EX-99.2 3 amed4q22ecsupplementalsl.htm EX-99.2 amed4q22ecsupplementalsl
1 Amedisys Fourth Quarter 2022 Earnings Call Supplemental Slides February 16th, 2023 Exhibit 99.2


 
2 This presentation may include forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based upon current expectations and assumptions about our business that are subject to a variety of risks and uncertainties that could cause actual results to differ materially from those described in this presentation. You should not rely on forward-looking statements as a prediction of future events. Additional information regarding factors that could cause actual results to differ materially from those discussed in any forward-looking statements are described in reports and registration statements we file with the SEC, including our Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, copies of which are available on the Amedisys internet website http://www.amedisys.com or by contacting the Amedisys Investor Relations department at (225) 292-2031. We disclaim any obligation to update any forward-looking statements or any changes in events, conditions or circumstances upon which any forward-looking statement may be based except as required by law. www.amedisys.com NASDAQ: AMED We encourage everyone to visit the Investors Section of our website at www.amedisys.com, where we have posted additional important information such as press releases, profiles concerning our business, clinical operations and control processes and SEC filings. FORWARD-LOOKING STATEMENTS Exhibit 99.2


 
3 OUR KEY AREAS OF FOCUS Strategic areas of focus and progress made during Q4’22 • Home Health*: Total same store admissions +5% • Hospice: Total same store admissions -8%, ADC -2% • Personal Care: PC Network drove ~$286K in revenue to Home Health and Hospice via care coordination • High Acuity Care: Admissions +69% over prior year 1 Organic Growth • Quality: Amedisys Apr’23 preview STARS score of 4.49 • 99% of care centers at 4+ Stars based on Apr’23 preview • 46 Amedisys care centers rated at 5 Stars in the Apr’23 preview • Hospice quality – outperforming industry average in all hospice item set (HIS) categories 3 Clinical Initiatives • Focusing on optimizing RN / LPN & PT / PTA staffing ratios. • Current LPN Ratio: 47.7% (vs. 49.0% in 4Q’21) • Current PTA Ratio: 53.9% (vs. 52.9% in 4Q’21) 4 Capacity and Productivity • Acquired Evolution Health on 4/1/22 expanding our footprint in TX, OK and OH (15 care centers) • Acquired 2 care centers from Assisted Care Home Health in North Carolina on 4/1/22 • Entered into 3 new High Acuity Care joint venture partnerships during 2022 5 M&A 2 Recruiting / Retention • Targeting industry leading employee retention amongst all employee categories • Q4’22 Voluntary Turnover 20.7% *Note: Home Health same store volume is defined as admissions plus recertifications 2022 Reimbursement • Final Home Health industry rule – Amedisys impact +3.2% increase • Final Hospice industry rule – Amedisys impact +2.0% increase (effective 10/1/21) 2023 Reimbursement • Final Hospice industry rule – Amedisys impact +3.8% increase (effective 10/1/22) • Final Home Health industry rule – Amedisys impact flat (effective 1/1/23) 6 Regulatory Exhibit 99.2


