s investments in certain unconsolidated entities are accounted for under the equity method. The balance of these investments is included in other noncurrent assets in the accompanying condensed consolidated balance sheets. As of June 30, 2023 and December 31, 2022, the balance of the investments was $19.7 million and $19.4 million, respectively. The balance of these investments is increased to reflect the Company’s capital contributions and equity in earnings of the investees. The balance of these investments is decreased to reflect the Company’s equity in losses of the investees and for distributions received that are not in excess of the carrying amount of the investments. The Company’s proportionate share of earnings or losses of the investees is recorded in equity in earnings of joint ventures in the accompanying unaudited condensed consolidated statements of comprehensive income. The Company’s proportionate share of earnings was $1.4 million and $2.8 million for the three and six months ended June 30, 2023, respectively. The Company’s proportionate share of earnings was $1.3 million and $2.6 million for the three and six months ended June 30, 2022, respectively. Distributions from the investees are treated as cash inflows from operating activities in the unaudited condensed consolidated statements of cash flows. During the three months ended June 30, 2023, the Company did not receive any distributions from the investees. During the six months ended June 30, 2023, the Company received distributions from the investees of $2.5 million. During the three and six months ended June 30, 2022, the Company received a distribution of $1.0 million from the investees. See Note 16, Related-Party Transactions , for discussion of related-party transactions with these investees. 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 14% for the three and six months ended June 30, 2023. Revenue related to the Company’s largest payer was approximately 15% for the three and six months ended June 30, 2022. There were no other managed care contracts that represent greater than 10% of revenue for the periods presented. For the three and six months ended June 30, 2023, approximately 12% of the Company’s revenue was reimbursable through direct government healthcare programs, such as Medicare and Medicaid. For the three and six months ended June 30, 2022, approximately 12% of the Company’s revenue was reimbursable through direct government healthcare programs, such as Medicare and Medicaid. As of June 30, 2023 and December 31, 2022, approximately 13% 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 or 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; however, Option Care Health offers a financial assistance program for patients that meet certain defined hardship criteria. For the three and six months ended June 30, 2023, approximately 74% and 73%, respectively, of the Company’s pharmaceutical and medical supply purchases were from four vendors. For the three and six months ended June 30, 2022, approximately 72% and 73%, respectively, of the Company’s pharmaceutical and medical supply purchases were from four 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.

BUSINESS COMBINATIONS

BUSINESS COMBINATIONS	6 Months Ended
	Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract]
BUSINESS COMBINATIONS	BUSINESS COMBINATIONS Amedisys, Inc. — On May 3, 2023, the Company entered into a definitive merger agreement (the “Merger Agreement”) with Amedisys, Inc. (“Amedisys”), a leading provider of healthcare in home health and hospice settings. Under the terms of the merger agreement, the Company would issue new shares of its common stock to Amedisys’s stockholders, which would result in the Company’s stockholders holding approximately 64.5% of the combined company. On June 26, 2023, the Company entered into an agreement to terminate the Merger Agreement (the “Mutual Termination Agreement”). Under the terms of the Mutual Termination Agreement, the Company received a payment of $106.0 million in cash on behalf of Amedisys (“Termination Fee”). The Termination Fee is included in Other, net in the unaudited condensed consolidated statements of comprehensive income and in Net cash provided by operating activities in the unaudited condensed consolidated statements of cash flows. During the three months ended June 30, 2023, the Company incurred $21.1 million in merger-related expenses, which are included in Other, net in the unaudited condensed consolidated statements of comprehensive income and in Net cash provided by operating activities in the unaudited condensed consolidated statements of cash flows. Revitalized, LLC — In May 2023, pursuant to the equity purchase agreement dated May 1, 2023, the Company completed the acquisition of 100% of the membership interests in Revitalized, LLC (“Revitalized”) for a purchase price, net of cash acquired, of $12.9 million primarily consisting of $7.0 million of goodwill and $5.5 million of intangible assets. Rochester Home Infusion, Inc. — In August 2022, pursuant to the stock purchase agreement dated June 10, 2022, the Company completed the acquisition of 100% of the equity interests in Rochester Home Infusion, Inc. (“RHI”) for a purchase price, net of cash acquired, of $27.4 million. The allocation of the purchase price of RHI was accounted for as a business combination in accordance with ASC Topic 805, Business Combinations , with the total purchase price being allocated to the assets and liabilities acquired based on the relative fair value of each asset and liability. The following is a final allocation of the consideration transferred to acquired identifiable assets and assumed liabilities, net of cash acquired (in thousands): Amount Accounts receivable $ 686 Intangible assets 5,449 Other assets 394 Accounts payable and other liabilities (434) Fair value identifiable assets and liabilities 6,095 Goodwill (1) 21,323 Cash acquired 201 Purchase price 27,619 Less: cash acquired (201) Purchase price, net of cash acquired $ 27,418 (1) Goodwill is attributable to cost synergies from procurement and operational efficiencies and elimination of duplicative administrative costs.

REVENUE

REVENUE	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUE The following table sets forth the net revenue earned by category of payer for the three and six months ended June 30, 2023 and 2022 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Commercial payers $ 934,001 $ 851,915 $ 1,807,912 $ 1,638,192 Government payers 123,737 119,385 246,526 234,590 Patients 11,334 9,520 30,482 23,822 Net revenue $ 1,069,072 $ 980,820 $ 2,084,920 $ 1,896,604

