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Encompass Health (EHC) Forms JV to Boost Presence in Illinois
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Encompass Health Corporation (EHC - Free Report) recently announced that it has formed a joint venture (JV) with UnityPoint Health – Trinity for construction of an inpatient rehabilitation hospital in Moline, IL. The hospital, which will be named as The Quad Cities Rehabilitation Institute, will house 40 beds.
Subject to regulatory approval, the hospital is likely to commence operations in mid-2022. Earlier in June of last year, the Illinois Health Facilities and Services Review Board had granted a certificate of need for the new hospital. The present inpatient rehabilitation unit of UnityPoint Health containing 22 beds and located at UnityPoint Health – Trinity Rock Island will be integrated into the new JV hospital.
Once functional, the new hospital will be equipped with physical, occupational and speech therapies that will be of great help to patients recovering from debilitating illnesses and injuries. Further, the hospital staff will include physicians having sound experience in physical medicine, rehabilitation and other specialties, which are required for treating a complex patient population.
Moreover, the latest move will pave the way for Encompass Health to resolve health issues of residents in the Quad Cities area more effectively. Further, rise in demand for improved rehabilitative services in the area only substantiates the importance of the new hospital.
The latest endeavor clearly highlights Encompass Health’s efforts to bolster presence in Illinois. And UnityPoint Health seems to be a suitable partner for boosting the company’s presence in the state as it has been offering improved healthcare services across Iowa, western Illinois and southern Wisconsin. The JV is likely to combine the enhanced capabilities of both the healthcare providers, thereby resulting in better health outcomes.
Shares of Encompass Health have gained 26.1% in a year compared with the industry’s growth of 19%.
Prior to the latest move, this Zacks Rank #3 (Hold) healthcare provider formed a JV with BJC HealthCare in November last year for constructing an inpatient rehabilitation hospital in Illinois. Further, in June 2020, Encompass Health announced plans to construct a 60-bed inpatient rehabilitation hospital named Encompass Health Rehabilitation Hospital of Libertyville in the state, which is expected to start operations in spring 2022.
Not only Illinois, Encompass Health has been leaving no stone unturned to offer improved healthcare services across the United States amid the COVID-19 pandemic induced health woes. The company’s healthcare portfolio has been constantly growing, with the latest addition being Encompass Health Rehabilitation Hospital of Toledo in November. This marked the company’s 137th inpatient rehabilitation hospital across the United States.
Enhanced healthcare services offered through the company’s inpatient rehabilitation have been contributing to its revenue growth, which has risen consistently since 2010. The health woes induced by the coronavirus crisis and an aging population across the United States have been leading to a rise in demand for services offered by Encompass Health, which is likely to position it well for long-term growth.
Tenet Healthcare, Quidel and Acadia Healthcare have a trailing four-quarter earnings surprise of 188.14%, 30.74% and 20.84%, on average, respectively.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
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Encompass Health (EHC) Forms JV to Boost Presence in Illinois
Encompass Health Corporation (EHC - Free Report) recently announced that it has formed a joint venture (JV) with UnityPoint Health – Trinity for construction of an inpatient rehabilitation hospital in Moline, IL. The hospital, which will be named as The Quad Cities Rehabilitation Institute, will house 40 beds.
Subject to regulatory approval, the hospital is likely to commence operations in mid-2022. Earlier in June of last year, the Illinois Health Facilities and Services Review Board had granted a certificate of need for the new hospital. The present inpatient rehabilitation unit of UnityPoint Health containing 22 beds and located at UnityPoint Health – Trinity Rock Island will be integrated into the new JV hospital.
Once functional, the new hospital will be equipped with physical, occupational and speech therapies that will be of great help to patients recovering from debilitating illnesses and injuries. Further, the hospital staff will include physicians having sound experience in physical medicine, rehabilitation and other specialties, which are required for treating a complex patient population.
Moreover, the latest move will pave the way for Encompass Health to resolve health issues of residents in the Quad Cities area more effectively. Further, rise in demand for improved rehabilitative services in the area only substantiates the importance of the new hospital.
The latest endeavor clearly highlights Encompass Health’s efforts to bolster presence in Illinois. And UnityPoint Health seems to be a suitable partner for boosting the company’s presence in the state as it has been offering improved healthcare services across Iowa, western Illinois and southern Wisconsin. The JV is likely to combine the enhanced capabilities of both the healthcare providers, thereby resulting in better health outcomes.
Shares of Encompass Health have gained 26.1% in a year compared with the industry’s growth of 19%.
Prior to the latest move, this Zacks Rank #3 (Hold) healthcare provider formed a JV with BJC HealthCare in November last year for constructing an inpatient rehabilitation hospital in Illinois. Further, in June 2020, Encompass Health announced plans to construct a 60-bed inpatient rehabilitation hospital named Encompass Health Rehabilitation Hospital of Libertyville in the state, which is expected to start operations in spring 2022.
Not only Illinois, Encompass Health has been leaving no stone unturned to offer improved healthcare services across the United States amid the COVID-19 pandemic induced health woes. The company’s healthcare portfolio has been constantly growing, with the latest addition being Encompass Health Rehabilitation Hospital of Toledo in November. This marked the company’s 137th inpatient rehabilitation hospital across the United States.
Enhanced healthcare services offered through the company’s inpatient rehabilitation have been contributing to its revenue growth, which has risen consistently since 2010. The health woes induced by the coronavirus crisis and an aging population across the United States have been leading to a rise in demand for services offered by Encompass Health, which is likely to position it well for long-term growth.
Stocks to Consider
Some better-ranked stocks in the medical space are Tenet Healthcare Corp. (THC - Free Report) , Quidel Corp. (QDEL - Free Report) and Acadia Healthcare Company, Inc. (ACHC - Free Report) . While Tenet Healthcare and Quidel sport a Zacks Rank #1 (Strong Buy), Acadia Healthcare carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Tenet Healthcare, Quidel and Acadia Healthcare have a trailing four-quarter earnings surprise of 188.14%, 30.74% and 20.84%, on average, respectively.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
See 8 breakthrough stocks now>>