 
4 HIGHLIGHTS AND SUMMARY FINANCIAL RESULTS (ADJUSTED): 4Q 2022(1) Home Health total same store admissions +5%; Hospice same store admissions -8%; EBITDA margin decline driven by our acquisitions (additional $4M in losses over Q4’21), the return of sequestration (Q4’21 benefited by $9M), planned wage increases and the shift in Home Health volumes from episodic to per visit payors 1. The financial results for the three-month periods and years ended December 31, 2021 and December 31, 2022 are adjusted for certain items and should be considered a non-GAAP financial measure. A reconciliation of these non-GAAP financial measures is included in the corresponding 8-K detailing quarterly results for each respective reporting period. 2. Same Store volume – Includes admissions and recertifications. 3. Same Store is defined as care centers that we have operated for at least the last 12 months and startups that are an expansion of a same store care center. 4. Free cash flow is defined as cash flow from operations less routine capital expenditures and required debt repayments. 5. Medicare sequestration suspended May 1, 2020; reinstated at 2% effective July 1, 2022. Growth Metrics: • Total Admissions: 482 • Number of admitting JVs: 8 Other Statistics: • Patient Satisfaction: 86% High Acuity Care Adjusted Financial Results Growth Metrics: • Billable hours/quarter: -9% • Clients served: -2% Other Statistics: • Revenue per hour: +17% • Cost per hour: +17% Personal Care Same Store Volume (3): • Admissions: -8% • ADC: -2% Other Statistics: • Revenue per Day: $166.82 (-0.8%) • Cost per day: $86.99 (-3.6%) HospiceHome Health Same Store (2)(3) : • Total Admissions: +5% • Total Volume: +1% Other Statistics: • Revenue per Episode(5): $2,989 (+1.3%) • Visiting Clinician Cost per Visit: $102.92 (+6.9%) • Medicare VPE decreased 1.0 (-7.2%) Amedisys Consolidated • Revenue Growth:+0.5% • EBITDA: $60M • EBITDA Margin: 10.7% (ex. Contessa: 12.1%) • EPS: $1.16 (ex. Contessa: $1.36) Amedisys Consolidated Amedisys Consolidated Balance Sheet & Cash Flow • Net debt: $384.3M • Net Leverage ratio: 1.5x • Revolver availability: $520.4M • CFFO: $40.9M • Free cash flow (4): $36.2M • DSO: 46.1 (vs. Q4’21 of 43.2 and down 1.2 days since Q3) $ in Millions, except EPS 4Q21 4Q22 FY 2021 FY 2022 Home Health 337.3$ 342.6$ 1,353.8$ 1,364.8$ Hospice 204.9 197.6 785.3 787.8 Personal Care 15.1 15.9 65.0 61.4 High Acuity Care 2.0 5.9 3.5 18.5 Total Revenue 559.3$ 562.0$ 2,207.6$ 2,232.5$ Gross Margin % 44.1% 43.9% 45.1% 44.2% Adjusted EBITDA 64.8$ 59.9$ 299.6$ 262.1$ 11.6% 10.7% 13.6% 11.7% Adjusted EPS 1.18$ 1.16$ 5.95$ 5.01$ Free cash flow (4) 1.2$ 36.2$ 174.3$ 114.5$ Exhibit 99.2


 
5 65.0% 11.7% 23.3% Home Health Revenue Medicare FFS Private Episodic Per Visit 61.0% 35.2% 2.8% 1.0% Amedisys Consolidated Revenue Home Health Hospice Personal Care High Acuity Care • Medicare FFS: Reimbursed for a 30-day period of care • Private Episodic: MA and Commercial plans who reimburse us for a 30-day period of care, majority of which range from 95% - 100% of Medicare rates • Per Visit: Managed care, Medicaid and private payors who reimburse us per visit performed 94.3% 5.7% Hospice Revenue Medicare FFS Private Hospice Per Day Reimbursement: • Routine Care: Patient at home with symptoms controlled ~97% of the Hospice care AMED provides, in line with overall hospice industry provision of care • Continuous Care: Patient at home with uncontrolled symptoms • Inpatient Care: Patient in facility with uncontrolled symptoms • Respite Care: Patient at facility with symptoms controlled • Home Health: 347 care centers; 34 states & D.C. • Hospice: 164 care centers; 31 states • Personal Care: 13 care centers; 3 states • High Acuity Care: 8 admitting joint ventures; 6 states; 30 referring hospitals • Total AMED: 532 care centers; 37 states and D.C. OUR REVENUE SOURCES: 4Q’22 Exhibit 99.2