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES During the three and six months ended June 30, 2023, the Company recorded tax expense of $41.1 million and $56.1 million, respectively, which includes $22.1 million of tax expense related to the Termination Fee payment received on behalf of Amedisys, under the terms of the Mutual Termination Agreement, net of merger-related expenses. The tax expense for the three and six months ended June 30, 2023 represents an effective tax rate of 26.4% and 26.8%, respectively. The variance in the Company’s effective tax rate of 26.4% and 26.8% for the three and six months ended June 30, 2023, respectively, compared to the federal statutory rate of 21%, is primarily attributable to the difference between federal and state tax rates, as well as various non-deductible expenses. During the three and six months ended June 30, 2022, the Company recorded tax expense of $13.7 million and $24.7 million, respectively, which represents an effective tax rate of 28.8% and 27.8%, respectively. The variance in the Company’s effective tax rate of 28.8% and 27.8% for the three and six months ended June 30, 2022, compared to the federal statutory rate of 21%, is primarily attributable to current and deferred state taxes as well as various non-deductible expenses. The Company maintains a valuation allowance of $13.1 million against certain state net operating losses. 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. In making this assessment, 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. On a quarterly basis, the Company evaluates all positive and negative evidence in determining if the valuation allowance is fairly stated. The Company’s tax expense for the three and six months ended June 30, 2023 of $41.1 million and $56.1 million, respectively, consists of quarterly federal and state tax liabilities as well as recognized deferred federal and state tax expense. The Company’s tax expense for the three and six months ended June 30, 2022 of $13.7 million and $24.7 million, respectively, consists of quarterly tax liabilities attributed to specific state taxing authorities as well as recognized deferred federal and state tax expense.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The Company presents basic and diluted earnings per share for its common stock. Basic earnings per share is calculated by dividing the net income of the Company by the weighted average number of shares of common stock outstanding during the period. Diluted 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 potentially dilutive securities. The earnings are used as the basis of determining whether the inclusion of common stock equivalents would be anti-dilutive. The computation of diluted shares for the three and six months ended June 30, 2023 and 2022 includes the effect of shares that would be issued in connection with warrants, stock options, restricted stock awards and performance stock unit awards, as these common stock equivalents are dilutive to the earnings per share recorded in those periods. The following table presents the Company’s common stock equivalents that were excluded from the calculation of earnings per share as they would be anti-dilutive: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Stock option awards 1,345,914 900,378 1,111,271 836,957 Restricted stock awards 48,690 136,568 591,176 389,831 Performance stock unit awards — — 152,189 — The following table presents the Company’s basic earnings per share and shares outstanding (in thousands, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Numerator: Net income (1) $ 114,403 $ 33,929 $ 153,611 $ 64,204 Denominator: Weighted average number of common shares outstanding 179,807 180,621 180,531 180,293 Earnings per common share: Earnings per common share, basic $ 0.64 $ 0.19 $ 0.85 $ 0.36 (1) Net income for the three and six months ended June 30, 2023 includes $62.8 million related to the termination payment received on behalf of Amedisys, under the terms of the Mutual Termination Agreement, net of merger-related expenses and taxes. See Note 3, Business Combinations , for further discussion. The following table presents the Company’s diluted earnings per share and shares outstanding (in thousands, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Numerator: Net income (1) $ 114,403 $ 33,929 $ 153,611 $ 64,204 Denominator: Weighted average number of common shares outstanding 179,807 180,621 180,531 180,293 Effect of dilutive securities 1,434 997 1,400 883 Weighted average number of common shares outstanding, diluted 181,241 181,618 181,931 181,176 Earnings per common share: Earnings per common share, diluted $ 0.63 $ 0.19 $ 0.84 $ 0.35 (1) Net income for the three and six months ended June 30, 2023 includes $62.8 million related to the termination payment received on behalf of Amedisys, under the terms of the Mutual Termination Agreement, net of merger-related expenses and taxes. See Note 3, Business Combinations , for further discussion.

LEASES

LEASES	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
LEASES	LEASES During the three and six months ended June 30, 2023, the Company incurred operating lease expenses of $7.3 million and $14.5 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. During the three and six months ended June 30, 2022 , the Company incurred operating lease expenses of $7.4 million and $14.8 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. As of June 30, 2023, the weighted-average remaining lease term was 6.8 years and the weighted-average discount rate was 5.80%. Operating leases mature as follows (in thousands): Fiscal Year Ended December 31, Minimum Payments 2023 $ 15,611 2024 21,744 2025 19,350 2026 16,562 2027 13,500 Thereafter 38,205 Total lease payments 124,972 Less: interest (25,085) Present value of lease liabilities $ 99,887 During the six months ended June 30, 2023, the Company commenced new leases, extensions and amendments, resulting in non-cash operating activities in the unaudited condensed consolidated statements of cash flow o f $16.8 million re lated to increases in the operating lease right-of-use assets and operating lease liabilities. During the six months ended June 30, 2022, the Company commenced new leases, extensions and amendments, resulting in non-cash operating activities in the unaudited condensed consolidated statements of cash flow of $8.4 million related to increases in the operating lease right-of-use assets and operating lease liabilities. As of June 30, 2023, the Company did not have any significant operating or financing leases that had not yet commenced.
LEASES	LEASES During the three and six months ended June 30, 2023, the Company incurred operating lease expenses of $7.3 million and $14.5 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. During the three and six months ended June 30, 2022 , the Company incurred operating lease expenses of $7.4 million and $14.8 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. As of June 30, 2023, the weighted-average remaining lease term was 6.8 years and the weighted-average discount rate was 5.80%. Operating leases mature as follows (in thousands): Fiscal Year Ended December 31, Minimum Payments 2023 $ 15,611 2024 21,744 2025 19,350 2026 16,562 2027 13,500 Thereafter 38,205 Total lease payments 124,972 Less: interest (25,085) Present value of lease liabilities $ 99,887 During the six months ended June 30, 2023, the Company commenced new leases, extensions and amendments, resulting in non-cash operating activities in the unaudited condensed consolidated statements of cash flow o f $16.8 million re lated to increases in the operating lease right-of-use assets and operating lease liabilities. During the six months ended June 30, 2022, the Company commenced new leases, extensions and amendments, resulting in non-cash operating activities in the unaudited condensed consolidated statements of cash flow of $8.4 million related to increases in the operating lease right-of-use assets and operating lease liabilities. As of June 30, 2023, the Company did not have any significant operating or financing leases that had not yet commenced.

