EX-99.1 2 dex991.htm INVESTOR RELATIONS SLIDE SHOW IN USE BEGINNING SEPTEMBER 9, 2009 Investor Relations Slide Show in use beginning September 9, 2009
September 2009
www.amedisys.com
NASDAQ: AMED
Exhibit 99.1

Forward-Looking Statements
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 (800) 467-2662. 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.

Important Website Information
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 and clinical operations and control processes, and
SEC filings. We intend to use our website to expedite public access
to time-critical information regarding the Company in advance of or
in lieu of distributing a press release or a filing with the SEC
disclosing the same information.

Our Strategy
Growth
Focus on chronic co-morbid patients
Large, growing and highly fragmented market
Internal growth/start-ups
Acquisitions
Clinical Excellence
Focus on outcomes
Develop and deploy specialized programs for chronic
diseases and conditions
Expand care coordination platform
Efficiency
Proven operating model supported by sophisticated
technology system
Leverage cost-efficient platform
Experienced management team

William F. Borne
Chairman and Chief Executive Officer
CEO since founding the Company in 1982
Dale E. Redman, CPA
Chief Financial Officer
Joined
Amedisys
in
February
2007
Jeffrey Jeter
Chief Compliance Officer
Joined
Amedisys
in
2001
Michael O. Fleming, MD
Chief Medical Officer
Joined
Amedisys
in
2009
Management Team

Corporate Overview
1
Founded in 1982, publicly listed
1994
549 locations in 38 states
Leading provider of home health
services
Services include skilled
nursing and therapy services
95% of home health revenue is
episodic based (both Medicare &
non-Medicare)
1
For the quarter ended June 30, 2009
2
Forecasted 2009 annual results as of July 28, 2009, reaffirmed in press release dated September 4, 2009.
Revenue Mix
Stats
15,300 employees
Daily visits = 23,000
8,400,000 visits projected in 2009
2009 revenue guidance = $1.5
billion
2

Patient Overview
Average patient is 82 years old
Higher acuity patient
Patient is taking an average of 13
medications
15 medications for greater than
two episodes

0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
1-60
61-120
121-180
181-240
241-300
301-360
361-420
421-480
481-540
541-600
129,411
33,808
12,828
6,691
3,815
2,426
1,657
1,190
853
599
2008 Patients by Service Days
•
85% receive care/
discharged within 2
episodes
•
10% received care within
4 episodes
•
5% -
Chronic Subset
Days
Patients
Percentage
1-60
129,411
              
66.96%
61-120
33,808
                
17.49%
121-180
12,828
                
6.64%
181-240
6,691
                    
3.46%
241-300
3,815
                    
1.97%
301-360
2,426
                    
1.25%
361-420
1,657
                    
0.86%
421-480
1,190
                    
0.62%
481-540
853
                       
0.44%
541-600
599
                       
0.31%
Total
193,278
          
100.00%
Patient Length of Stay

Our Locations
National home health and hospice provider located in 38 states, the District of
Columbia and Puerto Rico.  Largest provider in the Southern and Southeastern
United States.
498 home nursing
locations*
51 hospice locations*
*As of June 30, 2009

$27.9
$30.4
$32.2
$34.9
$38.1
$41.6
$45.2
$49.2
$53.7
$58.8
$64.2
$69.5
$-
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
$70.0
$80.0
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Medicare Home Health and Hospice Revenue
Medicare Revenue Market Size
2008: Medicare spending
for home health reached
$16.5 billion and hospice
was $11.4 billion, giving a
combined total of $27.9
billion
2019: Home health will
contribute $47.9 billion
and hospice $21.6 billion
of the projected $69.5
billion
$ in billions
Source: CBO's
March 2009 Baseline: MEDICARE

6,878
7,223
7,710
8,218
8,868
9,284
9,824
-
2,000
4,000
6,000
8,000
10,000
12,000
2002
2003
2004
2005
2006
2007
2008
Medicare Certified Home Health
Provider Numbers
Home Health Market
Source:
CMS
Oscar
data
books
and
Medpac
reports

