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Select Medical

Topic: Company

 From HandWiki - Reading time: 3 min
Short description: American healthcare company
Select Medical
TypeLimited company
NYSE: SEM
S&P 600 Component
IndustryHealthcare
Founded1996 (1996)
HeadquartersMechanicsburg, Pennsylvania, United States
Key people
ProductsSpecialty healthcare services
RevenueIncrease $5.2 billion USD (2018)[1]
Number of employees
47,596[2] (2017)
Websitewww.selectmedical.com

Select Medical is a healthcare company based in Pennsylvania. It owns long-term acute care and inpatient rehabilitation hospitals, as well as occupational health and physical therapy clinics. Select Medical is a subsidiary of Select Medical Holdings, which is listed on the New York Stock Exchange.

History

The company is based in Mechanicsburg, Pennsylvania, and was co-founded in 1996 by Rocco Ortenzio and Robert Ortenzio.[3][4]

In 2009, the company announced a joint venture with SSM Health Care.[4]

In December 2012, the company announced a partnership with Emory Healthcare.[5]

In 2013, David Chernow was appointed CEO while co-founders Robert and Rocco Ortenzio became chairmen of the company.[3] In June, Select Medical acquired two inpatient rehabilitation facilities from GlobalRehab Management.[6] Also in 2013, Select Medical and OhioHealth Corp announced a joint venture and reopened the OhioHealth Rehabilitation Hospital in August 2013.[7] In December, the company announced a partnership with Cedars-Sinai and UCLA Health System to create the California Rehabilitation Institute.[8][9]

In March 2014, the company announced a joint venture with TriHealth to open the TriHealth Rehabilitation Hospital in Cincinnati.[10] In June, the company announced a joint venture with the Cleveland Clinic to operate a rehabilitation hospital in Avon, Ohio.[11] Also in June, the company announced a joint venture with PinnacleHealth System to co-own a rehabilitation hospital.[12]

In 2015, Select Medical completed its acquisition of Concentra, a national health care company.[13] Also in 2015, the company announced a partnership with Ochsner Health System.[14]

In February 2016, the company announced an agreement to swap hospitals with Kindred Healthcare.[15][16] In March, the company acquired Physiotherapy Associates Holdings.[16] In April, the company sold its Contract Therapy business to Encore Rehabilitation Services, a portfolio company of Revelstoke Capital Partners LLC.[16]

References

  1. ↑ "Select Medical 2015 Annual Report". http://www.selectmedical.com/uploadedFiles/Content/Investor_Relations/Annual_Financial_Information/2015-Annual-Report-10K-Combined.pdf. 
  2. ↑ "Select Medical Holdings". http://fortune.com/fortune500/select-medical-holdings/. 
  3. ↑ 3.0 3.1 Stauffer, Heather (2013-12-23). "David Chernow to succeed Robert Ortenzio as Select Medical CEO" (in en-US). https://www.cpbj.com/david-chernow-to-succeed-robert-ortenzio-as-select-medical-ceo/. 
  4. ↑ 4.0 4.1 "SSM, Select Medical form joint venture". 8 December 2009. https://www.bizjournals.com/stlouis/stories/2009/12/07/daily19.html. 
  5. ↑ "Emory Healthcare and Select Medical plan to partner in Georgia" (in en). 2012-12-13. http://news.emory.edu/stories/2012/12/ehc_select_medical_letter_of_intent/. 
  6. ↑ O’Hare, Peggy (2013-06-21). "Select Medical acquires interest in local rehab hospital". https://www.mysanantonio.com/news/local/article/Select-Medical-acquires-interest-in-local-rehab-4613378.php. 
  7. ↑ Ghose, Carrie (27 June 2013). "OhioHealth, Select Medical team up on stroke/trauma rehab unit". https://www.bizjournals.com/columbus/news/2013/06/27/ohiohealth-select-medical-team-up-on.html. 
  8. ↑ "Cedars-Sinai, UCLA Health System And Select Medical To Open Acute Rehabilitation Hospital" (in en). 2013-12-20. https://bhcourier.com/2013/12/20/cedars-sinai-ucla-health-system-select-medical-open-acute-rehabilitation-hospital/. 
  9. ↑ "UCLA Health System, Cedars-Sinai, Select Medical to open rehabilitation hospital". https://dailybruin.com/2013/12/04/ucla-health-system-cedars-sinai-select-medical-to-open-rehabilitation-hospital/. 
  10. ↑ Brunsman, Barrett (24 March 2014). "TriHealth to open new hospital". https://www.bizjournals.com/cincinnati/news/2014/03/24/trihealth-to-open-new-hospital.html. 
  11. ↑ Stauffer, Heather (2014-06-10). "Select Medical announces joint venture with Cleveland Clinic" (in en-US). https://www.cpbj.com/select-medical-announces-joint-venture-with-cleveland-clinic/. 
  12. ↑ Stauffer, Heather (2014-07-24). "PinnacleHealth, Select Medical to co-own rehab hospital, 23 clinics in Central Pa." (in en-US). https://www.cpbj.com/pinnaclehealth-select-medical-to-co-own-rehab-hospital-23-clinics-in-central-pa/. 
  13. ↑ George, John (23 March 2015). "Select Medical to buy Concentra for $1B". https://www.bizjournals.com/philadelphia/blog/health-care/2015/03/select-medical-to-buy-concentra-for-1.html. 
  14. ↑ "Select Medical building rehab hospital in Louisiana through joint venture" (in en-US). 2015-07-01. https://www.cpbj.com/select-medical-building-rehab-hospital-in-louisiana-through-joint-venture/. 
  15. ↑ Lagasse, Jeff (1 June 2016). "Kindred Healthcare, Select Medical Holdings complete swap of long-term acute care hospitals" (in en). https://www.healthcarefinancenews.com/news/kindred-healthcare-select-medical-holdings-complete-swap-long-term-acute-care-hospitals. 
  16. ↑ 16.0 16.1 16.2 Ruhl, Lenay (2016-04-01). "Select Medical sells its contract therapy business for $65 million" (in en-US). https://www.cpbj.com/select-medical-sells-its-contract-therapy-business-for-65-million/. 



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