Kindred Adds Indy Hospital in Swap
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowLouisville-based Kindred Healthcare Inc. (NYSE: KND) has announced a deal with another large health care provider that includes an Indiana facility. Under the agreement, Kindred has acquired four hospitals from Pennsylvania-based Select Medical Holdings Corp. (NYSE: SEM), including one in Indianapolis.
The other facilities involved are located in Texas and Colorado. Select’s end of the deal includes two hospitals in Cleveland and approximately $800,000 in cash.
Kindred Chief Executive Officer Benjamin Breier calls it a "major step forward in closing this transaction and anticipate a seamless integration as we welcome our newest Kindred teammates from these newly acquired hospitals. This transaction is an important step in our ongoing efforts to reposition our LTAC business in front of LTAC criteria. We believe these new hospitals will improve our ability to Continue the Care for our patients in several important markets. This is how we deliver the most appropriate care and quickly transition patients to lower acuity care settings with the priority of returning them to independence at home while also creating enhanced value for patients, partners, employees and shareholders."
Kindred pointed out that the deal did not include a 32-bed facility in northern Indiana.
The existing Kindred Hospital Indianapolis is a 59-bed transitional care facility for prolonged stays and rehabilitation services. Select lists 25 Indiana locations on its website, while Kindred lists more than 30.