Industry Growth Drivers
Trend from inpatient to home-based care:
Patient preference
Payor
incentives
Technology advancements
Demographics –
aging population
8,000 Americans will become Medicare eligible each day
beginning in 2011 and by 2030, 57.8 million baby
boomers will be eligible for Medicare benefits
1
Increased prevalence of chronic and co-morbid conditions
1
Source: United States Census Bureau

Internal Growth
Internal revenue growth of 19% for Q2 2009
Internal growth driven by:
Overall industry growth
Increase in episodic-based admissions
•
Focus on start-ups
Increase in episodic-based recertifications
•
Higher acuity levels and co-morbidities, requiring
more intensive services
Increase in episodic-based revenue per episode
•
Continued deployment of therapy intensive specialty
programs

Start-Up Strategy
Home health start-ups
typically generate $1.5 -
$2.0
million in run-rate revenue
by the end of their second
year of operations
~ 18 months to recoup the
$250,000 -
$350,000
investment
40 home health and 5
hospice start-ups projected
in 2009
* Reported numbers are for home health start-ups

Acquisition Strategy

High Quality Health Care
Source: OCS Corporate Comparative Report
Period: 1/1/08 –
9/30/08

Higher Acuity Level Patients
Source: OCS BBI Reporter Corporate Comparative Report          
Date Range:   2005-2007
Case Mix

High Quality Outcomes
Outcomes –
December 2008
Amedisys
vs. Nation

High Quality Health Care
Care Management
13 disease management programs
70 clinical tracks
Specialty Division
Balanced For Life first program in
division
Serves higher acuity patients
Rolled out to 278 locations through June
2009

Investments in Technology

Comprehensive Compliance Program
Local Level
•
Point of care system
enhances clinical
documentation accuracy
with real-time assessment
input
•
Clinical nurse review of
assessments
•
Physician review/approval
•
Standardized care plans
•
Weekly case conferences
•
Monthly audits
•
End of episode case review
Regional Level
Corporate Level
•
Unannounced
compliance & billing
audits
•
Regional directors
monitor compliance
status and resolve errors
•
Real-time monitoring
capability of local level
activity via Point of Care
system
•
Compliance training for all
employees
•
Compliance concerns hotline
•
Compliance review of metric
variances
•
Compliance manager site
visits
•
Semi-annual
clinical/compliance reviews
•
Annual Sarbanes-Oxley audit
•
Annual billing competency
testing
http://www.amedisys.com/pdf/Compliance3/Compliance_Controls.pdf

Medicare Reimbursement
2008 CMS issued reimbursement changes
Expands HHRG’s
from 80 to 153
More integrated reimbursement for therapy
Allocation of more dollars to later episodes
2009 Changes
Market basket increase of 2.9%
Increase offset by 2.75% case mix creep adjustment
No rural add-on payment
2010 CMS Proposals
Market basket increase of 2.2%
Negative 2.75% case mix creep adjustment
10% cap on outlier payments per agency, offset by base         
payment increase of 2.5%
Additional negative 1.8% case mix creep adjustment to be
implemented in 2010 or 2011
Possibility of acceleration of 2011 2.71% case mix creep    
adjustment to 2010

Strong revenue growth
EPS growth of greater than 20% for six consecutive years
Stable margins
Low leverage
Strong cash flow from operations
Financial Highlights

Financial Highlights
Revenue and EPS

Summary Financial Results
($ in millions, except per share data)
2007
2008
Q208
Q209
Net revenue
$697.9
$1,187.4
$312.7
$377.9
Period-over-period growth
29.0%
70.1%
84.5%
20.9%
Gross margin
368.9
624.8
163.9
199.5
Percent of revenue
52.9%
52.6%
52.4%
52.8%
CFFO
93.1
150.7
31.8
75.8
Adjusted EBITDA
1
109.8
181.4
47.0
67.4
Percent of revenue
15.7%
15.3%
15.0%
17.8%
Adjusted fully-diluted EPS
2
$2.32
$3.31
$0.82
$1.27
1
Adjusted EBITDA is defined as net income attributable to Amedisys, Inc. before provision for income taxes, net interest (income) expense, and depreciation and amortization plus
certain
TLC
integration
costs
and
less
the
Alliance
gain.
Adjusted
EBITDA
should
not
be
considered
as
an
alternative
to,
or
more
meaningful
than,
income
before
income
taxes,
cash
flow from operating activities, or other traditional indicators of operating performance. This calculation of adjusted EBITDA may not be comparable to a similarly titled measure reported
by other companies, since not all companies calculate this non-GAAP financial measure in the same manner.
2
Adjusted diluted earnings per share is defined as diluted earnings per share plus the earnings per share effect of certain TLC acquisition costs and less the earnings per share effect of
the Alliance gain. Adjusted diluted earnings per share should not be considered as an alternative to, or more meaningful than, income before income taxes, cash flow from operating
activities, or other traditional indicators of operating performance. This calculation of adjusted diluted earnings per share may not be comparable to a similarly titled measure reported by
other companies, since not all companies calculate this non-GAAP financial measure in the same manner.