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	PROPERTY AND EQUIPMENT Property and equipment was as follows as of June 30, 2023 and December 31, 2022 (in thousands): June 30, 2023 December 31, 2022 Infusion pumps $ 37,049 $ 34,942 Equipment, furniture and other 35,919 31,929 Leasehold improvements 99,979 99,085 Computer software, purchased and internally developed 46,464 34,922 Assets under development 21,677 29,411 241,088 230,289 Less: accumulated depreciation (134,311) (121,968) Property and equipment, net $ 106,777 $ 108,321 Depreciation expense is recorded within cost of revenue and operating expenses within the unaudited condensed consolidated statements of comprehensive income, 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 and six months ended June 30, 2023 and 2022 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Depreciation expense in cost of revenue $ 680 $ 1,233 $ 1,390 $ 2,491 Depreciation expense in operating expenses 6,288 7,371 12,300 14,559 Total depreciation expense $ 6,968 $ 8,604 $ 13,690 $ 17,050

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND OTHER INTANGIBLE ASSETS	GOODWILL AND OTHER INTANGIBLE ASSETS Changes in the carrying amount of goodwill consist of the following activity for the three and six months ended June 30, 2023 (in thousands): Balance at December 31, 2022 $ 1,533,424 Purchase accounting adjustments 145 Balance at March 31, 2023 $ 1,533,569 Acquisitions 6,998 Balance at June 30, 2023 $ 1,540,567 The carrying amount and accumulated amortization of intangible assets consist of the following as of June 30, 2023 and December 31, 2022 (in thousands): June 30, 2023 December 31, 2022 Gross intangible assets: Referral sources $ 514,388 $ 509,646 Trademarks/names 39,136 38,508 Other amortizable intangible assets 1,003 912 Total gross intangible assets 554,527 549,066 Accumulated amortization: Referral sources (183,440) (167,902) Trademarks/names (18,247) (16,901) Other amortizable intangible assets (247) (148) Total accumulated amortization (201,934) (184,951) Total intangible assets, net $ 352,593 $ 364,115 Amortization expense for intangible assets was $8.5 million and $17.0 million for the three and six months ended June 30, 2023, respectively. Amortization expense for intangible assets was $8.7 million and $16.2 million for the three and six months ended June 30, 2022, respectively.

INDEBTEDNESS

INDEBTEDNESS	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
INDEBTEDNESS	INDEBTEDNESS Long-term debt consisted of the following as of June 30, 2023 (in thousands): Principal Amount Discount Debt Issuance Costs Net Balance Asset-based-lending (“ABL”) Facility $ — $ — $ — $ — First Lien Term Loan 591,000 (7,650) (10,618) 572,732 Senior Notes 500,000 — (9,341) 490,659 $ 1,091,000 $ (7,650) $ (19,959) 1,063,391 Less: current portion (6,000) Total long-term debt $ 1,057,391 Long-term debt consisted of the following as of December 31, 2022 (in thousands): Principal Amount Discount Debt Issuance Costs Net Balance ABL Facility $ — $ — $ — $ — First Lien Term Loan 594,000 (8,307) (11,529) 574,164 Senior Notes 500,000 — (9,960) 490,040 $ 1,094,000 $ (8,307) $ (21,489) 1,064,204 Less: current portion (6,000) Total long-term debt $ 1,058,204 Effective June 30, 2023, the Company entered into an agreement, dated as of June 8, 2023, to amend the First Lien Term Loan (the “First Lien Credit Agreement Amendment”) solely to replace London Interbank Offered Rate (“LIBOR”) and related definitions and provisions with Secured Overnight Financing Rate (“SOFR”) as the new reference rate. The Company elected an optional expedient allowed under ASC Topic 848 such that we will account for the modification as a continuation of the existing contract. The interest rate on the First Lien Term Loan was 7.90% and 6.82% as of June 30, 2023 and December 31, 2022, respectively. The weighted average interest rate incurred on the First Lien Term Loan was 7.76% and 7.52% for the three and six months ended June 30, 2023, respectively. The weighted average interest rate incurred on the First Lien Term Loan was 3.52% and 3.39% for the three and six months ended June 30, 2022, respectively. The interest rate on the Senior Notes was 4.375% as of June 30, 2023 and December 31, 2022. The weighted average interest rate incurred on the Senior Notes was 4.375% for the three and six months ended June 30, 2023, respectively. The weighted average interest rate incurred on the Senior Notes was 4.375% for the three and six months ended June 30, 2022, respectively. Long-term debt matures as follows (in thousands): Fiscal Year Ended December 31, Minimum Payments 2023 $ 3,000 2024 6,000 2025 6,000 2026 6,000 2027 6,000 Thereafter 1,064,000 Total $ 1,091,000 During the three and six months ended June 30, 2023 and 2022, the Company engaged in hedging activities to limit its exposure to changes in interest rates. See Note 11, Derivative Instruments , for further discussion. The following table presents the estimated fair values of the Company’s debt obligations as of June 30, 2023 (in thousands): Financial Instrument Carrying Value as of June 30, 2023 Markets for Identical Item (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) First Lien Term Loan $ 572,732 $ — $ 590,261 $ — Senior Notes 490,659 — 437,500 — Total debt instruments $ 1,063,391 $ — $ 1,027,761 $ — See Note 12, Fair Value Measurements , for further discussion. Effective January 13, 2023, the Company entered into an agreement to amend the ABL Facility, to among other things, increase the amount of borrowing availability by $50.0 million to $225.0 million total borrowing availability and to replace LIBOR with SOFR as the new reference rate.

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	6 Months Ended
	Jun. 30, 2023
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. In October 2021, the Company entered into an interest rate cap hedge with a notional amount of $300 million for a 5-year term beginning November 30, 2021. The hedge partially offsets risk associated with the First Lien Term Loan’s variable interest rate. The interest rate cap instrument perfectly offsets the terms of the interest rates associated with the variable interest rate of the First Lien Term Loan. As a result of the First Lien Credit Agreement Amendment, the Company elected an optional expedient allowed under ASC Topic 848 such that we will continue the hedging relationship for the interest rate cap hedge. 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 Asset Position Derivative Balance Sheet Caption June 30, 2023 December 31, 2022 Interest rate cap designated as cash flow hedge Prepaid expenses and other current assets $ 8,740 $ 10,926 Interest rate cap designated as cash flow hedge Other noncurrent assets 19,327 17,342 Total derivative assets $ 28,067 $ 28,268 The gain (loss) associated with the change in the fair value of the effective portion of the hedging instrument is recorded in other comprehensive income (loss). The following table presents the pre-tax gain (loss) from derivative instruments recognized in other comprehensive income (loss) in the Company’s unaudited condensed consolidated statements of comprehensive income (in thousands): Three Months Ended June 30, Six Months Ended June 30, Derivative 2023 2022 2023 2022 Interest rate cap designated as cash flow hedge $ 4,394 $ 5,393 $ (201) $ 20,226 The following table presents the amount and location of pre-tax income recognized in the Company’s unaudited condensed consolidated statements of comprehensive income related to the Company’s derivative instruments (in thousands): Three Months Ended June 30, Six Months Ended June 30, Derivative Income Statement Caption 2023 2022 2023 2022 Interest rate cap designated as cash flow hedge Interest expense, net $ 2,719 $ 491 $ 5,071 $ 1,184

