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  "documentTitle": "LHC Group, Inc. (LHCG)",
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  "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 direct quotes and earnings supplement data to frame management as incompetent.",
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      "kind": "callout",
      "text": "...and they're still not done...",
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      "text": "Integration process only 50% complete a full 18 months following the acquisition",
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      "text": "On its Q3 FY19 earnings call, management revealed that, prior to the third quarter, just 130 of Almost Family's 240+ home health locations had been converted to LHCG's instance of Homecare Homebase.",
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      "text": "In addition to the accelerated growth we anticipate from PDGM disruption in the marketplace that Keith discussed earlier, another significant incremental organic growth opportunity as we head into 2020 is, of course, our expected admissions acceleration from the Almost Family locations. In the 130 Almost Family locations fully converted to LHC Group's instance of Homecare Homebase prior to the third quarter, we demonstrated sequential organic growth in home health admissions of 1.2% in the quarter as compared to the second quarter despite the fact that Q3 is typically a seasonally lower volume quarter than Q2. — Joshua Proffitt - CFO & Treasurer, LHCG",
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      "kind": "title",
      "text": "Regardless of the underlying health of AFAM itself, Spruce Point believes that the AFAM integration process reveals a staggering level of mismanagement by LHCG leadership.",
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      "text": "Integration Performance Suggests Stunning Level Of Mismanagement",
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