 
6 HOME HEALTH AND HOSPICE SEGMENT (ADJUSTED) – Q4 2022(1) • Revenue per Episode up 1.3% (primarily due to +3.2% rate increase partially offset by the reinstatement of sequestration at 2% (~$5M)) • Y/Y Total CPV up $7.99 (+7.5%, primarily due to raises, wage inflation, an increase in salaried employees and visit mix) • Cost per episode down 2.0% (Medicare) Home Health Highlights • Net revenue per day -0.8% (+3.8% Hospice rate update effective 10/1/2022 offset by the reinstatement of sequestration at 2% and higher revenue adjustments) • Cost per day down $3.24 (-3.5% primarily due to clinical optimization and reorganization initiatives, lower staffing levels and lower contractor utilization partially offset by planned wage increases and wage inflation) Hospice Highlights 1. The financial results for the three-month periods and years ended December 31, 2021 and December 31, 2022 are adjusted for certain items and should be considered a non-GAAP financial measure. A reconciliation of these non-GAAP financial measures is included in the corresponding 8-K detailing quarterly results for each respective reporting period. 2. Pre-Corporate EBITDA does not include any corporate G&A expenses. 3. Same Store information represents the percent change in volume, admissions or ADC for the period as a percent of the volume, admissions or ADC of the prior period. 4. Same Store is defined as care centers that we have operated for at least the last 12 months and startups that are an expansion of a same store care center. 5. Medicare revenue per completed episode reflects the suspension of sequestration for the period May 1, 2020 – March 31, 2022 and the reinstatement of sequestration at 1% on April 1, 2022 and at 2% on July 1, 2022. $ in Millions 4Q21 4Q22 2021 2022 Medicare 230.1$ 222.8$ 914.5$ 900.6$ Non-Medicare 107.2 119.8 439.3 464.2 Home Health Revenue $337.3 $342.6 $1,353.8 $1,364.8 Gross Margin % 43.8% 43.3% 45.1% 44.5% Pre-Corporate EBITDA (2) $63.3 $59.5 $283.0 $260.5 18.8% 17.4% 20.9% 19.1% Operating Statistics Same Store Growth (3 )(4 ) Total admissions 2% 5% 6% 3% Total volume 2% 1% 5% 0% Medicare revenue per episode (5 ) $2,951 $2,989 $2,959 $3,010 Medicare recert rate 35.1% 33.1% 35.1% 33.7% Total cost per visit $106.67 $114.66 $101.46 $109.41 HOME HEALTH Year Ended $ in Millions 4Q21 4Q22 2021 2022 Medicare 193.9$ 186.3$ 743.6$ 744.1$ Non-Medicare 11.0 11.3 41.7 43.7 Hospice Revenue $204.9 $197.6 $785.3 $787.8 Gross Margin % 46.4% 47.9% 46.9% 46.4% Pre-Corporate EBITDA (2) $41.4 $44.4 $171.6 $166.3 20.2% 22.4% 21.9% 21.1% Operating Statistics Admit growth - same store (3 )(4 ) -1% -8% 2% -1% ADC growth - same store (3 )(4 ) -4% -2% -4% -1% ADC 13,237 12,878 13,271 13,091 Avg. discharge length of stay 90 94 94 91 Revenue per day (net) $168.24 $166.82 $162.12 $164.88 Cost per day $90.23 $86.99 $86.15 $88.32 HOSPICE Year Ended Exhibit 99.2


 
7 4Q21 1Q22 2Q22 3Q22 4Q22 Salary and Benefits 21.7 23.8 23.3 22.1 24.0 Other 10.4 10.2 6.7 12.2 11.7 Corp. G&A Subtotal 32.1 34.0 30.1 34.3 35.7 Non-cash comp 4.0 1.6 2.6 1.2 2.3 Adjusted Corporate G&A 36.1 35.6 32.7 35.5 38.0 $ in Millions 4Q21 1Q22 2Q22 3Q22 4Q22 Home Health Segment - Total 84.7 83.2 87.8 86.9 89.0 % of HH Revenue 25.1% 24.8% 25.2% 25.7% 26.0% Hospice Segment - Total 54.0 51.3 50.8 48.6 50.8 % of HSP Revenue 26.4% 26.6% 25.6% 24.4% 25.7% Personal Care Segment - Total 2.4 2.2 2.3 2.3 2.4 % of PC Revenue 15.7% 15.8% 15.2% 14.0% 14.9% High Acuity Care Segment - Total 6.2 7.1 8.8 8.8 8.4 % of HAC Revenue 305.7% 256.9% 199.8% 160.7% 144.2% Total Corporate Expenses 36.1 35.6 32.7 35.5 38.0 % of Total Revenue 6.5% 6.5% 5.8% 6.4% 6.8% Total 183.4 179.4 182.4 182.1 188.6 % of Total Revenue 32.8% 32.9% 32.2% 32.6% 33.6% GENERAL & ADMINISTRATIVE EXPENSES – ADJUSTED (1,2) Notes: • Year over year total G&A as a percentage of revenue increased 80 basis points ($5 million); excluding Contessa ($2 million) and home health acquisitions ($3 million), total G&A is flat versus prior year (G&A as a % of revenue excluding Contessa and home health acquisitions = 32.4%) • Planned wage increases and higher information technology fees and facilities-related costs were offset by savings associated with clinical optimization and reorganization initiatives and reductions in staffing levels • Total G&A increased $8 million sequentially excluding Contessa and our home health acquisitions due to higher incentive compensation costs, lower gains on the sale of fleet vehicles and a seasonality driven increase in health insurance 1. The financial results for the three-month periods ended December 31, 2021, March 31, 2022, June 30, 2022, September 30, 2022 and December 31, 2022 are adjusted for certain items and should be considered a non-GAAP financial measure. A reconciliation of these non-GAAP financial measures is included in the corresponding 8-K detailing quarterly results for each respective reporting period. 2. Adjusted G&A expenses do not include depreciation and amortization. Impacted by acquisitions, raises and the addition of resources to support growth 32.8% 32.9% 32.2% 32.6% 33.6% 31.7% 31.6% 30.7% 31.3% 32.4% 29.0% 31.0% 33.0% 35.0% 4Q21 1Q22 2Q22 3Q22 4Q22 Total G&A as a Percent of Revenue G&A as a Percent of Revenue Ex-Contessa Exhibit 99.2