FAIR VALUE MEASURMENTS

FAIR VALUE MEASURMENTS	6 Months Ended
	Jun. 30, 2023
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 10, Indebtedness , for further discussion of the carrying amount and fair value of the First Lien Term Loan. Senior Notes: The fair value of the Senior Notes is derived from a broker quote (Level 2 inputs). See Note 10, Indebtedness , for further discussion of the carrying amount and fair value of the Senior Notes. Interest Rate Cap: The fair value of the interest rate cap is 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 11, Derivative Instruments , for further discussion of the fair value of the interest rate cap. Money Market Funds: The fair value of the money market funds is derived from the closing price reported by the fund sponsor and classified as cash and cash equivalents on the Company’s condensed consolidated balance sheets (Level 1 inputs). There were no other assets or liabilities measured at fair value at June 30, 2023 and December 31, 2022.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2023
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	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
STOCK-BASED INCENTIVE COMPENSATION	STOCK-BASED INCENTIVE COMPENSATIONEquity 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 and amended and restated on May 19, 2021, 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, resulting in a total of 9,101,734 shares of common stock authorized for issuance. The 2018 Plan is administered by the Company’s Compensation Committee, a standing committee of the Company’s Board of Directors. The Company had stock options, restricted stock units and performance stock units outstanding related to the 2018 Plan as of June 30, 2023 and 2022. During the three and six months ended June 30, 2023, total stock-based incentive compensation expense recognized by the Company related to the 2018 Plan was $7.7 million and $13.7 million, respectively. During the three and six months ended June 30, 2022, total stock-based incentive compensation expense recognized by the Company related to the 2018 Plan was $4.4 million and $8.6 million, respectively.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
STOCKHOLDERS’ EQUITY	STOCKHOLDERS’ EQUITY 2017 Warrants — During the three and six months ended June 30, 2023, warrant holders did not elect to exercise any warrants to purchase shares of common stock. During the three and six months ended June 30, 2022, warrant holders elected to exercise 1,130,089 warrants to purchase shares of common stock. As of June 30, 2023 and December 31, 2022, the remaining warrant holders are entitled to purchase 240,188 shares of common stock. 2015 Warrants — During the three and six months ended June 30, 2023, warrant holders exercised an immaterial number of warrants to purchase shares of common stock. During the three and six months ended June 30, 2022, warrant holders elected to exercise 868,304 warrants to purchase shares of common stock. As of June 30, 2023 and December 31, 2022, the remaining warrant holders are entitled to purchase 14,044 and 15,231 shares of common stock, respectively. Share Repurchase Program — On February 20, 2023, the Company’s Board of Directors approved a share repurchase program of up to an aggregate $250.0 million of common stock of the Company. Under the share repurchase program, repurchases may occur in any number of methods depending on timing, market conditions, regulatory requirements, and other corporate considerations. The share repurchase program has no specified expiration date. On March 3, 2023, the Company purchased 2,475,166 shares of common stock under the share repurchase program for an average share price of $30.30, totaling $75.0 million, which repurchased shares became treasury stock. As of June 30, 2023, the Company is authorized to repurchase up to an aggregate $175.0 million of common stock of the Company.

RELATED-PARTY TRANSACTIONS

RELATED-PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2023
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 $1.3 million and $2.6 million for the three and six months ended June 30, 2023, respectively. The Company recorded management fee income of $0.9 million and $1.8 million for the three and six months ended June 30, 2022, respectively. Management fees are recorded in net revenues in the accompanying unaudited condensed consolidated statements of comprehensive income. During the three months ended June 30, 2023, the Company did not receive any distributions from the investees. During the six months ended June 30, 2023, the Company received distributions from the investees of $2.5 million. During the three and six months ended June 30, 2022, the Company received $1.0 million in distributions from the investees. The Company had an amount due from its joint ventures of $0.2 million as of June 30, 2023. These receivables were included in prepaid expenses and other current assets in the accompanying condensed consolidated balance sheets. The Company also had amounts due to its joint ventures of $1.5 million as of December 31, 2022. 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 and other expenses paid for by the Company on behalf of the joint ventures. Share Repurchase Agreement — On February 28, 2023, we entered into a Share Repurchase Agreement (the “Share Repurchase Agreement”) with HC I, pursuant to which we agreed to repurchase, subject to the terms and conditions contained therein, up to $75.0 million of our common stock then held by HC I at the same purchase price per share as the underwriter in a concurrent underwritten public offering of our common stock held by HC I. On March 3, 2023, the transactions contemplated by the Share Repurchase Agreement closed, and we repurchased directly from HC I 2,475,166 shares of our common stock.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net income	$ 114,403	$ 39,208	$ 33,929	$ 30,275	$ 153,611	$ 64,204

