RehabCare Finalizes Deal for Philadelphia Long-Term Acute Care Hospital.
ST. LOUIS & HOUSTON -- 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.
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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|Date:||Dec 16, 2009|
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