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Rush University Medical Center

09/24/2020 | Press release | Distributed by Public on 09/25/2020 01:30

Rush and Select Medical Announce Joint Venture for Hospitals and Rehab Centers

Rush University System for Health and Select Medical Corporation, a wholly-owned subsidiary of Select Medical Holdings Corp. (NYSE: SEM), today announced a joint venture agreement to manage operations of a critical illness recovery hospital, inpatient rehabilitation hospital and 63 physical therapy centers throughout the greater Chicago and northwest Indiana region. Select Medical will serve as both the majority owner and managing partner across the three post-acute care lines.

Subject to the approval of the Illinois Health Facilities and Service Review Board, the agreement also includes the construction of a new state-of-the-art, 84-bed hospital at Rush University Medical Center on Chicago's West Side, with 30 beds dedicated to critical illness recovery and 54 beds for inpatient rehabilitation. Anticipated completion of the new facility, which will be named Rush Specialty Hospital, is 2022. In the interim, Select Medical will manage the existing Rush Rehabilitation unit located in the Johnston R. Bowman Health Center on the Medical Center campus.

'This partnership brings together a top academic health system and the leading post-acute care provider to serve the growing needs of the Chicago metro area and northwest Indiana,' said David S. Chernow, president and chief executive officer of Select Medical. 'Rush and Select Medical share a strong commitment to clinical excellence guided by innovative, research-based care, quality and safety. Together we will deliver world-class care and outcomes to patients with critical illness or catastrophic injury that puts them on a recovery path back to community and home.'

Under the agreement, the combined outpatient rehabilitation centers contributed to the joint venture include 62 NovaCare Rehabilitation, Select Physical Therapy and Michiana Orthopaedic & Sports Physical Therapy locations from Select Medical, as well as the Rush Rehabilitation center. All 63 outpatient centers will be rebranded as Rush Physical Therapy.

'In a post-COVID-19 world, post-acute services will be even more important, and as a national standard-bearer of quality and safety, Rush was looking for a strategic partner that would complement the excellent care our patients and their families have come to expect,' said Dr. Ranga Krishnan, chief executive officer of Rush University System for Health. 'Providing this broad offering of services will help us further the Rush mission, and this partnership with Select Medical enables us to make significant advances that will benefit patients in important ways.'

About Rush University System for Health

Rush University System for Health brings together the brightest minds in medicine, research and academics. Driven by discovery, innovation and a deep responsibility for the health of our communities, Rush is a national leader in outstanding patient care, education, research, community partnerships and empowering a new generation of health care providers.

Rush University Medical Center is ranked among the top hospitals in the nation by U.S. News & World Report. The Medical Center was also ranked No. 1 in the nation by Vizient and named a Top Teaching Hospital by The Leapfrog Group.

Rush University System for Health includes Rush University Medical Center, Rush University, Rush Copley Medical Center and Rush Oak Park Hospital, as well as an extensive providers network and numerous outpatient care facilities. Rush University comprises four colleges: Rush Medical College, the College of Nursing, the College of Health Sciences and the Graduate College.

About Select Medical Holdings Corporation

Select Medical is one of the largest operators of critical illness recovery hospitals, rehabilitation hospitals, outpatient rehabilitation clinics, and occupational health centers in the United States based on number of facilities. As of June 30, 2020, Select Medical operated 101 critical illness recovery hospitals in 28 states, 29 rehabilitation hospitals in 12 states, and 1,757 outpatient rehabilitation clinics in 37 states and the District of Columbia. Select Medical's joint venture subsidiary Concentra operated 522 occupational health centers in 41 states. Concentra also provides contract services at employer worksites. At June 30, 2020, Select Medical had operations in 47 states and the District of Columbia. Information about Select Medical is available at www.selectmedical.com.