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2023
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 2022 audited consolidated financial statements, including the notes thereto, as presented in our Form 10-K.
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. All intercompany transactions and balances are eliminated in consolidation.
Cash and Cash Equivalents	Cash and Cash Equivalents — The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. As of June 30, 2023, cash equivalents consisted of money market funds.
Equity Method Investments	Equity-Method Investments — The Company’s investments in certain unconsolidated entities are accounted for under the equity method. The balance of these investments is included in other noncurrent assets in the accompanying condensed consolidated balance sheets. As of June 30, 2023 and December 31, 2022, the balance of the investments was $19.7 million and $19.4 million, respectively. The balance of these investments is increased to reflect the Company’s capital contributions and equity in earnings of the investees. The balance of these investments is decreased to reflect the Company’s equity in losses of the investees and for distributions received that are not in excess of the carrying amount of the investments. The Company’s proportionate share of earnings or losses of the investees is recorded in equity in earnings of joint ventures in the accompanying unaudited condensed consolidated statements of comprehensive income. The Company’s proportionate share of earnings was $1.4 million and $2.8 million for the three and six months ended June 30, 2023, respectively. The Company’s proportionate share of earnings was $1.3 million and $2.6 million for the three and six months ended June 30, 2022, respectively. Distributions from the investees are treated as cash inflows from operating activities in the unaudited condensed consolidated statements of cash flows. During the three months ended June 30, 2023, the Company did not receive any distributions from the investees. During the six months ended June 30, 2023, the Company received distributions from the investees of $2.5 million. During the three and six months ended June 30, 2022, the Company received a distribution of $1.0 million from the investees. See Note 16, Related-Party Transactions , for discussion of related-party transactions with these investees.
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 14% for the three and six months ended June 30, 2023. Revenue related to the Company’s largest payer was approximately 15% for the three and six months ended June 30, 2022. There were no other managed care contracts that represent greater than 10% of revenue for the periods presented. For the three and six months ended June 30, 2023, approximately 12% of the Company’s revenue was reimbursable through direct government healthcare programs, such as Medicare and Medicaid. For the three and six months ended June 30, 2022, approximately 12% of the Company’s revenue was reimbursable through direct government healthcare programs, such as Medicare and Medicaid. As of June 30, 2023 and December 31, 2022, approximately 13% 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 or 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; however, Option Care Health offers a financial assistance program for patients that meet certain defined hardship criteria. For the three and six months ended June 30, 2023, approximately 74% and 73%, respectively, of the Company’s pharmaceutical and medical supply purchases were from four vendors. For the three and six months ended June 30, 2022, approximately 72% and 73%, respectively, of the Company’s pharmaceutical and medical supply purchases were from four 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.
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 10, Indebtedness , for further discussion of the carrying amount and fair value of the First Lien Term Loan. Senior Notes: The fair value of the Senior Notes is derived from a broker quote (Level 2 inputs). See Note 10, Indebtedness , for further discussion of the carrying amount and fair value of the Senior Notes. Interest Rate Cap: The fair value of the interest rate cap is 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 11, Derivative Instruments , for further discussion of the fair value of the interest rate cap. Money Market Funds: The fair value of the money market funds is derived from the closing price reported by the fund sponsor and classified as cash and cash equivalents on the Company’s condensed consolidated balance sheets (Level 1 inputs).

BUSINESS COMBINATIONS (Tables)

BUSINESS COMBINATIONS (Tables)	6 Months Ended
	Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Acquired Identifiable Assets and Assumed Liabilities	The following is a final allocation of the consideration transferred to acquired identifiable assets and assumed liabilities, net of cash acquired (in thousands): Amount Accounts receivable $ 686 Intangible assets 5,449 Other assets 394 Accounts payable and other liabilities (434) Fair value identifiable assets and liabilities 6,095 Goodwill (1) 21,323 Cash acquired 201 Purchase price 27,619 Less: cash acquired (201) Purchase price, net of cash acquired $ 27,418 (1) Goodwill is attributable to cost synergies from procurement and operational efficiencies and elimination of duplicative administrative costs.

REVENUE (Tables)

REVENUE (Tables)	6 Months Ended
	Jun. 30, 2023
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 and six months ended June 30, 2023 and 2022 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Commercial payers $ 934,001 $ 851,915 $ 1,807,912 $ 1,638,192 Government payers 123,737 119,385 246,526 234,590 Patients 11,334 9,520 30,482 23,822 Net revenue $ 1,069,072 $ 980,820 $ 2,084,920 $ 1,896,604

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following table presents the Company’s common stock equivalents that were excluded from the calculation of earnings per share as they would be anti-dilutive: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Stock option awards 1,345,914 900,378 1,111,271 836,957 Restricted stock awards 48,690 136,568 591,176 389,831 Performance stock unit awards — — 152,189 —
Schedule of Basic and Diluted Earnings Per Share	The following table presents the Company’s basic earnings per share and shares outstanding (in thousands, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Numerator: Net income (1) $ 114,403 $ 33,929 $ 153,611 $ 64,204 Denominator: Weighted average number of common shares outstanding 179,807 180,621 180,531 180,293 Earnings per common share: Earnings per common share, basic $ 0.64 $ 0.19 $ 0.85 $ 0.36 (1) Net income for the three and six months ended June 30, 2023 includes $62.8 million related to the termination payment received on behalf of Amedisys, under the terms of the Mutual Termination Agreement, net of merger-related expenses and taxes. See Note 3, Business Combinations , for further discussion. The following table presents the Company’s diluted earnings per share and shares outstanding (in thousands, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Numerator: Net income (1) $ 114,403 $ 33,929 $ 153,611 $ 64,204 Denominator: Weighted average number of common shares outstanding 179,807 180,621 180,531 180,293 Effect of dilutive securities 1,434 997 1,400 883 Weighted average number of common shares outstanding, diluted 181,241 181,618 181,931 181,176 Earnings per common share: Earnings per common share, diluted $ 0.63 $ 0.19 $ 0.84 $ 0.35 (1) Net income for the three and six months ended June 30, 2023 includes $62.8 million related to the termination payment received on behalf of Amedisys, under the terms of the Mutual Termination Agreement, net of merger-related expenses and taxes. See Note 3, Business Combinations , for further discussion.

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Schedule of Maturities of Lease Liabilities, Operating	Operating leases mature as follows (in thousands): Fiscal Year Ended December 31, Minimum Payments 2023 $ 15,611 2024 21,744 2025 19,350 2026 16,562 2027 13,500 Thereafter 38,205 Total lease payments 124,972 Less: interest (25,085) Present value of lease liabilities $ 99,887

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment was as follows as of June 30, 2023 and December 31, 2022 (in thousands): June 30, 2023 December 31, 2022 Infusion pumps $ 37,049 $ 34,942 Equipment, furniture and other 35,919 31,929 Leasehold improvements 99,979 99,085 Computer software, purchased and internally developed 46,464 34,922 Assets under development 21,677 29,411 241,088 230,289 Less: accumulated depreciation (134,311) (121,968) Property and equipment, net $ 106,777 $ 108,321 Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Depreciation expense in cost of revenue $ 680 $ 1,233 $ 1,390 $ 2,491 Depreciation expense in operating expenses 6,288 7,371 12,300 14,559 Total depreciation expense $ 6,968 $ 8,604 $ 13,690 $ 17,050

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of the Carrying Amount of Goodwill	Changes in the carrying amount of goodwill consist of the following activity for the three and six months ended June 30, 2023 (in thousands): Balance at December 31, 2022 $ 1,533,424 Purchase accounting adjustments 145 Balance at March 31, 2023 $ 1,533,569 Acquisitions 6,998 Balance at June 30, 2023 $ 1,540,567
Schedule of Carrying Amount and Accumulated Amortization of Intangible Assets	The carrying amount and accumulated amortization of intangible assets consist of the following as of June 30, 2023 and December 31, 2022 (in thousands): June 30, 2023 December 31, 2022 Gross intangible assets: Referral sources $ 514,388 $ 509,646 Trademarks/names 39,136 38,508 Other amortizable intangible assets 1,003 912 Total gross intangible assets 554,527 549,066 Accumulated amortization: Referral sources (183,440) (167,902) Trademarks/names (18,247) (16,901) Other amortizable intangible assets (247) (148) Total accumulated amortization (201,934) (184,951) Total intangible assets, net $ 352,593 $ 364,115

