| Statement Of Financial Position Classified (USD $) | ||
| In Thousands | Jun. 30, 2009
| Dec. 31, 2008
|
| Current assets: | ||
| Cash and cash equivalents | $898 | $2,847 |
| Patient accounts receivable, net of allowance for doubtful accounts of $30,806 and $27,052 | 154,279 | 175,698 |
| Prepaid expenses | 8,865 | 8,086 |
| Other current assets | 9,154 | 7,719 |
| Total current assets | 173,196 | 194,350 |
| Property and equipment, net of accumulated depreciation of $48,326 and $39,208 | 82,644 | 79,258 |
| Goodwill | 749,238 | 733,881 |
| Intangible assets, net of accumulated amortization of $9,487 and $7,944 | 57,332 | 42,388 |
| Other assets, net | 20,988 | 20,317 |
| Total assets | 1,083,398 | 1,070,194 |
| Current liabilities: | ||
| Accounts payable | 17,391 | 18,652 |
| Accrued expenses | 144,115 | 134,049 |
| Obligations due Medicare | 4,618 | 4,631 |
| Current portion of long-term obligations | 44,795 | 42,632 |
| Current portion of deferred income taxes | 6,344 | 4,663 |
| Total current liabilities | 217,263 | 204,627 |
| Long-term obligations, less current portion | 196,904 | 285,942 |
| Deferred income taxes | 17,907 | 11,548 |
| Other long-term obligations | 8,482 | 5,959 |
| Total liabilities | 440,556 | 508,076 |
| Commitments and Contingencies - Note 6 | 0 | 0 |
| Equity: | ||
| Preferred stock, $0.001 par value, 5,000,000 shares authorized; none issued or outstanding | 0 | 0 |
| Common stock, $0.001 par value, 60,000,000 shares authorized; 27,830,092 and 27,191,946 shares issued; and 27,719,570 and 27,083,231 shares outstanding | 28 | 27 |
| Additional paid-in capital | 344,446 | 326,120 |
| Treasury stock at cost, 110,522 and 108,715 shares of common stock | (681) | (617) |
| Accumulated other comprehensive loss | (181) | (447) |
| Retained earnings | 298,357 | 236,252 |
| Total Amedisys, Inc. stockholders' equity | 641,969 | 561,335 |
| Noncontrolling interests | 873 | 783 |
| Total equity | 642,842 | 562,118 |
| Total liabilities and equity | $1,083,398 | $1,070,194 |
| Statement Of Financial Position Classified (Parenthetical) (USD $) | ||
| In Thousands, except Share data | Jun. 30, 2009
| Dec. 31, 2008
|
| Patient accounts receivable, allowance for doubtful accounts | $30,806 | $27,052 |
| Property and equipment, accumulated depreciation | 48,326 | 39,208 |
| Intangible assets, accumulated amortization | $9,487 | $7,944 |
| Preferred stock, par value | 0.001 | 0.001 |
| Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
| Preferred stock, issued | 0 | 0 |
| Preferred stock, outstanding | 0 | 0 |
| Common stock, par value | 0.001 | 0.001 |
| Common stock, shares authorized | 60,000,000 | 60,000,000 |
| Common stock, shares issued | 27,830,092 | 27,191,946 |
| Common stock, shares outstanding | 27,719,570 | 27,083,231 |
| Treasury stock at cost, shares | 110,522 | 108,715 |
| Statement Of Income Alternative (USD $) | ||||
| In Thousands, except Per Share data | 3 Months Ended
Jun. 30, 2009 | 3 Months Ended
Jun. 30, 2008 | 6 Months Ended
Jun. 30, 2009 | 6 Months Ended
Jun. 30, 2008 |
| Net service revenue | $377,892 | $312,671 | $719,731 | $525,758 |
| Cost of service, excluding depreciation and amortization | 178,437 | 148,754 | 343,477 | 249,522 |
| General and administrative expenses: | ||||
| Salaries and benefits | 82,055 | 72,751 | 155,080 | 118,699 |
| Non-cash compensation | 2,779 | 1,268 | 4,920 | 2,321 |
| Other | 42,425 | 40,044 | 84,691 | 69,505 |
| Provision for doubtful accounts | 5,737 | 5,682 | 11,903 | 9,277 |
| Depreciation and amortization | 6,919 | 5,419 | 13,201 | 9,843 |
| Operating expenses | 318,352 | 273,918 | 613,272 | 459,167 |
| Operating income | 59,540 | 38,753 | 106,459 | 66,591 |
| Other (expense) income: | ||||
| Interest income | 52 | 270 | 133 | 738 |
| Interest expense | (2,958) | (5,448) | (6,412) | (6,574) |
| Miscellaneous, net | 943 | 148 | 1,721 | 177 |
| Total other expense | (1,963) | (5,030) | (4,558) | (5,659) |
| Income before income taxes | 57,577 | 33,723 | 101,901 | 60,932 |
| Income tax expense | (22,455) | (13,337) | (39,741) | (24,109) |
| Net income | 35,122 | 20,386 | 62,160 | 36,823 |
| Net (income) loss attributable to noncontrolling interests | (39) | (2) | (55) | 25 |
| Net income attributable to Amedisys, Inc. | $35,083 | $20,384 | $62,105 | $36,848 |
| Net income attributable to Amedisys, Inc. common stockholders: | ||||
| Basic | 1.29 | 0.77 | 2.3 | 1.4 |
| Diluted | 1.27 | 0.76 | 2.26 | 1.38 |