 
8 OPERATIONAL EXCELLENCE: HOME HEALTH COST PER VISIT (CPV)-ADJUSTED YOY Total CPV impacted by labor cost pressures and lower visits *Note: Direct comparison with industry competitors CPV calculation $25.00 $50.00 $75.00 $100.00 4Q21 3Q22 4Q22 Cost Per Visit (CPV) Salaries Contractors Benefits Transportation $96.28 $99.43 $102.92 Components 4Q’21 3Q’22 4Q’22 YoY Variance Detail Initiatives Salaries $69.73 $72.08 $73.94 $4.21 YoY increase due to visit mix, planned wage increases, wage inflation and an increase in salaried employees Sequential increase due to higher new hire pay, visit mix and one additional month of raises Staffing mix optimization, productivity and scheduling improvement initiatives in place to help overcome salary increases Contractors $4.93 $5.21 $5.61 $0.68 YoY variance due to an increase in rates (utilization flat) Sequential variance due to increased utilization Focused efforts on filling positions with full-time clinicians Benefits $14.52 $14.35 $15.66 $1.14 YoY and Sequential variances due to higher payroll taxes on salary increases and an increase in health insurance costs due to the seasonality of claims Focus on cost containment and spend optimization with specific focus on high-cost claims Transportation & Supplies $7.10 $7.79 $7.71 $0.61 YoY variance due to higher fleet fuel costs, mileage reimbursement and rate increases for freight and certain supplies *Visiting Clinician CPV $96.28 $99.43 $102.92 $6.64 Clinical Managers $10.39 $11.33 $11.74 $1.35 Fixed cost associated with non-visiting clinicians YoY increase driven by additional staff, planned wage increases and impact of fixed costs on lower visit volumes Unit cost reduced as volume increases Total CPV $106.67 $110.76 $114.66 $7.99 Exhibit 99.2


 
9 DRIVING TOP LINE GROWTH Home Health admissions growth remains strong; volume impacted by mix shift. Sequential average daily census decline due to softer admission volumes and seasonality. 2% 0% -2% 1% 1% 2% 2% 0% 5% 5% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 50,000 100,000 150,000 4Q21 1Q22 2Q22 3Q22 4Q22 Volume SS Volume Growth SS Admit Growth Home Health Growth Hospice Growth Personal Care Total Hours / Quarter 0 200,000 400,000 600,000 4Q21 1Q22 2Q22 3Q22 4Q22 Billable Hours -4% -3% 0% 1% -2% -1% 2% 6% -3% -8% -9.0% -6.0% -3.0% 0.0% 3.0% 6.0% 12,000 12,500 13,000 13,500 14,000 4Q21 1Q22 2Q22 3Q22 4Q22 ADC Admits SS ADC Growth SS Admit Growth Exhibit 99.2