INDEBTEDNESS (Tables)

INDEBTEDNESS (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Debt	Long-term debt consisted of the following as of June 30, 2023 (in thousands): Principal Amount Discount Debt Issuance Costs Net Balance Asset-based-lending (“ABL”) Facility $ — $ — $ — $ — First Lien Term Loan 591,000 (7,650) (10,618) 572,732 Senior Notes 500,000 — (9,341) 490,659 $ 1,091,000 $ (7,650) $ (19,959) 1,063,391 Less: current portion (6,000) Total long-term debt $ 1,057,391 Long-term debt consisted of the following as of December 31, 2022 (in thousands): Principal Amount Discount Debt Issuance Costs Net Balance ABL Facility $ — $ — $ — $ — First Lien Term Loan 594,000 (8,307) (11,529) 574,164 Senior Notes 500,000 — (9,960) 490,040 $ 1,094,000 $ (8,307) $ (21,489) 1,064,204 Less: current portion (6,000) Total long-term debt $ 1,058,204
Schedule of Long-term Debt Maturities	Long-term debt matures as follows (in thousands): Fiscal Year Ended December 31, Minimum Payments 2023 $ 3,000 2024 6,000 2025 6,000 2026 6,000 2027 6,000 Thereafter 1,064,000 Total $ 1,091,000
Schedule of Estimated Fair Values of Debt Obligations	The following table presents the estimated fair values of the Company’s debt obligations as of June 30, 2023 (in thousands): Financial Instrument Carrying Value as of June 30, 2023 Markets for Identical Item (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) First Lien Term Loan $ 572,732 $ — $ 590,261 $ — Senior Notes 490,659 — 437,500 — Total debt instruments $ 1,063,391 $ — $ 1,027,761 $ —

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule 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 Asset Position Derivative Balance Sheet Caption June 30, 2023 December 31, 2022 Interest rate cap designated as cash flow hedge Prepaid expenses and other current assets $ 8,740 $ 10,926 Interest rate cap designated as cash flow hedge Other noncurrent assets 19,327 17,342 Total derivative assets $ 28,067 $ 28,268
Schedule of Pre-tax Gains (Losses) Recognized in the Statements of Comprehensive Income (Loss)	The following table presents the pre-tax gain (loss) from derivative instruments recognized in other comprehensive income (loss) in the Company’s unaudited condensed consolidated statements of comprehensive income (in thousands): Three Months Ended June 30, Six Months Ended June 30, Derivative 2023 2022 2023 2022 Interest rate cap designated as cash flow hedge $ 4,394 $ 5,393 $ (201) $ 20,226 The following table presents the amount and location of pre-tax income recognized in the Company’s unaudited condensed consolidated statements of comprehensive income related to the Company’s derivative instruments (in thousands): Three Months Ended June 30, Six Months Ended June 30, Derivative Income Statement Caption 2023 2022 2023 2022 Interest rate cap designated as cash flow hedge Interest expense, net $ 2,719 $ 491 $ 5,071 $ 1,184

NATURE OF OPERATIONS AND PRES_2

NATURE OF OPERATIONS AND PRESENTATION OF FINANCIAL STATEMENTS (Details)		3 Months Ended	6 Months Ended
	Mar. 03, 2023 shares	Jun. 30, 2023 pharmacy suite shares	Jun. 30, 2023 pharmacy segment suite shares
Business Acquisition [Line Items]
Treasury stock, shares, acquired (in shares)	2,475,166
Number of service locations | pharmacy		94	94
Number of infusion sites | suite		76	76
Number of operating segments | segment			1
Common Stock
Business Acquisition [Line Items]
Number of shares issued in transaction (in shares)		10,771,926	23,771,926
Legacy Health Systems
Business Acquisition [Line Items]
Ownership interest		50%	50%

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Concentration Risk [Line Items]
Rebate receivable	$ 58,200		$ 58,200		$ 53,400
Investments in equity-method investees	19,700		19,700		$ 19,400
Proportionate share of earnings in equity-method investees	$ 1,400	$ 1,300	2,834	$ 2,593
Distributions received from the investees		$ 1,000	$ 2,500	$ 1,000
Revenue from Contract with Customer Benchmark | Company's Largest Payer | Largest Payer
Concentration Risk [Line Items]
Concentration ​risk	14%	15%	14%	15%
Revenue from Contract with Customer Benchmark | Governmental Healthcare Programs | Government Healthcare Programs
Concentration Risk [Line Items]
Concentration ​risk	12%	12%	12%	12%
Accounts Receivable, Benchmark | Governmental Healthcare Programs | Government Healthcare Programs
Concentration Risk [Line Items]
Concentration ​risk			13%		13%
Cost of Goods and Service, Product and Service Benchmark | Medical Supply Vendors | Four Vendors
Concentration Risk [Line Items]
Concentration ​risk	74%	72%	73%	73%

BUSINESS COMBINATIONS - Additio

BUSINESS COMBINATIONS - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended
	May 31, 2023	Aug. 31, 2022	Jun. 30, 2023	Jun. 26, 2023	May 03, 2023	Mar. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Business combination, acquisition-related expenses			$ 21,100
Goodwill			1,540,567			$ 1,533,569	$ 1,533,424
Amedisys
Business Acquisition [Line Items]
Business combination, contingent consideration, asset, termination fee			$ 62,800	$ 106,000
Amedisys | Combined company, following merger
Business Acquisition [Line Items]
Company's stockholders, ownership percentage following merger					64.50%
Revitalized, LLC
Business Acquisition [Line Items]
Percentage of the combined company held	100%
Purchase price, net of cash acquired	$ 12,900
Goodwill	7,000
Intangible assets	$ 5,500
Rochester Home Infusion, Inc
Business Acquisition [Line Items]
Percentage of the combined company held		100%
Purchase price, net of cash acquired		$ 27,400
Goodwill		$ 21,323