| Weighted average shares outstanding: | ||||
| Basic | 27,124 | 26,341 | 26,989 | 26,267 |
| Diluted | 27,541 | 26,811 | 27,427 | 26,741 |
| Statement Of Cash Flows Indirect (USD $) | ||
| In Thousands | 6 Months Ended
Jun. 30, 2009 | 6 Months Ended
Jun. 30, 2008 |
| Cash Flows from Operating Activities: | ||
| Net income | $62,160 | $36,823 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 13,201 | 9,843 |
| Provision for doubtful accounts | 11,903 | 9,277 |
| Non-cash compensation | 4,920 | 2,321 |
| 401(k) employer match | 9,581 | 5,357 |
| Loss on disposal of property and equipment | 535 | 483 |
| Deferred income taxes | 5,154 | 6,386 |
| Write off of deferred debt issuance costs | 0 | 406 |
| Equity in earnings of unconsolidated joint ventures | (1,066) | (387) |
| Amortization of deferred debt issuance costs | 788 | 419 |
| Return on equity investment | 150 | 112 |
| Changes in operating assets and liabilities, net of impact of acquisitions: | ||
| Patient accounts receivable | 9,465 | (30,416) |
| Other current assets | (2,020) | (484) |
| Other assets | 1,775 | (219) |
| Accounts payable | 1,754 | (8,237) |
| Accrued expenses | 9,489 | 24,633 |
| Other long-term obligations | 2,509 | 1,227 |
| Net cash provided by operating activities | 130,298 | 57,544 |
| Cash Flows from Investing Activities: | ||
| Proceeds from sale of deferred compensation plan assets | 956 | 600 |
| Proceeds from the sale of property and equipment | 3 | 3 |
| Purchases of deferred compensation plan assets | (2,969) | (1,659) |
| Purchases of property and equipment | (15,056) | (11,627) |
| Acquisitions of businesses, net of cash acquired | (19,205) | (447,124) |
| Acquisitions of reacquired franchise rights | (5,214) | 0 |
| Net cash (used in) investing activities | (41,485) | (459,807) |
| Cash Flows from Financing Activities: | ||
| Outstanding checks in excess of bank balance | (3,379) | 1,657 |
| Proceeds from issuance of stock upon exercise of stock options and warrants | 454 | 1,155 |
| Proceeds from issuance of stock to employee stock purchase plan | 2,734 | 1,688 |
| Tax benefit from stock option exercises | 637 | 1,645 |
| Proceeds from Revolving Line of Credit | 50,200 | 145,000 |
| Repayments of Revolving Line of Credit | (119,700) | (32,500) |
| Proceeds from issuance of long-term obligations | 0 | 250,000 |
| Payment of deferred financing fees | 0 | (8,124) |
| Principal payments of long-term obligations | (21,708) | (12,788) |
| Net cash (used in) provided by financing activities | (90,762) | 347,733 |
| Net (decrease) in cash and cash equivalents | (1,949) | (54,530) |
| Cash and cash equivalents at beginning of period | 2,847 | 56,190 |
| Cash and cash equivalents at end of period | 898 | 1,660 |
| Supplemental Disclosures of Cash Flow Information: | ||
| Cash paid for interest | 5,920 | 4,072 |
| Cash paid for income taxes, net of refunds received | 27,915 | 16,848 |
| Supplemental Disclosures of Non-Cash Financing and Investing Activities: | ||
| Notes payable issued for acquisitions | 3,834 | 3,499 |
| Notes payable issued for software licenses | $0 | $1,946 |
| Notes to Financial Statements | |
| 6 Months Ended
Jun. 30, 2009 USD / shares | |
| Notes to Financial Statements [Abstract] | |
| 1. NATURE OF OPERATIONS, CONSOLIDATION AND PRESENTATION OF FINANCIAL STATMENTS | 1. NATURE OF OPERATIONS, CONSOLIDATION AND PRESENTATION OF FINANCIAL STATMENTS Amedisys, Inc., a Delaware corporation, and its consolidated subsidiaries (Amedisys, we, us, or our) are a multi-state provider of home health and hospice services with approximately 87% of our net service revenue derived from Medicare for the three and six-month periods ended June30, 2009 and 2008. As of June30, 2009, we had 498 Medicare-certified home health and 51 Medicare-certified hospice agencies in 38 states within the United States, the District of Columbia and Puerto Rico. Basis of Presentation In our opinion, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting solely of normal recurring adjustments) necessary to present fairly our financial position, our results of operations and our cash flows in accordance with U.S. generally accepted accounting principles (U.S. GAAP). Our results of operations for the interim periods presented are not necessarily indicative of results of our operations for the entire year and have not been audited by our independent auditors. