8-K

United States

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): September 7, 2011

GENTIVA HEALTH SERVICES, INC.

(Exact name of registrant as specified in its charter)

Delaware	1-15669	36-4335801
(State or other jurisdiction of incorporation)	(Commission File No.)	(IRS Employer Identification No.)
3350 Riverwood Parkway, Suite 1400, Atlanta, Georgia		30339-3314
(Address of principal executive offices)		(Zip Code)

(770) 951-6450

(Registrant’s telephone number, including area code)

Not applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01. Regulation FD Disclosure.

On September 7, 2011, members of senior management of Gentiva Health Services, Inc. (the “Company”) commenced presentations at an investor conference using slides in the form attached hereto as Exhibit 99.1. The Company may use these slides, subject to modifications, in future presentations.

In accordance with General Instruction B.2 of Form 8-K, the information in this Item 7.01 and Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

The following exhibit is furnished herewith pursuant to Item 7.01:

Exhibit No.	Description
99.1	Investor Slide Presentation

2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

GENTIVA HEALTH SERVICES, INC.

(Registrant)

/s/ John N. Camperlengo

John N. Camperlengo

Senior Vice President,

General Counsel, Chief Compliance Officer and Secretary

Date: September 7, 2011

3

EXHIBIT INDEX

Exhibit Number	Description
99.1	Investor Slide Presentation

4

EX-99.1

Investor Presentation

September  2011

Exhibit 99.1

Forward-Looking Statements

2

This presentation should be considered forward-looking and is subject to various risk factors and uncertainties.

For more information on those risk factors, please refer to Gentiva's various filings with the Securities and

Exchange Commission (SEC), including the Company’s annual report on Form 10-K. This presentation is also

produced in compliance with the SEC's Regulation FD, which provides guidelines on all disclosures by publicly

traded companies.

The viewer or listener should not place undue reliance on forward-looking statements, which speak only as of the

date indicated in this presentation. The Company is not obligated to publicly release any revisions to

forward-looking statements to reflect unforeseen or other events after such date. 

Agenda

Company Overview

Legislative & Reimbursement Environment

Current Business Priorities

Financial Update

3

Company Overview

Leading U.S. provider of home healthcare

and hospice services

Revenue Mix*

* Revenue mix calculated based on Q211 results.

Average patient age

Average daily census

Locations:

Home Health

Hospice

States

FT employees

79

85K

478

312

166

42

15K

43%

57%

4

Growth in U.S. Population of 65+

10,000 U.S. citizens become eligible for Medicare each day.

This trend is expected to continue for the next 20 years.

5

Sources: 2010 - U.S. Census Bureau.  2030 estimate - Administration on Aging, Dept. of Health & Human Services.

6

Benefits of Home Healthcare

Medicare Part A & Part B Average Payment Per Day

(2)

(1)

Source: U.S. Census Bureau projections.

(2)

Source: CMS HCIS data files for 2006. Hospital data includes inpatient PPS and non-PPS. Home Health day calculated based on 60-day episode.

Lower cost per day vs. hospitals and SNFs

$1,479

$135

$303

$50

Hospice

Home Health

7

•

Partnership for Quality Home

Health active in Washington

•

Meetings with CMS to discuss

changes to new Face-to-Face

requirements

•

Drafting new legislation targeting

industry fraud as substitute for

other approaches

Legislative Update

8

Proposed rule issued July 2011

•

3.35% decrease including

market basket/wage index

updates and case-mix

reduction

•

Removes two hypertension

codes and lowers payments

for high-

therapy episodes

Effective January 1, 2012

Home Health

2012 Medicare Reimbursement Update

Final rule issued July 2011

•

2.5% net increase

approved for 2012

Effective October 1, 2011

Potential 2012 Impact

Combined 2012 EBITDA impact estimated to be $40-45M,

excluding any revisions to current proposed rule

Hospice

Current Business Priorities

Actions to mitigate potential 2012 Medicare rate cut

Grow volumes

Reduce non-essential costs

Divest non-core assets

Seek legislative change

9

Financial Update

10

11

Asset Sale Update

•

Announced sale of CareCentrix Holdings Inc.

on August 26, 2011

•

Sold remaining equity stake

•

Continue to hold $25M note receivable with

10% interest

Net cash flow of $65-70M expected

Net cash flow of $65-70M expected

12

Cost Reduction Update

•

Business reviews underway focused on the following:

–

Limiting discretionary spending

–

Right-sizing business to reflect near-term growth trends

–

Achieving operating efficiencies at branch and support levels

•

Will provide a more detailed update in Q4 when

assessment is complete

13

Debt & Leverage Update

(in millions, except leverage ratio)

As of:

June 30, 2011

December 31, 2010

Debt

Total Debt

$1,028.1

$1,051.6

Cash & Equivalents

$98.1

$104.8

Net Debt

$930.0

$946.8

Leverage Ratio                                                  

Reported

3.93x

Maximum Allowed

4.75x

14

•

In compliance today

–

Q211 leverage ratio of 3.93x

vs. 4.75x requirement

•

Expect to be in compliance through

year-end

–

Asset sales, cost reductions,

and strong cash position offset

potential Q411 impact of home

health rate cut

Q2

Q4

4.75x

4.5x

Debt  Update

Covenant Waiver Considerations

•

Considerations

–

Final Medicare home health

rules

–

Mitigating actions taken by GTIV

–

Growth environment

•

Working closely with banks should

need arise for waiver

2012

2011

Q1

4.5x

Q4

3.75x

15

Investment Summary

Significant long-term growth opportunities

Strong financial track record

Diversified revenue mix

Positioned to play consolidator role

Experienced management team