 
10 INDUSTRY LEADING QUALITY SCORES Quality of Patient Care (QPC) Patient Satisfaction (PS) • Amedisys maintains a 4-Star average in the Apr 2023 HHC Preview with 99% of our providers (representing 99% of care centers) at 4+ Stars and 82% of our providers (representing 83% of care centers) at 4.5+ Stars. •31 Amedisys providers (representing 46 care centers) rated at 5 Stars. Notes: (1) CMS did not provide QPC Star and HH-CAHPS performance releases in 2021 due to COVID-19 PHE. (2) Apr 2023 QPC Star Preview performance period = Jul 2021 – Jun 2022 (Jul 2020 - Jun 2021 for ACH). (3) Jan 2023 HH-CAHPS Preview performance period = Jul 2021 – Jun 2022 (4) QPC Star and HH-CAHPS Results for Amedisys Legacy providers only. Metric Jul 22 Release Oct 22 Release Jan 23 Release Apr 23 Preview Quality of Patient Care 4.46 4.49 4.49 4.49 Entities at 4+ Stars 99% 100% 99% 99% 3.00 3.50 4.00 4.50 QPC Industry Performance Amedisys QPC Industry Avg QPC Top Competitor CMS Blind Period Metric Apr 22 Release Jul 22 Release Oct 22 Release Jan 23 Release Patient Satisfaction Star 3.73 3.92 3.60 3.57 Performance Over Industry +3% +5% +3% +1% 3.00 3.50 4.00 4.50 PS Industry Performance Amedisys PS Score PS Industry Avg PS Top Competitor CMS Blind Period Exhibit 99.2


 
11 HOSPICE QUALITY: AMEDISYS HOSPICE CONTINUES TO MOVE TOWARDS BEST-IN-CLASS Hospice Quality Notes: Included in the above analysis are only active providers. Exhibit 99.2


 
12 DEBT AND LIQUIDITY METRICS Net leverage ~1.5x 1. Net debt defined as total debt outstanding ($438.4M) less cash ($54.1M). 2. Leverage ratio (net) is defined as net debt divided by last twelve months adjusted EBITDA ($262.1M). 3. Liquidity defined as the sum of cash balance and available revolving line of credit. Outstanding Revolver - Outstanding Term Loan 435.9 Promissory Notes 0.2 Finance Leases 2.3 Total Debt Outstanding 438.4 Less: Deferred Debt Issuance Costs (3.5) Total Debt - Balance Sheet 434.9 Total Debt Outstanding 438.4 Less Cash (54.1) Net Debt (1) 384.3 Leverage Ratio (net) (2) 1.5 Term Loan 450.0 Revolver Size 550.0 Borrowing Capacity 1,000.0 Revolver Size 550.0 Outstanding Revolver - Letters of Credit (29.6) Available Revolver 520.4 Plus Cash 54.1 Total Liquidity (3) 574.5 As of: 12/31/22 Credit Facility Outstanding Debt As of: 12/31/22 Exhibit 99.2


 
13 CASH FLOW STATEMENT HIGHLIGHTS (1) Total cash flow from operations for 2022 of $133M. Results impacted by repayment of deferred payroll taxes ($27M) in Q4-22 and ZPIC audit repayment ($38M). 1. Free cash flow defined as cash flow from operations less routine capital expenditures and required debt repayments. $ in Millions 4Q21 1Q22 2Q22 3Q22 4Q22 GAAP Net Income 34.0 31 .7 29.0 25.4 31 .5 Changes in working capital (27 .1 ) (5.4) 1 3 .6 (67 .3) 6.9 Depreciation and amortization 9.1 8.0 6.2 5.5 5.2 Non-cash compensation 5.9 7 .3 5.1 3 .5 0.6 Deferred income taxes 9.9 3 .2 2.8 1 3 .0 4.3 Other (26.6) 3 .8 0.7 6.3 (7 .6) Cash flow from operations 5.2 48.6 57.4 (13.6) 40.9 Capital expenditures - routine (0.7 ) (0.9) (1 .5) (1 .5) (1 .5) Required debt repay ments (3.3) (3 .8) (3.2) (3 .2) (3 .2) Free cash flow 1.2 43.9 52.7 (18.3) 36.2 Capital Deployment Acquisitions (5.1 ) - (7 3.3) 1 .4 - Share Repurchases (1 5.0) - (1 7 .4) - - Total (20.1) - (90.7) 1.4 - Exhibit 99.2


