Select Medical

Select Medical
Company 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" (PDF).
  2. ^ "Select Medical Holdings". Fortune. Retrieved January 15, 2019.
  3. ^ a b Stauffer, Heather (December 23, 2013). "David Chernow to succeed Robert Ortenzio as Select Medical CEO". Central Penn Business Journal. Retrieved July 13, 2020.
  4. ^ a b "SSM, Select Medical form joint venture". St. Louis Business Journal. December 8, 2009.
  5. ^ "Emory Healthcare and Select Medical plan to partner in Georgia". Emory University. December 13, 2012. Retrieved July 13, 2020.
  6. ^ O’Hare, Peggy (June 21, 2013). "Select Medical acquires interest in local rehab hospital". San Antonio Express-News. Retrieved July 13, 2020.
  7. ^ Ghose, Carrie (June 27, 2013). "OhioHealth, Select Medical team up on stroke/trauma rehab unit". Columbus Business First.
  8. ^ "Cedars-Sinai, UCLA Health System And Select Medical To Open Acute Rehabilitation Hospital". Beverly Hills Courier. December 20, 2013. Retrieved July 13, 2020.
  9. ^ "UCLA Health System, Cedars-Sinai, Select Medical to open rehabilitation hospital". Daily Bruin. Retrieved July 13, 2020.
  10. ^ Brunsman, Barrett (March 24, 2014). "TriHealth to open new hospital". Cincinnati Business Courier.
  11. ^ Stauffer, Heather (June 10, 2014). "Select Medical announces joint venture with Cleveland Clinic". Central Penn Business Journal. Retrieved July 13, 2020.
  12. ^ Stauffer, Heather (July 24, 2014). "PinnacleHealth, Select Medical to co-own rehab hospital, 23 clinics in Central Pa". Central Penn Business Journal. Retrieved July 13, 2020.
  13. ^ George, John (March 23, 2015). "Select Medical to buy Concentra for $1B". Philadelphia Business Journal.
  14. ^ "Select Medical building rehab hospital in Louisiana through joint venture". Central Penn Business Journal. July 1, 2015. Retrieved July 13, 2020.
  15. ^ Lagasse, Jeff (June 1, 2016). "Kindred Healthcare, Select Medical Holdings complete swap of long-term acute care hospitals". Healthcare Finance News. Retrieved July 13, 2020.
  16. ^ a b c Ruhl, Lenay (April 1, 2016). "Select Medical sells its contract therapy business for $65 million". Central Penn Business Journal. Retrieved July 13, 2020.