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from the interim financial information presented. This report should be read in conjunction with our consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December31, 2008 as filed with the Securities and Exchange Commission (SEC) on February17, 2009 (the Form 10-K), which includes information and disclosures not included herein. Use of Estimates Our accounting and reporting policies conform with U.S. GAAP. In preparing the unaudited condensed consolidated financial statements, we are required to make estimates and assumptions that impact the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates. Reclassifications and Comparability Certain reclassifications have been made to prior periods financial statements in order to conform them to the current periods presentation. Our adoption of Statement of Financial Accounting Standards (SFAS) No.160, Noncontrolling Interests in Consolidated Financial Statements Amendment to ARB No.51 (SFAS 160) required that we change the name of minority interests to noncontrolling interests for all periods presented. Additionally, it required that noncontrolling interests be included as part of our total reported equity in the accompanying condensed consolidated balance sheets and reordered the presentation of such amounts in the condensed consolidated income statements. Additionally, we adopted SFAS No.141 (Revised), Business Combinations (SFAS 141R) on January1, 2009.SFAS 141R amended the requirements of how to account for business combinations, by requiring the expensing of most acquisition related costs associated with an acquisition as opposed to including them as part of the purchase price, as allowed under SFAS No.141, Business Combinations (SFAS 141). As a result, we expe |
| 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Revenue Recognition We earn net service revenue through our home health and hospice agencies by providing a variety of services almost exclusively in the homes of our patients. This net service revenue is earned and billed either on an episode of care basis (on a 60-day episode of care basis for home health services and on a 90-day episode of care basis for the first two hospice episodes of care and on a 60-day episode of care basis for any subsequent hospice episodes), on a per visit basis or on a daily basis depending upon the payment terms and conditions established with each payor for services provided. We refer to home health revenue earned and billed on a 60-day episode of care as episodic-based revenue. For the services we provide, Medicare is our largest payor. When we record our service revenue, we record it net of estimated revenue adjustments and contractual adjustments to reflect amounts we estimate to be realizable for services provided, as discussed below. We believe, based on information currently available to us and based on our judgment, that changes to one or more factors that impact the accounting estimates (such as our estimates related to revenue adjustments, contractual adjustments and episodes in progress) we make in determining net service revenue, which changes are likely to occur from period to period, will not materially impact our reported consolidated financial condition, results of operations, cash flows or our future financial results. Home Health Revenue Recognition Medicare Revenue Net service revenue is recorded under the Medicare payment program (PPS) based on a 60-day episode payment rate that is subject to adjustment based on certain variables including, but not limited to: (a)an outlier payment if our patients care was unusually costly; (b)a low utilization adjustment (LUPA) if the number of visits was fewer than five; (c)a partial payment if our patient transferred to another provider or we received a patient from another provider before completing the episode; (d)a payment adjustment based upon the level of therapy services required (thresholds set at 6, 14 and 20 visits); (e)the number of episodes of care provided to a patient, regardless of whether the same home health provider provided care for the entire series of episodes; (f)changes in the base episode payments established by the Medicare Program; (g)adjustments to the base episode payments for case mix and geographic wages; and (h)recoveries of overpayments. We make adjustments to Medicare revenue on completed episodes to reflect differences between estimated and actual payment amounts, an inability to obtain appropriate billing documentation or authorizations acceptable to the payor and other reasons unrelated to credit risk. We estimate the impact of such payment adjustments based on our historical experience, which primarily includes a historical collection rate of over 99% on Medicare claims, and record this estimate during the period in which services are rendered as an estimated revenue adjustment and a corresponding reduction to patient accounts receivable. Therefore, we be |