 
14 INCOME STATEMENT ADJUSTMENTS (1) 1. The financial results for the three-month periods ended December 31, 2021, March 31, 2022, June 30, 2022, September 30, 2022 and December 31, 2022 are adjusted for certain items and should be considered a non-GAAP financial measure. A reconciliation of these non-GAAP financial measures is included in the corresponding 8-K detailing quarterly results for each respective reporting period. Q4 adjustments primarily related to clinical optimization and reorganization initiatives, COVID-19 costs, acquisition and integration costs and severance. $000s Income Statement Line Item 4Q21 1Q22 2Q22 3Q22 4Q22 Revenue Contingency accrual Net Serv ice Rev enue -$ -$ 8,37 4$ 931$ -$ Cost of Service Clinical optimization and reorganization costs Cost of Serv ice, Excluding Depreciation & Amortization - - 1 95 1 ,1 54 33 COVID-1 9 costs Cost of Serv ice, Excluding Depreciation & Amortization 4,323 3,7 33 1 ,803 1 ,7 01 1 ,51 0 Integration costs Cost of Serv ice, Excluding Depreciation & Amortization - - 1 ,401 31 1 - Fuel supplement Cost of Serv ice, Excluding Depreciation & Amortization - 337 1 ,01 6 1 ,962 261 G&A Acquisition and integration costs G&A, Salaries and benefits 41 9 31 6 1 ,67 4 1 ,025 37 8 Clinical optimization and reorganization costs G&A, Salaries and benefits - - 81 0 1 ,386 (1 52) COVID-1 9 costs G&A, Salaries and benefits 9 24 1 2 - 3 Executiv e Board of Directors transition award G&A, Salaries and benefits - 3 ,500 - - - Sev erance G&A, Salaries and benefits - - - - 993 Fuel supplement G&A, Salaries and benefits - - - 21 8 33 Acquisition and integration costs G&A, Other 891 1 ,062 3,649 2,1 29 1 ,065 Legal fees - non-routine G&A, Other - 51 1 90 - - COVID-1 9 costs G&A, Other 1 31 1 29 7 2 1 59 1 04 Clinical optimization and reorganization costs G&A, Other - - 59 1 ,290 2,399 Legal settlement G&A, Other - - (1 ,058) - - Other Items Inv estment impairment Inv estment impairment - - - 3 ,009 - Interest component of certain items Interest Expense 451 - 4,652 (207 ) - Other (income) expense, net Total Other (Expense) Income, Net 1 88 2 ,298 7 60 7 93 81 4 Total 6,412$ 11,450$ 23,609$ 15,861$ 7 ,441$ EPS Impact 0.15$ 0.26$ 0.56$ 0.36$ 0.19$ EBITDA Impact 5,961$ 11,450$ 18,957$ 16,068$ 7 ,441$ Exhibit 99.2


 
15 2023 Guidance Exhibit 99.2


 
16 AMEDISYS 2023 PRELIMINARY GUIDANCE Revenue, EBITDA and EPS guidance ranges for FY 2023 ($M except for EPS) Total AMED Adjusted Revenue $2,244 - $2,274 Adjusted EBITDA $230 - $240 Adjusted EPS $4.13 - $4.36 Exhibit 99.2


 
17 2022 – 2023 EBITDA WATERFALL Category Description Reimbursement, Net Home Health rate update: 0%, Hospice rate update: +3.8% Sequestration Headwind of $13M from 2022 to 2023 Compensation & Benefits Impact of 2022 raises (Aug 2022) plus 4% for 2023 raises and wage inflation; Benefits increase reflects investments focused on improving medical plans and family support: higher HSA contributions, enhanced disability coverage, paid paternal bonding leave and family caregiving leave STI / LTI 2022 payout of 10% for corporate plan vs. 100% for 2023; lower payouts in 2022 for all other incentive compensation plans based on 2022 performance COVID Costs No longer adding back COVID costs in 2023 - $6M headwind into 2023 Mix Shift Continued shift in Home Health payor mix from episodic volumes which generate higher revenue to non-episodic volumes Revenue Growth & Margin Improvement Home Health total volume growth +5%; Hospice average daily census growth +3%; continued improvement in clinician utilization Other Items Medical supply and freight cost increases, non-recurring favorable legal settlement in 2022 Clinical Optimization & Reorganization Initiatives Savings related to clinical optimization and reorganization initiatives Investments Denovos, Medalogix, workforce optimization and automation $187 $235 $262 $26 $13 $45 $23 $6 $14 $52 $17 $2 $7 $8 $4 2022 EBITDA Reimbursement, Net Sequestration Compensation & Benefits STI/LTI COVID Costs Mix Shift Revenue Growth & Margin Improvement Clinical Optimization & Reorganization Initiatives Mileage Reimbursement Investments Other Items Divestiture of PCL 2023 EBITDA Adjusted EBITDA Waterfall ($M) Exhibit 99.2


