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| Our Home Health platform also continued its steady growth as Home Health revenue increased by $4 million or 9.6% |
| And so by pulling both of those levers, we think we're going to continue to see significant and healthy rate growth but just not quite at the same level that we saw in 2023 |
| There's a significant opportunity to continue to elevate whether that's through improved assessment and just ensuring that we're getting rewarded for the cares that we're providing |
| We are pleased to announce strong fourth quarter results to cap off a year of consistent progress and steady growth |
| So we're pretty excited about what we saw |
| On the senior living front, we have included adjusted EBITDA improvements through cost control and operational efficiency and margin gains as we drive occupancy |
| Year-over-year occupancy has risen from 70% to 91%, revenue per occupied room has increased 28% and EBIT is 6 times greater than it was in 2022 |
| Financial results have followed with a 49.6% year-over-year EBIT increase on a 30.4% increase in revenue |
| As we've outlined on prior quarterly calls, we saw progress in each of these areas throughout the year, and our positive financial results are the outcome of these efforts |
| Their hard work, dedication and collaboration are apparent in their results, including strong employee satisfaction, exceptionally low turnover, a five-star home health quality score and an 11.4% rehospitalization rate versus the national average of 14.1% |
| By rallying around that vision, Alpha has created a winning culture and continues to deepen their partnerships and impact on the community |
| Their stories demonstrate the remarkable progress that can occur when local leaders behave as owners and become C-level leaders in their operations |
| We have found that CEOs typically generate roughly $1 million more in annual earnings than our non-CEO executive directors in conjunction with better clinical and cultural outcomes |
| We expect cash flow from operations for 2024 to reflect organic revenue growth and bottom line improvement with increased earnings, continued effective cash collections and lower capital expenditures, we expect to strengthen our balance sheet and fund future growth |
| Each of these transitions is off to a great start in our model with talented local leadership teams, driving strong clinical and financial improvement and growth momentum out of the gate |
| Our clinical onboarding, training and development programs were strengthened and enhanced in 2023 and 16 clinical leaders were elevated to C-level status, which is driving excellent quality outcomes as well as patient and resident satisfaction |
| Our historical strength in operating in rural areas demonstrates the unique advantage of our operating model, where decisions driven by local leaders meet the needs of their patients and community partners |
| We made great strides in our employee engagement and recruiting during the year as demonstrated by double-digit improvement in our turnover rate |
| These investments have led to robust top and bottom line improvement |
| On the margin front, our adjusted consolidated EBITDA margin improved 80 basis points year-over-year |
| Our senior living business continued its dramatic improvement |
| As part of the expansion of CMS' Home Health value-based purchasing program, we are carefully tracking and managing performance against the value-based purchasing criteria based on initial data we are well positioned to capture positive financial incentives that the program creates to reward providers who deliver exceptional value and clinical outcomes |
| Our 2024 guidance is based on the compelling momentum in both our segments, the readiness of our local leaders to drive organic and inorganic growth and the latent potential that remains in our existing operations |
| As we continue to integrate these new agencies and build the cultural, clinical and financial foundation for sustained success, we are well positioned to produce strong bottom line results in 2024 |
| These contracts and improved rates increased our ability to take managed care volume, resulting in an 11.3% increase in managed care visits and a 13.4% increase in managed care revenue per visit, each over the prior year quarter |
| In 2023, our local teams distinguished themselves as key partners in their health care communities, driving exceptional top line growth and improved earnings in both of our operating segments |
| Our fourth quarter results highlighted this progress and also the considerable potential for improvement as we resolutely focus on our operational fundamentals |
| Along with strong Medicare growth, we also continued to build upon our managed care relationships and negotiate new and more favorable contracts |
| This growth was a result of continued momentum in our hospice business, were a 17.8% increase in hospice ADC, a 13.1% increase in hospice admissions and continued normalization in our length of stay resulted in revenue growth of $11.6 million or 27.1% over the prior year quarter |
| And from a growth perspective, our 2023 revenue increased a robust $71.7 million, approximately three quarters of which was organic same-store growth |
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| We continue to also have some labor pressure and inflationary concerns, which have lessened through 2023 and still expect that to continue into 2024 |
| And with that, there's a drag that occurs with those acquisitions because we take on potentially underperforming operations and transition them to our system and operating model |
| Like we did to so many communities, the pandemic took a toll on main place throughout 2020 and 2021 |
| These statements are subject to risks and uncertainties that could cause our actual results to materially differ from those expressed or implied on today's call |
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