American HomePatient Signs Joint Venture Partnership With Wellmont Health System.BRENTWOOD, Tenn.--(BUSINESS WIRE)--Aug. 4, 1998--American HomePatient, Inc. (Nasdaq: AHOM), one of the nation's largest home health care companies, today announced the signing of a joint venture agreement with Wellmont Health System, located in Kingsport, TN. Wellmont Health System has a combined total of approximately 1000 licensed beds, in three hospitals, located in the cities of Bristol and Kingsport, TN and Big Stone Gap, VA. Wellmont Home Care System Director, Keltie Kerney, stated, "We are very excited about our partnership with American HomePatient and the opportunity to access their vast resources, both locally and nationally. This partnership agreement supports Wellmont's mission to provide a seamless, integrated continuum Continuum (pl. -tinua or -tinuums) can refer to:
The 50/50 percent equity partnership will operate under the name Wellmont Home Care, with American HomePatient as the managing partner. The primary product and service offering of Wellmont Home Care will be respiratory therapies respiratory therapy Medical profession concerned with assisting the respiratory function of individuals who have severe lung disorders. Practices include suctioning to clear secretions from the airway, use of aerosol mists (sometimes medicated) or gases to ease breathing, and home medical equipment. The joint venture combines two of the most prominent home care companies in the region. It represents the partnering of American HomePatient's existing branches in Kingsport and Rogersville with Wellmont Home Respiratory and Medical Equipment, an existing business owned and operated by Wellmont Health System in Kingsport and Bristol. "This new partnership with Wellmont Health System is yet another indication that American HomePatient is continuing to pursue strategic relationships with leading hospitals and integrated delivery systems integrated delivery system Integrated provider Medical practice A coordinated health care system formed by physician groups and hospitals which ↑ efficiency and ↓ redundancy in providing health care; IDSs coordinate delivery of a broad range of health as part of our company's growth strategy," said Malcolm MacKenzie Malcolm John MacKenzie (born 30 September 1961) is an English golfer. MacKenzie was born in Sheffield. He turned professional in 1980 and has spent most of his career playing on the European Tour. , president and chief executive officer of American HomePatient. "The new alliance is geographically complimentary to our existing joint venture agreement with Covenant Home Care in Knoxville, TN., and further enhances our service area in the states of Tennessee and Virginia," continued MacKenzie. The partnership marks the 26th hospital joint venture for American HomePatient and the fifth signed to date in 1998. American HomePatient is one of the nation's largest diversified diversified (di·verˑ·s providers of home health care services in the country, with over 300 centers in 38 states. The company's primary product and service offerings include home respiratory services, home infusion, parenteral parenteral /pa·ren·ter·al/ (pah-ren´ter-al) not through the alimentary canal, but rather by injection through some other route, as subcutaneous, intramuscular, etc. par·en·ter·al adj. 1. and enteral nutrition Enteral nutrition Nourishment given through a tube or stoma directly into the small intestine, thus bypassing the upper digestive tract. Mentioned in: Electrolyte Supplements, Enterostomy, Necrotizing Enterocolitis , and home medical equipment. American HomePatient's common stock is traded on the Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. (National Market) under the symbol AHOM.
CONTACT: American HomePatient, Brentwood
Malcolm MacKenzie or Kathey S. Palmer, 615/221-8884
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