Select Medical Corporation, a wholly-owned subsidiary of Select Medical Holdings Corporation (NYSE: SEM), today announced a joint venture agreement with Riverside Health System to operate a long-term acute care hospital and an acute inpatient rehabilitation hospital in Newport News, Virginia. The agreement also includes the future construction of a new freestanding inpatient rehabilitation hospital in the region.
"We are honored to partner with Eastern Virginia's flagship medical system to ensure its communities have access to exceptional long-term acute care and inpatient rehabilitation services," said Select Medical President and CEO David S. Chernow. "Riverside Health System and Select Medical share a common mission to uniquely serve the needs of complex chronically ill and catastrophically injured patients. Our collective track record of quality and outcomes will position the joint venture as the top choice for all levels of care in the region."
Under the deal, Riverside Health remains the majority owner of the 50-bed Riverside Rehabilitation Institute. Select Medical will be the majority owner of the 25-bed long-term acute care Hampton Roads Specialty Hospital and serve as managing partner of both hospitals. Upon the opening of the new inpatient rehabilitation facility, expected in early 2019, the long-term acute care hospital will relocate to Riverside Regional Medical Center.
"Select Medical is the premier partner to provide essential services such as long-term acute care and inpatient rehabilitation within our nationally recognized system," said Bill Downey, president and CEO at Riverside Health System. "We look forward to expanding our network and continuously improving safety, quality and outcomes for patients throughout our coastal communities – we call this the Riverside Care Difference."
About Riverside Health System
A regional leader in providing health care since 1916, Riverside Health System seeks to deliver care and services - as a team- by putting patients and residents at the center of all operations. Riverside delivers a variety of health care services and programs in the areas of prevention, acute care, aging-related services, rehabilitation, ambulatory care, diagnostic care, education, and home care. The Riverside Health System operates five acute care hospitals, a behavioral health facility, and the largest freestanding physical rehabilitation hospital in the Commonwealth of Virginia. Its extensive Medical Group includes more than 540 providers. Ambulatory centers bring diagnostic services, physical therapy, day surgery and other services to neighborhoods served by Riverside. The company employs more than 9,850 team members in offices throughout Virginia. Information about Riverside is available at https://riversideonline.com/.
About Select Medical Holdings Corporation
Select Medical began operations in 1997 and has grown to be one of the largest operators of specialty hospitals, outpatient rehabilitation clinics and occupational health centers in the United States based on the number of facilities. As of December 31, 2016, Select Medical operated 103 long term acute care hospitals and 20 acute medical rehabilitation hospitals in 27 states and 1,611 outpatient rehabilitation clinics in 37 states and the District of Columbia. Select Medical's joint venture subsidiary Concentra operated 300 centers in 38 states. Concentra also provides contract services at employer worksites and Department of Veterans Affairs community-based outpatient clinics. At December 31, 2016, Select Medical had operations in 46 states and the District of Columbia. Information about Select Medical is available at www.selectmedical.com.