| 3. ACQUISITIONS | 3. ACQUISITIONS Each of the following acquisitions was completed in order to pursue our strategy of increasing our market presence by expanding our service base and enhancing our position in certain geographic areas as a leading provider of home health and hospice services. The purchase price paid for each acquisition was negotiated through arms length transactions, with consideration based on our analysis of, among other things, comparable acquisitions and expected cash flows for each transaction. Each of the following acquisitions was accounted for as a purchase and is included in our condensed consolidated financial statements from the respective acquisition date. Goodwill generated from the acquisitions was recognized for the excess of the purchase price over tangible and identifiable intangible assets because of the expected contributions of each acquisition to our overall corporate strategy. Summary of 2009 Acquisitions The following table presents details of our acquisitions (dollars in millions): Purchase Price Purchase Price Allocation Number of Agencies (1) Date Acquired Entity (location of assets) Cash Promissory Note Goodwill Other Intangible Assets OtherAssets (Liabilities), Net Home Health Hospice Number of States June15,2009 Jackson, Mississippi agency $ 2.5 $ - $ 2.2 $ 0.3 $ - 1 - 1 April1,2009 Upper Chesapeake Health System and St. Joseph Medical Center (Baltimore, Maryland) 9.2 2.3 10.7 1.0 (0.2 ) 1 1 1 March12,2009 White River Health System (Batesville, Arkansas) 3.2 - 2.6 0.7 (0.1 ) 3 1 1 February3,2009 Arizona Home Rehabilitation and Health Care and Yuma Home Care (Yuma, Arizona) 4.3 1.5 5.0 0.8 - 2 - 1 $ 19.2 $ 3.8 $ 20.5 $ 2.8 $ (0.3 ) 7 2 4 (1) The acquisitions marked with the cross symbol () were asset purchases. 2008 TLC Health Care Services, Inc. (TLC) Acquisition During the three-month period ended March31, 2009, the remaining $12.8 million of the purchase price that was in escrow in connection with the TLC acquisition for indemnification and working capital price adjustments was released and paid to the selling stockholders under the indemnification provisions of the TLC acquisition agreement. Additionally, we finalized our purchase accounting for the TLC acquisition during the three-month period ended March31, 2009. The following table summarizes, as of March31, 2009, the estimated fair values of the TLC assets acquired and liabilities assumed on March26, 2008 (amounts in millions): Patient accounts receivable, net $ 37.8 Property and equipment 0.5 Goodwill 330.4 Intangible assets 19.2 Deferred taxes 38.2 Other current assets 0.9 Other assets 1.5 Current liabilities (32.1 ) $ 396.4 Our purchase price finalization included decr |
| 4. GOODWILL AND OTHER INTANGIBLE ASSETS, NET | 4. GOODWILL AND OTHER INTANGIBLE ASSETS, NET The following table summarizes the activity related to our goodwill and our other intangible assets, net as of and for the six-month period ended June30, 2009 (amounts in millions): Other Intangible Assets, Net Goodwill Certificates ofNeedand Licenses Acquired Name of Business Non-Compete Agreements Reacquired Franchise Rights (1) Total Balances at December31, 2008 $ 733.9 $ 32.7 $ 3.3 $ 6.4 $ 42.4 Additions 20.5 1.9 0.5 6.6 9.0 Adjustments related to acquisitions (5.2 ) 7.4 - - 7.4 Amortization - - - (1.5 ) (1.5 ) Balances at June30, 2009 $ 749.2 $ 42.0 $ 3.8 $ 11.5 $ 57.3 (1) The weighted-average amortization period of our non-compete agreements and reacquired franchise rights is 3.5 years. During 2009, we adjusted goodwill by a net $5.2 million primarily in association with our completion of purchase accounting adjustments for our 2008 acquisition of TLC, where we allocated an additional $7.5 million to the estimated fair value of Medicare licenses acquired and decreased the estimated fair value of the deferred tax liability assumed by $2.9 million. |