 
18 2023 Guidance Considerations Amedisys Consolidated • Tax rate ~27% • Cash tax rate ~19% • Diluted share count ~32.9 million shares • Capital Expenditures ~$13- $15 million • Salary increases and wage inflation ~4% • Benefits increase (including enhancements to medical and disability plans and new family support programs) ~7% (4% pricing/claims costs, 3% growth/headcount) • Incentive compensation increase ~ $23 million • Excludes future acquisitions, related integration costs and potential share repurchase Home Health Personal CareHospice • Total same store admission growth: ~5% • Flat pricing • Expiration of sequestration relief -$7 million • Continued shift in payor mix from episodic to per visit -$14 million • Clinical optimization and reorganization initiatives +$7 million • Continued focus on Quality of Care (Stars and Acute Care Hospitalization rates) • Total same store admission growth: ~2% • +3.8% rate increase • Expiration of sequestration relief -$6 million • Clinical optimization and reorganization initiatives +$10 million • On February 10, 2023, entered into a definitive agreement to sell our Personal Care line of business • Divestiture expected to close during Q2-2023 EBITDA impacted by expiration of sequestration relief, COVID-19 costs (no longer classified as an adjusting item) and higher compensation, benefits and incentive compensation costs 2023 Investments • Total Investments in business of ~$8M • Innovations & Projects ($6M) – spend related to automation, workforce optimization and expansion of Medalogix products • Denovos ($1M) – Expansion of denovo program • High Acuity Revenue: $27M - $47M • Awarded BlueCross BlueShield of TN palliative care contract High Acuity Care Exhibit 99.2


 
19 2023 HIGH ACUITY SEGMENT REVENUE ($ in millions) 2023A to 2023P Revenue Bridge 2022 → 2023 Revenue Growth: 3.9x $47 2023 Revenue Composition by Clinical Program (1) Excludes $6M of 2022 revenue to be reported in Home Health segment in 2023 (2) $47M represents the high end of the $27M - $47M range $10 $7 $8 $22 Hospital at Home (full risk episodes) SNF at Home (full risk episodes) Completing Hospital at Home (limited risk episodes) Palliative Care at Home (varied risk arrangements) Exhibit 99.2


 
20 Environmental, Social, Governance (E.S.G.) Considerations Exhibit 99.2


 
21 ENVIRONMENTAL, SOCIAL, GOVERNANCE (E.S.G.) CONSIDERATIONS Sustainable, high-quality, patient focused, home-based care model Environmental • Amedisys is dedicated to the sustainability of our business and the communities in which we serve • Environmental health has a strong correlation with physical health • A greener fleet – newer vehicles, in circulation for a shorter time, optimize fuel usage. Sophisticated scheduling practices reduce our clinicians’ driving time and fuel usage helping to minimize our carbon footprint • Virtual care centers, along with flexible working schedules and locations, have created fewer emissions Social • Amedisys strives to create an organizational culture and climate in which every individual is valued, all team members have a sense of belonging with one another and to the organization and feel empowered to do their best work • Provider of Home Health and Hospice services to frail, elderly patients in their most preferred care location – their homes • Highest quality Home Health company as measured by Quality of Patient Care Star scores (4.49 Stars) • The Amedisys Foundation was formed to provide support to our patients and employees. The Amedisys Foundation has two funds: the Patients’ Special Needs Fund and the Amedisys Employees 1st Fund. The Patients’ Special Needs Fund provides financial assistance to our home health, hospice, personal care and high acuity care patients during a difficult time Governance • Amedisys has a culture of compliance starting with oversight from the Board of Directors and cascading down to the care center level • Our Board of Directors operates several sub-committees including: • Quality of Care Committee • Compliance & Ethics Committee • Audit Committee • Compensation Committee • Nominating & Corporate Governance Committee • Nominating and Corporate Governance Committee oversees our strategy on corporate social responsibility, including evaluating the impact of Company practices on communities and individuals, and develops and recommends to our Board of Directors for approval matters relating to the Company’s corporate social responsibility and ESG considerations Exhibit 99.2