BUSINESS COMBINATIONS - Prelimi

BUSINESS COMBINATIONS - Preliminary Estimate of the Allocation Consideration Transferred (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	Aug. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill		$ 1,540,567		$ 1,533,569	$ 1,533,424
Purchase price, net of cash acquired		$ 12,855	$ 59,897
Rochester Home Infusion, Inc
Business Acquisition [Line Items]
Accounts receivable	$ 686
Intangible assets	5,449
Other assets	394
Accounts payable and other liabilities	(434)
Fair value identifiable assets and liabilities	6,095
Goodwill	21,323
Cash acquired	201
Purchase price	27,619
Purchase price, net of cash acquired	$ 27,418

REVENUE - Net Revenue Earned by

REVENUE - Net Revenue Earned by Category of Payer (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Net revenue	$ 1,069,072	$ 980,820	$ 2,084,920	$ 1,896,604
Commercial payers
Disaggregation of Revenue [Line Items]
Net revenue	934,001	851,915	1,807,912	1,638,192
Government payers
Disaggregation of Revenue [Line Items]
Net revenue	123,737	119,385	246,526	234,590
Patients
Disaggregation of Revenue [Line Items]
Net revenue	$ 11,334	$ 9,520	$ 30,482	$ 23,822

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income tax (benefit) expense	$ 41,100	$ 13,709	$ 56,121	$ 24,702
Termination fee, tax expense			$ 22,100
Effective tax rate	26.40%	28.80%	26.80%	27.80%
Valuation allowance	$ 13,100		$ 13,100

EARNINGS PER SHARE - Antidiluti

EARNINGS PER SHARE - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Stock option awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded (in shares)	1,345,914	900,378	1,111,271	836,957
Restricted stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded (in shares)	48,690	136,568	591,176	389,831
Performance stock unit awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded (in shares)	0	0	152,189	0

EARNINGS PER SHARE - Schedule o

EARNINGS PER SHARE - Schedule of Basic and Diluted Earnings (Loss) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 26, 2023
Numerator:
Net income	$ 114,403	$ 39,208	$ 33,929	$ 30,275	$ 153,611	$ 64,204
Denominator:
Weighted average number of common shares outstanding (in shares)	179,807		180,621		180,531	180,293
Effect of dilutive securities (in shares)	1,434		997		1,400	883
Weighted average number of common shares outstanding, diluted (in shares)	181,241		181,618		181,931	181,176
Earnings per common share, basic
Earnings per common share, basic (in dollars per share)	$ 0.64		$ 0.19		$ 0.85	$ 0.36
Earnings per common share, diluted
Earnings per common share, diluted (in dollars per share)	$ 0.63		$ 0.19		$ 0.84	$ 0.35
Amedisys
Earnings per common share, diluted
Business combination, contingent consideration, asset, termination fee	$ 62,800				$ 62,800		$ 106,000

LEASES - Additional Information

LEASES - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Operating lease cost	$ 7.3	$ 7.4	$ 14.5	$ 14.8
Weighted-average remaining lease term, operating leases	6 years 9 months 18 days		6 years 9 months 18 days
Weighted-average discount rate, operating leases	5.80%		5.80%
Increase in operating lease right-of-use asset and lease liabilities			$ 16.8	$ 8.4

LEASES - Maturities of Lease Li

LEASES - Maturities of Lease Liabilities (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Minimum Payments
2023	$ 15,611
2024	21,744
2025	19,350
2026	16,562
2027	13,500
Thereafter	38,205
Total lease payments	124,972
Less: interest	(25,085)
Present value of lease liabilities	$ 99,887

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 241,088		$ 241,088		$ 230,289
Less: accumulated depreciation	(134,311)		(134,311)		(121,968)
Property and equipment, net	106,777		106,777		108,321
Total depreciation expense	6,968	$ 8,604	13,690	$ 17,050
Depreciation expense in cost of revenue
Property, Plant and Equipment [Line Items]
Total depreciation expense	680	1,233	1,390	2,491
Depreciation expense in operating expenses
Property, Plant and Equipment [Line Items]
Total depreciation expense	6,288	$ 7,371	12,300	$ 14,559
Infusion pumps
Property, Plant and Equipment [Line Items]
Property and equipment, gross	37,049		37,049		34,942
Equipment, furniture and other
Property, Plant and Equipment [Line Items]
Property and equipment, gross	35,919		35,919		31,929
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	99,979		99,979		99,085
Computer software, purchased and internally developed
Property, Plant and Equipment [Line Items]
Property and equipment, gross	46,464		46,464		34,922
Assets under development
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 21,677		$ 21,677		$ 29,411

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS - Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2023
Goodwill [Roll Forward]
Goodwill - net book value, begging of period	$ 1,533,569	$ 1,533,424
Purchase accounting adjustments		145
Acquisitions	6,998
Goodwill - net book value, end of period	$ 1,540,567	$ 1,533,569

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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Total gross intangible assets	$ 554,527		$ 554,527		$ 549,066
Total accumulated amortization	(201,934)		(201,934)		(184,951)
Total intangible assets, net	352,593		352,593		364,115
Amortization expense for intangible assets	8,500	$ 8,700	17,000	$ 16,200
Referral sources
Finite-Lived Intangible Assets [Line Items]
Total gross intangible assets	514,388		514,388		509,646
Total accumulated amortization	(183,440)		(183,440)		(167,902)
Trademarks/names
Finite-Lived Intangible Assets [Line Items]
Total gross intangible assets	39,136		39,136		38,508
Total accumulated amortization	(18,247)		(18,247)		(16,901)
Other amortizable intangible assets
Finite-Lived Intangible Assets [Line Items]
Total gross intangible assets	1,003		1,003		912
Total accumulated amortization	$ (247)		$ (247)		$ (148)

INDEBTEDNESS - Debt (Details)

INDEBTEDNESS - Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Principal Amount	$ 1,091,000	$ 1,094,000
Discount	(7,650)	(8,307)
Debt Issuance Costs	(19,959)	(21,489)
Net Balance	1,063,391	1,064,204
Less: current portion	(6,000)	(6,000)
Total long-term debt	1,057,391	1,058,204
Senior Notes | First Lien Term Loan
Debt Instrument [Line Items]
Principal Amount	591,000	594,000
Discount	(7,650)	(8,307)
Debt Issuance Costs	(10,618)	(11,529)
Net Balance	572,732	574,164
Senior Notes | Senior Notes
Debt Instrument [Line Items]
Principal Amount	500,000	500,000
Discount	0	0
Debt Issuance Costs	(9,341)	(9,960)
Net Balance	490,659	490,040
Senior Notes | Asset-based-lending (“ABL”) Facility
Debt Instrument [Line Items]
Principal Amount	0	0
Discount	0	0
Debt Issuance Costs	0	0
Net Balance	$ 0	$ 0

