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  "docSlug": "c97bc876ffb7",
  "documentTitle": "LHC Group, Inc. (LHCG)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-01-15 00:00:00",
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  "notes": "Uses a 'Possible Cause' vs 'Spruce Point Concern' structure to frame the contradiction.",
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      "kind": "callout",
      "text": "Spruce Point Concern: Competence of LHCG Management",
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      "kind": "callout",
      "text": "Spruce Point Concern: Reorganized Operations Superficially Boost Organic Growth",
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      "text": "Possible Cause Integration Problems?",
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      "kind": "callout",
      "text": "Did the shifting of AFAM employees and customers (existing and prospective) to legacy LHCG locations superficially boost reported organic growth by drawing away from the still-inorganic AFAM part of the business?",
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      "kind": "paragraph",
      "text": "What is the cause of the divergence in throughput between AFAM locations and legacy LHCG locations which is weighing on \"true\" organic growth? Perhaps a seemingly mishandled integration process has taken a heavy toll on AFAM...",
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      "kind": "quote",
      "text": "So I think lessons learned for me. I would say I have a more full appreciation for the value and not trying to do an integration of that size on a shoestring...",
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      "kind": "quote",
      "text": "\"So I think lessons learned for me. I would say I have a more full appreciation for the value and not trying to do an integration of that size on a shoestring, but to have it well planned out and to bring in a third-party to manage the process because that allowed us not to take our eye off the ball on our core business.\" — Keith Myers, Chairman & CEO, LHC Group",
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      "kind": "title",
      "text": "A Mismanaged Integration Process, Or Gaming Throughput To Boost Organic Growth?",
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      "evidence": "The expose contradiction slides detail various issues with LHCG's financials and management practices.",
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