| 5. LONG-TERM OBLIGATIONS | 5. LONG-TERM OBLIGATIONS Long-term debt, including capital lease obligations, consisted of the following for the periods indicated (amounts in millions): June30,2009 December31,2008 Senior Notes: $35.0 million Series A Notes; semi-annual interest only payments; interest rate at 6.07%per annum; due March25, 2013 $ 35.0 $ 35.0 $30.0 million Series B Notes; semi-annual interest only payments; interest rate at 6.28%per annum; due March25, 2014 30.0 30.0 $35.0 million Series C Notes; semi-annual interest only payments; interest rate at 6.49%per annum; due March25, 2015 35.0 35.0 Term Loan; $7.5 million principal payments plus accrued interest payable quarterly; interest rate at ABR Rate plus applicable percentage or Eurodollar Rate plus the applicable percentage (1.33% and 3.08% at June30, 2009 and December31, 2008, respectively); due March26, 2013 112.5 127.5 $250.0 million Revolving Credit Facility; interest only quarterly payments; interest rate at ABR Rate plus applicable percentage or Eurodollar Rate plus the applicable percentage (1.34% and 1.72% at June30, 2009 and December31, 2008, respectively); due March26, 2013 11.0 80.5 Promissory notes 18.0 20.3 Capital leases 0.2 0.2 241.7 328.5 Current portion of long-term obligations (44.8 ) (42.6 ) Total $ 196.9 $ 285.9 Our weighted-average interest rates for our five year Term Loan (the Term Loan) and our $250.0 million, five year Revolving Credit Facility (the Revolving Credit Facility) were as follows: Forthethree-monthperiods endedJune30, Forthesix-monthperiods endedJune30, 2009 2008 2009 2008 Term Loan 1.5 % 4.4 % 2.1 % 4.5 % Revolving Credit Facility 1.6 % 4.4 % 1.7 % 4.5 % As of June30, 2009, our total leverage ratio (used to compute the margin and commitment fees, described in more detail in Note 5 of the financial statements included in our Form 10-K) was 1.0, our fixed charge coverage ratio was 2.4 and we were in compliance with the covenants associated with our long-term obligations. The following table presents our availability under our $250.0 million Revolving Credit Facility as of June30, 2009 (amounts in millions): Total Revolving Credit Facility $ 250.0 Less: outstanding revolving credit loans (10.0 ) Less: outstanding swingline loans (1.0 ) Less: outstanding letters of credit (10.9 ) Remaining availability under the Revolving Credit Facility $ 228.1 See Note 5 of the financial statements included in our Form 10-K for additional details on our outstanding long-term obligations. |
| 6. COMMITMENTS AND CONTINGENCIES | 6. COMMITMENTS AND CONTINGENCIES Legal Proceedings We are involved in legal actions in the normal course of business, some of which seek monetary damages, including claims for punitive damages. We do not believe that these actions, when finally concluded and determined, will have a material impact on our consolidated financial condition, results of operations or cash flows. Insurance We are obligated for certain costs associated with our insurance programs, including employee health, workers compensation and professional liability. While we maintain various insurance programs to cover these risks, we are self-insured for a substantial portion of our potential claims. We recognize our obligations associated with these costs in the period in which a claim is incurred, including with respect to both reported claims and claims incurred but not reported, up to specified deductible limits. These costs have generally been estimated based on historical data of our claims experience. Such estimates, and the resulting reserves, are reviewed and updated by us on a quarterly basis. Our health insurance has a retention limit of $0.3 million, our workers compensation insurance has a retention limit of $0.4 million and our professional liability insurance has a retention limit of $0.3 million. |
| Document Information | |
| 6 Months Ended
Jun. 30, 2009 USD / shares | |
| Document Information [Text Block] | |
| Document Type | 10-Q |
| Amendment Flag | false |
| Amendment Description | N.A. |
| Document Period End Date | 2009-06-30 |
| Entity Information (USD $) | |||
| 6 Months Ended
Jun. 30, 2009 | Jul. 23, 2009
| Jun. 30, 2008
| |
| Entity [Text Block] | |||
| Trading Symbol | AMED | ||
| Entity Registrant Name | AMEDISYS INC | ||
| Entity Central Index Key | 0000896262 | ||
| Current Fiscal Year End Date | --12-31 | ||
| Entity Well-known Seasoned Issuer | Yes | ||
| Entity Current Reporting Status | Yes | ||
| Entity Voluntary Filers | No | ||
| Entity Filer Category | Large Accelerated Filer | ||
| Entity Common Stock, Shares Outstanding | 27,780,111 | ||
| Entity Public Float | $1,326,155,613 |