INDEBTEDNESS - Additional Infor

INDEBTEDNESS - Additional Information (Details) - Senior Notes - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Jan. 13, 2023	Dec. 31, 2022
Asset-based-lending (“ABL”) Facility
Debt Instrument [Line Items]
Credit facility, borrowing availability					$ 225	$ 50
First Lien Term Loan | Credit Agreements Amendment
Debt Instrument [Line Items]
Effective rate on term loans at end of period	7.90%		7.90%			6.82%
Weighted average interest rate paid on term loans during period	7.76%	3.52%	7.52%	3.39%
Second Lien Term Loan | Credit Agreements Amendment
Debt Instrument [Line Items]
Effective rate on term loans at end of period	4.375%		4.375%			4.375%
Weighted average interest rate paid on term loans during period	4.375%	4.375%	4.375%	4.375%

INDEBTEDNESS - Long Term Debt M

INDEBTEDNESS - Long Term Debt Maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
2023	$ 3,000
2024	6,000
2025	6,000
2026	6,000
2027	6,000
Thereafter	1,064,000
Total	$ 1,091,000	$ 1,094,000

INDEBTEDNESS - Estimated Fair V

INDEBTEDNESS - Estimated Fair Values of Debt Obligations (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Debt Instrument [Line Items]
Total debt instruments	$ 1,063,391
Markets for Identical Item (Level 1)
Debt Instrument [Line Items]
Total debt instruments	0
Significant Other Observable Inputs (Level 2)
Debt Instrument [Line Items]
Total debt instruments	1,027,761
Significant Unobservable Inputs (Level 3)
Debt Instrument [Line Items]
Total debt instruments	0
Senior Notes
Debt Instrument [Line Items]
Total debt instruments	490,659
Senior Notes | First Lien Term Loan
Debt Instrument [Line Items]
Total debt instruments	572,732
Senior Notes | Markets for Identical Item (Level 1)
Debt Instrument [Line Items]
Total debt instruments	0
Senior Notes | Markets for Identical Item (Level 1) | First Lien Term Loan
Debt Instrument [Line Items]
Total debt instruments	0
Senior Notes | Significant Other Observable Inputs (Level 2)
Debt Instrument [Line Items]
Total debt instruments	437,500
Senior Notes | Significant Other Observable Inputs (Level 2) | First Lien Term Loan
Debt Instrument [Line Items]
Total debt instruments	590,261
Senior Notes | Significant Unobservable Inputs (Level 3)
Debt Instrument [Line Items]
Total debt instruments	0
Senior Notes | Significant Unobservable Inputs (Level 3) | First Lien Term Loan
Debt Instrument [Line Items]
Total debt instruments	$ 0

DERIVATIVE INSTRUMENTS - Additi

DERIVATIVE INSTRUMENTS - Additional Information (Details) - Interest Rate Cap - First Lien Term Loan - Designated as Hedging Instrument - Senior Notes	1 Months Ended
	Oct. 31, 2021 USD ($)
Derivative [Line Items]
Notional amount of derivative	$ 300,000,000
Derivative, term of contract	5 years

DERIVATIVE INSTRUMENTS - Balanc

DERIVATIVE INSTRUMENTS - Balance Sheet Location of Derivatives (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Derivative [Line Items]
Derivative asset	$ 28,067	$ 28,268
Designated as Hedging Instrument | Prepaid expenses and other current assets | Interest Rate Cap
Derivative [Line Items]
Derivative asset	8,740	10,926
Designated as Hedging Instrument | Other noncurrent assets | Interest Rate Cap
Derivative [Line Items]
Derivative asset	$ 19,327	$ 17,342

DERIVATIVE INSTRUMENTS - Pre-ta

DERIVATIVE INSTRUMENTS - Pre-tax Gain (Loss) on Derivative Instruments (Details) - Interest Rate Cap - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative [Line Items]
Interest rate cap designated as cash flow hedge	$ 4,394	$ 5,393	$ (201)	$ 20,226
Interest expense, net
Derivative [Line Items]
Interest rate cap designated as cash flow hedge	$ 2,719	$ 491	$ 5,071	$ 1,184

STOCK-BASED INCENTIVE COMPENS_2

STOCK-BASED INCENTIVE COMPENSATION (Details) - 2018 Plan - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	May 03, 2018
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of shares authorized (in shares)					9,101,734
HC I Incentive Units
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Share-based compensation expense	$ 7.7	$ 4.4	$ 13.7	$ 8.6

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended		6 Months Ended
	Mar. 03, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Feb. 20, 2023	Dec. 31, 2022
Class of Warrant or Right [Line Items]
Treasury stock, shares, acquired (in shares)	2,475,166
Treasury stock acquired, average cost per share (in dollars per share)	$ 30.30
Shares repurchased	$ 75
Stock repurchase program, authorized amount		$ 175		$ 175
Common Stock
Class of Warrant or Right [Line Items]
Number of shares authorized to be repurchased (in shares)						250,000,000
Common Stock | 2017 Warrants
Class of Warrant or Right [Line Items]
Number of warrants exercisable (in shares)		0		0
Number of warrants exercised (in shares)			1,130,089		1,130,089
Class of warrant or right, outstanding (in shares)		240,188		240,188			240,188
Common Stock | 2015 Warrants
Class of Warrant or Right [Line Items]
Number of warrants exercised (in shares)		0	868,304	0	868,304
Class of warrant or right, outstanding (in shares)		14,044		14,044			15,231

RELATED-PARTY TRANSACTIONS (Det

RELATED-PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Mar. 03, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Management fee income		$ 1,069,072	$ 980,820	$ 2,084,920	$ 1,896,604
Distributions received from the investees			1,000	2,500	1,000
Shares repurchased	$ 75,000
Treasury stock, shares, acquired (in shares)	2,475,166
Joint Venture
Related Party Transaction [Line Items]
Management fee income		1,300	900	2,600	1,800
Distributions received from the investees			$ 1,000	2,500	$ 1,000
Due from joint ventures		$ 200		$ 200
Due to joint ventures						$ 1,500