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June 22, 2021updated 24 Jun 2021 3:17pm

Select Medical to add seven recovery hospitals and eight outpatient clinics

Select Medical forays into outpatient physical therapy services in West Virginia via JV for HealthWorks Rehab & Fitness clinics.

Select Medical has entered multiple acquisition agreements and joint venture (JV) deals that will add a total of seven new critical illness recovery hospitals and eight new outpatient clinics to its portfolio.

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The company has signed agreements to acquire Acuity Healthcare, which owns and manages four long-term acute care hospitals along with one satellite catering to regions in New Jersey and West Virginia.

This transaction also covers four JV alliances with AtlantiCare, Mon Health, Virtua Health and physician partners.

After the acquisition, these five hospitals will operate as Select Specialty Hospitals at their current locations.

Meanwhile, Select Medical entered a JV collaboration with Community Health Systems subsidiary Northwest Healthcare to purchase a long-term acute care hospital, Curahealth Tucson.

The partners intend to relocate the 47-bed hospital to Northwest Medical Center in September this year. The hospital will rebrand as Select Specialty Hospital – Tucson Northwest.

Select Medical also signed a JV partnership with Ascension Saint Thomas to set up a new 30-bed critical illness recovery hospital inside the latter’s Saint Thomas Hospital West.

The new hospital will be named Select Specialty Hospital – Nashville West and act as a satellite hospital to Select Specialty Hospital – Nashville, which is a 70-bed critical illness recovery hospital.

In addition, Scripps Health joined the ongoing JV alliance between Select Medical and UC San Diego Health. The JV is for Select Specialty Hospital – San Diego, the 110-bed critical illness recovery hospital of Select Medical.

Separately, Select Medical entered a JV to purchase an ownership stake and management services for eight HealthWorks Rehab & Fitness clinics in West Virginia.

This partnership represents Select Medical’s entry into outpatient physical therapy services in the state.

Select Medical president and CEO David Chernow said: “These deals underscore the focus and success of our strategic growth model to expand our continuum of care through partnerships with premier health care systems that share our mission to deliver the highest level of clinical and operational excellence to the patients, families and communities our hospitals serve.”

The deals, which are subject to regulatory approvals, are anticipated to complete by the third or fourth quarter of this year.

In September last year, Select Medical signed a JV agreement with Rush University System for Health (RUSH) to run multiple hospitals in the greater Chicago and Northwest Indiana region.

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Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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