RehabCare Finalizes Deal for Philadelphia Long-Term Acute Care Hospital
December 16 2009 - 4:17PM
Business Wire
RehabCare Group, Inc. (NYSE: RHB) announced today it has
received regulatory approval for the acquisition of St. Agnes
Long-Term Care Hospital from Mercy Health System. The 58-bed
long-term acute care hospital (LTACH), located at 1930 South Broad
Street in the former St. Agnes Medical Center in Philadelphia, PA,
will be operated by Triumph HealthCare, a RehabCare subsidiary. It
is the 28th hospital in Triumph’s portfolio, which includes seven
legacy RehabCare LTACHs now managed by Triumph, and its first in
the Philadelphia market. RehabCare announced its merger with
Triumph HealthCare in November.
The newly named Triumph Hospital Philadelphia will continue in
its current location but will expand its existing scope of
services.
“Triumph will begin construction in January on a new 10-bed
licensed Intensive Care Unit (ICU) as well as the build-out for
additional onsite diagnostic procedures for LTACH patients,” said
Brock Hardaway, Triumph President and Chief Operating Officer. “The
expanded services will allow the hospital to more fully meet the
needs of patients requiring specialized care during an extended
hospital stay.”
Triumph hospitals specialize in providing services to medically
complex patients for whom the general acute care hospital is no
longer the most appropriate or cost-effective setting. LTACHs have
an average length of stay of more than 25 days compared with the
five- to seven-day lengths of stay in general hospitals, explained
Hardaway. Triumph will work closely with area hospitals to ensure
that patients requiring extended hospitalizations receive the
highest quality care.
About RehabCare
Founded in 1982, RehabCare (www.rehabcare.com), a St.
Louis-based company, is a leading national provider of post-acute
services, managing rehabilitation programs in partnership with over
1,250 hospitals and skilled nursing facilities in 41 states and
owning and operating 34 rehabilitation and long-term acute care
hospitals. RehabCare is included in the Russell 2000 and Standard
and Poor’s Small Cap 600 Indices.
About Triumph
HealthCare
Triumph HealthCare is a wholly owned subsidiary of St. Louis,
Missouri-based RehabCare. Triumph, based in Houston, Texas, was
formed to develop and operate long-term acute care hospitals that
specialize in providing services to medically complex patients for
whom the short-term acute care hospital is no longer the most
appropriate or cost-effective setting for necessary continued
care.
This press release contains forward-looking statements that are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Such statements are based
on RehabCare’s current beliefs and expectations and are subject to
significant risks and uncertainties. Actual results could differ
materially from those set forth in the forward-looking statements.
Factors that could cause actual results to differ from those set
forth in the forward-looking statements include RehabCare’s future
operating results, the introduction of new regulation, general
business and market conditions and other factors. Additional
factors that could cause results to differ materially from those
described in the forward-looking statements are discussed in
RehabCare’s filings with the Securities and Exchange Commission
(the “SEC”), including its most recent annual report on Form 10-K,
subsequent quarterly report on Form 10-Q and current reports on
Form 8-K available at the SEC’s website at http://www.sec.gov. You
are cautioned not to rely on forward-looking statements as the
Company cannot predict or control many factors that affect its
ability to achieve the results estimated. The Company makes no
promise to update any forward-looking statements as a result of
changes in underlying factors, new information, future events or
otherwise.
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