Printer Friendly

GRACECARE HEALTH SYSTEMS TO ESTABLISH SPECIAL CARE PROGRAMS AT LORIEN NURSING AND REHABILITATION CENTER

 GRACECARE HEALTH SYSTEMS TO ESTABLISH SPECIAL CARE PROGRAMS
 AT LORIEN NURSING AND REHABILITATION CENTER
 BLUE BELL, Pa., July 9 /PRNewswire/ -- GraceCare Health Systems, Inc. (NASDAQ: GCHS, GCHSW, GCHSU) today announced an agreement with Lorien Nursing and Rehabilitation Center, Inc., located in Columbia, Md., to establish and operate "Post Acute Programs" for the care and treatment of ventilator dependent, pulmonary and other special care patients.
 Commencing on or about Sept. 1, 1992, GraceCare Health Systems will be the exclusive operator of its Post Acute Ventilator and Special Care Programs in a specially designed 33-bed unit at Lorien. GraceCare anticipates that this agreement with Lorien will generate substantial revenue for the company in 1993. Start-up costs of the unit will be funded from a portion of the proceeds of GraceCare's recent initial public offering completed on April 28, 1992.
 The agreement, for initial term of 5 years with two 5-year renewal options, also provides GraceCare with the option to expand the unit by an additional 22 beds.
 James M. Foulke, president and chief executive officer of GraceCare Health Systems, commented that this agreement with Lorien will increase the number of post acute beds GraceCare operates by over 75 percent and represents the first stage in the implementation of the company's business plan to operate over 200 post acute beds by the end of 1993. "In addition, the agreement provides the company with the opportunity to geographically expand market penetration of its Post Acute Programs as an alternative to continued acute hospitalization," Foulke stated.
 GraceCare Health Systems, Inc. develops and operates Post Acute Programs for the treatment of ventilator, pulmonary, coma and other medically complex patients. These programs, designed for the managed care industry, offer an alternative to extended acute hospitalization.
 -0- 7/9/92
 /CONTACT: James M. Foulke, president of GraceCare Health Systems, 215-832-2150, or Philip Y. Sardoff of Green Lind & McNulty Inc., 908-686-7500, for GraceCare Health Systems/
 (GCHS) CO: GraceCare Health Systems Inc. ST: Pennsylvania IN: HEA SU:


TS-SH -- NY009 -- 7719 07/09/92 08:51 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 9, 1992
Words:336
Previous Article:LIMITED, INC. SALES UP NINE PERCENT
Next Article:RAYTHEON WINS $37.4 MILLION SPARROW MISSILE CONTRACT
Topics:


Related Articles
GRACECARE HEALTH SYSTEMS TO ESTABLISH SPECIAL CARE PROGRAMS AT LORIEN NURSING AND REHABILITATION CENTER
GRACECARE HEALTH SYSTEMS IN PACT WITH PREFERRED CHOICE MANAGEMENT SYSTEMS
GRACECARE HEALTH SYSTEMS COMPLETES ACQUISITION OF DURANT MEDICAL, ADDING PHARMACY AND REHABILITATION SERVICES TO ITS BUSINESS
GRACECARE HEALTH SYSTEMS, INC. TO OPEN FOURTH POST-ACUTE UNIT
HILLHAVEN ANNOUNCES OPENING OF NEW SUBACUTE AND LONG TERM CARE CENTER IN FORT MYERS, FLORIDA; HILLHAVEN'S NEW ENTRY INTO AN EXPANDING MARKET
LIVING CENTERS OF AMERICA ANNOUNCES ALLIANCE OF ITS AMERICAN PHARMACEUTICAL SERVICES SUBSIDIARY WITH VENCOR, INC.
BETH ISRAEL HOSPITAL AND YOUVILLE LIFECARE AGREE TO AFFILIATION
Living Centers of America Announces Completion of $500 Million Financing Arrangement
Living Centers of America Announces Purchase of Interest in Hospice Company
2002 Hospital Directory.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters