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Select Medical (SEM) Inks JV to Serve Venice and Nearby Areas
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Select Medical Holdings Corporation (SEM - Free Report) recently entered into a joint venture ("JV") partnership with the subsidiary of well-established operator of general acute care hospitals and outpatient facilities across U.S. communities, Community Health Systems, Inc. (CYH - Free Report) — ShorePoint Health Venice. CYH’s arm is an acute care hospital comprising of 312 beds and delivering an all-inclusive suite of healthcare services across the greater Venice area.
The JV between Select Medical and ShorePoint Health Venice came into effect for jointly operating a combined critical illness recovery and inpatient rehabilitation hospital located in Venice, FL. However, SEM will function as the majority owner and managing partner of the hospital in discussion. Named as Select Specialty Hospital – Venice, renovation work on the project is expected to commence within summer 2022 and the establishment is likely to begin operations in first quarter of 2023. Meanwhile, it will comprise of 25 critical illness recovery beds and 28 inpatient rehabilitation beds.
Once operational, the hospital, which will function by integrating Select Medical’s prowess in managing critical illness recovery and inpatient rehabilitation hospitals with the acute care services provided by ShorePoint Health Venice, is likely to bring about improved health outcomes via meeting post-acute care needs for patients residing in Venice and neighboring communities. The recent joint venture seems to be a prudent move on SEM’s part since Venice and its surrounding regions are actually witnessing robust demand for specialty care among high acuity patients. This provides Select Medical the perfect ground to capitalize on. Patients grappling with chronic diseases or requiring intensive physical rehabilitation care remain in dire need of receiving specialized care consequent to addressal of their immediate acute care needs, which ensures speedy recuperation.
Apart from improving the health of individuals across Florida, another notable endeavor of Select Medical that can be highlighted from the latest decision to go into a JV is its effort to strengthen its post-acute care footprint in the state. SEM already boasts of a strong presence in Florida, with 12 Select Specialty critical illness recovery and two inpatient rehabilitation hospitals.
Select Medical has frequently resorted to multiple acquisitions and JVs with an aim to enhance its capabilities and broaden its areas of operation in order to achieve a strong national footprint. The healthcare provider had also joined forces with another unit of Community Health Systems last year — Northwest Healthcare — for acquiring the long-term acute care hospital called Curahealth Tucson in order to provide high-quality services across Tucson and neighboring regions, as well as concurrently boosting its own post-acute care presence across Arizona.
Select Medical comprises of a robust care network under which it operated 104 critical illness recovery hospitals in 28 states and 30 rehabilitation hospitals across 12 states at the end of 2021. Initiatives similar to the latest JV only contribute to SEM’s growing care network. Also, the recent joint venture hospital, being a critical illness recovery and inpatient rehabilitation establishment, might boost revenues of SEM’s Critical Illness Recovery Hospital and Rehabilitation Hospital segments, which remain two significant contributors to the healthcare provider’s overall top-line growth.
Apart from Select Medical, healthcare providers like Encompass Health Corporation (EHC - Free Report) and HCA Healthcare, Inc. (HCA - Free Report) deliver high-quality rehabilitation services and boast of a solid nationwide portfolio.
HCA Healthcare operates as one of the leading U.S. healthcare services providers, with a portfolio consisting of 175 general, acute care hospitals, five psychiatric hospitals and two rehabilitation hospitals at 2021-end. HCA manages 125 freestanding surgery centers and 21 freestanding endoscopy centers. HCA Healthcare has been pursuing acquisitions, which have been bolstering its portfolio, leading to network expansion and driving patient volumes.
Encompass Health provides rehabilitation services through the Inpatient Rehabilitation segment, which has been the major contributor to its overall revenues. Through the announcement of back-to-back facility expansion plans and subsequent inauguration of the same within the targeted time period, Encompass Health continues to provide cost-effective and high-quality rehabilitation services throughout the United States. These initiatives have empowered EHC to construct a robust healthcare portfolio currently encompassing 149 inpatient rehabilitation hospitals.
Shares of HCA Healthcare and Encompass Health have lost 27.7% and 14%, respectively, year to date.
