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INTEGRATED HEALTH SERVICES TO ACQUIRE THREE FLORIDA FACILITIES; INS CHAIRMAN INVESTS IN RURAL HEALTHCARE CO.

 OWINGS MILLS, Md., Dec. 14 /PRNewswire/ -- Integrated Health Services, Inc. (NYSE: IHS) announced it has a definitive agreement to acquire three long-term care facilities from affiliates of the Southmark Corporation with a total of 337 beds in Orlando, Vero Beach, and Fort Pierce, Fla. After this acquisition, IHS will operate a total of 28 facilities and 3,448 beds in Florida.
 "This acquisition is part of our strategy to become the state of Florida's leading provider of subacute services," said Robert Elkins, M.D., chairman and chief executive officer of IHS. "These facilities represent important additional markets as we take another step forward in attaining market dominance in Florida."
 The three Southmark facilities had 1992 revenues of approximately $9.5 million.
 The Company also announced that its chairman and chief executive officer, Robert N. Elkins, M.D., is investing in a new company in the process of being formed and financed, Community Care of America, Inc. (CCA). The goal of the new company is to provide long-term healthcare in small rural nursing homes in medically under-served areas (markets with fewer than 100,000 residents). Initially, the company will operate in six states: Colorado, Iowa, Kansas, Nebraska, Missouri and Wyoming.
 Dr. Elkins will be a board member of Community Care of America and will have no other official capacity. The IHS Board of Directors has independently reviewed Dr. Elkins' investment and has determined that there is no conflict of interest between Dr. Elkins, IHS and CCA. Community Care of America will not provide subacute care. IHS typically operates in communities larger than 300,000 so that subacute care can be delivered efficiently.
 Integrated Health Services is the leading national provider of subacute care, a healthcare approach increasingly recognized by insurers and industry experts as an effective solution to rising healthcare costs. IHS provides a wide range of subacute stage medical and rehabilitative services traditionally given in a hospital. Patients who are medically stable, but require sophisticated monitoring and therapy, receive specialized care, such as ventilator therapy, wound management, and post-operative care, at a savings of approximately 30 to 60 percent compared to traditional acute care hospitals. The IHS subacute setting offers a high level of patient care in a less institutionalized environment more conducive to recovery. IHS currently operates 106 facilities nationwide with more 13,700 beds, including 2,300 subacute beds.
 -0- 12/14/93
 /CONTACT: Robert N. Elkins, M.D., chairman and CEO or Marc B. Levin, senior vice president of Integrated Health Services, 410-998-8400, or Susan A. Noonan of Noonan/Russo Communications, 212-696-4455/
 (IHS)


CO: Integrated Health Services, Inc.; Southmark Corporation; Community
 Care of America, Inc. ST: Maryland, Florida IN: HEA SU: TNM


MP-PS -- NY027 -- 3581 12/14/93 10:43 EST
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Publication:PR Newswire
Date:Dec 14, 1993
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