2007
2008
2Q08
2Q09
Agencies at period end
354
528
498
549
Period-over-period growth
28.7%
49.2%
59.1%
10.2%
Total visits
4,302,830
7,004,200
1,852,263
2,185,515
Period-over-period growth
25.2%
62.8%
76.6%
18.0%
Episodic-based admissions
129,649
199,371
53,561
58,209
Period-over-period growth
19.9%
53.8%
70.7%
8.7%
Episodic-based completed
episodes
219,855
353,076
94,203
102,209
Period-over-period growth
27.1%
60.6%
74.6%
8.5%
Episodic-based revenue per
episode
$2,660
$2,854
$2,841
$3,166
Period-over-period growth
1.0%
7.3%
6.6%
11.4%
Summary Performance Results

Dec. 31, 2008
Jun. 30, 2009
Assets
Cash
$        2.8
$       0.9
Accounts Receivable, Net
175.7
154.3
Property and Equipment
79.3
82.6
Goodwill
733.9
749.2
Other
78.5
96.4
Total Assets
$ 1,070.2
$ 1,083.4
Liabilities and Equity
Debt
$    328.5
$    241.7
All Other Liabilities
179.6
198.9
Equity
562.1
642.8
Total Liabilities and Equity
$ 1,070.2
$ 1,083.4
Leverage Ratio
1.6x
1.0 x
Summary Balance Sheet
($ in millions)

Days Revenue Outstanding (DSO)
(1)
Our calculation of days revenue outstanding, net at March 31, 2008 is derived by dividing our ending net patient accounts receivable (i.e. net of estimated revenue adjustments, allowance for doubtful
accounts and excluding the patient accounts receivable assumed in the TLC Health Care Services, Inc. (“TLC”) and Family Home Health Care, Inc. & Comprehensive Home Healthcare Services, Inc.
(“HMA”) acquisitions) by our average daily net patient revenue, excluding the results of TLC and HMA for the three-month period ended March 31, 2008.
(2)
Our calculation of days revenue outstanding, net is derived by dividing our ending net patient accounts receivable (i.e. net of estimated revenue adjustments and allowance for doubtful accounts) by our
average daily net patient revenue for the three-month period.

Liquidity
Available line of credit (LOC): 6/30/09
=
$228m
2009 Estimated CFFO -
Cap Ex -
Required Debt Pay   =
$185m

Summary
Strong revenue growth
EPS growth of greater than 20% for six consecutive years
Stable margins
Low leverage
Strong cash flow from operations

Guidance
1
1
Guidance excludes the effects of future acquisitions, if they are made.
2
Provided as of the date of our Form 8-K filed with the Securities and Exchange Commission on July 28, 2009, reaffirmed in press release dated
September 4, 2009.
Calendar Year 2009
2
Net revenue:
$1.475 -
$1.500 billion
EPS:
$4.75 -
$4.90
Diluted shares:
27.8
million

Contact Information
Kevin B. LeBlanc
Director of Investor Relations
Amedisys, Inc.
5959 S. Sherwood Forest Boulevard
Baton Rouge, LA 70816
Office –
225.292.2031
Fax –
225.295.9653
kleblanc@amedisys.com
We encourage everyone to visit the Investors section on our website at www.amedisys.com, where we
have posted additional important information such as press releases, profiles concerning our business and
clinical operations and control processes, and SEC filings. We intend to use our website to expedite public
access to time-critical information regarding the Company in advance of or in lieu of distributing a press
release or a filing with the SEC disclosing the same information.