Richard Bravo of Bloomberg reports that cuts in Medicare payments may force Gentiva Health Services, Inc., to breach a loan covenant this year, Credit Suisse AG said, as trading prices drop for debt of the largest U.S. home-health and hospice company by sales.
Bloomberg says that the federal Centers for Medicare & Medicaid Services last month proposed a 3.4% reduction to home health payments for 2012 to promote greater payment accuracy. New Medicare cuts issued in November forced the company to trim its projected 2011 sales by as much as $150 million to a range of $1.8 billion to $1.85 billion, Atlanta-based Gentiva said in its second-quarter earnings announcement on August 4.
According to Bloomberg, Medicare may be subject to further cuts if Congress fails to agree on alternative measures to remain in compliance with the debt-ceiling agreement struck this month. Gentiva receives 85.3% of its revenue from the program, and a further reduction in the company's sales could cause it to fall out of compliance with its debt-to-earnings loan covenant. Its loans have fallen 3.5% since July 27.
Gentiva Health Services, Inc., provides home health services throughout the United States. Gentiva is a producer of hospice services in the southeast United States. The Company operations include Home Health segment and Hospice segment.
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