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Select Medical (SEM) Inks JV to Serve Venice and Nearby Areas
Select Medical Holdings Corporation (SEM - Free Report) recently entered into a joint venture ("JV") partnership with the subsidiary of well-established operator of general acute care hospitals and outpatient facilities across U.S. communities, Community Health Systems, Inc. (CYH - Free Report) — ShorePoint Health Venice. CYH’s arm is an acute care hospital comprising of 312 beds and delivering an all-inclusive suite of healthcare services across the greater Venice area.
The JV between Select Medical and ShorePoint Health Venice came into effect for jointly operating a combined critical illness recovery and inpatient rehabilitation hospital located in Venice, FL. However, SEM will function as the majority owner and managing partner of the hospital in discussion. Named as Select Specialty Hospital – Venice, renovation work on the project is expected to commence within summer 2022 and the establishment is likely to begin operations in first quarter of 2023. Meanwhile, it will comprise of 25 critical illness recovery beds and 28 inpatient rehabilitation beds.
Once operational, the hospital, which will function by integrating Select Medical’s prowess in managing critical illness recovery and inpatient rehabilitation hospitals with the acute care services provided by ShorePoint Health Venice, is likely to bring about improved health outcomes via meeting post-acute care needs for patients residing in Venice and neighboring communities. The recent joint venture seems to be a prudent move on SEM’s part since Venice and its surrounding regions are actually witnessing robust demand for specialty care among high acuity patients. This provides Select Medical the perfect ground to capitalize on. Patients grappling with chronic diseases or requiring intensive physical rehabilitation care remain in dire need of receiving specialized care consequent to addressal of their immediate acute care needs, which ensures speedy recuperation.
Apart from improving the health of individuals across Florida, another notable endeavor of Select Medical that can be highlighted from the latest decision to go into a JV is its effort to strengthen its post-acute care footprint in the state. SEM already boasts of a strong presence in Florida, with 12 Select Specialty critical illness recovery and two inpatient rehabilitation hospitals.
Select Medical has frequently resorted to multiple acquisitions and JVs with an aim to enhance its capabilities and broaden its areas of operation in order to achieve a strong national footprint. The healthcare provider had also joined forces with another unit of Community Health Systems last year — Northwest Healthcare — for acquiring the long-term acute care hospital called Curahealth Tucson in order to provide high-quality services across Tucson and neighboring regions, as well as concurrently boosting its own post-acute care presence across Arizona.
Select Medical comprises of a robust care network under which it operated 104 critical illness recovery hospitals in 28 states and 30 rehabilitation hospitals across 12 states at the end of 2021. Initiatives similar to the latest JV only contribute to SEM’s growing care network. Also, the recent joint venture hospital, being a critical illness recovery and inpatient rehabilitation establishment, might boost revenues of SEM’s Critical Illness Recovery Hospital and Rehabilitation Hospital segments, which remain two significant contributors to the healthcare provider’s overall top-line growth.
Shares of Select Medical have lost 21.5% year to date compared with the industry’s decline of 2.9%. SEM currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Image Source: Zacks Investment Research
Apart from Select Medical, healthcare providers like Encompass Health Corporation (EHC - Free Report) and HCA Healthcare, Inc. (HCA - Free Report) deliver high-quality rehabilitation services and boast of a solid nationwide portfolio.
HCA Healthcare operates as one of the leading U.S. healthcare services providers, with a portfolio consisting of 175 general, acute care hospitals, five psychiatric hospitals and two rehabilitation hospitals at 2021-end. HCA manages 125 freestanding surgery centers and 21 freestanding endoscopy centers. HCA Healthcare has been pursuing acquisitions, which have been bolstering its portfolio, leading to network expansion and driving patient volumes.
Encompass Health provides rehabilitation services through the Inpatient Rehabilitation segment, which has been the major contributor to its overall revenues. Through the announcement of back-to-back facility expansion plans and subsequent inauguration of the same within the targeted time period, Encompass Health continues to provide cost-effective and high-quality rehabilitation services throughout the United States. These initiatives have empowered EHC to construct a robust healthcare portfolio currently encompassing 149 inpatient rehabilitation hospitals.
Shares of HCA Healthcare and Encompass Health have lost 27.7% and 14%, respectively, year to date.