ST. LOUIS, MO and HOUSTON, TX, December 16, 2009, RehabCare Group, Inc. (NYSE: RHB) announced today it has received regulatory approval for the acquisition of St. Agnes Long-Term Care Hospital from Mercy Health System. The 58-bed long-term acute care hospital (LTACH), located at 1930 South Broad Street in the former St. Agnes Medical Center in Philadelphia, PA, will be operated by Triumph HealthCare, a RehabCare subsidiary. It is the 28th hospital in Triumph’s portfolio, which includes seven legacy RehabCare LTACHs now managed by Triumph, and its first in the Philadelphia market. RehabCare announced its merger with Triumph HealthCare in November.
The newly named Triumph Hospital Philadelphia will continue in its current location but will expand its existing scope of services.
“Triumph will begin construction in January on a new 10-bed licensed Intensive Care Unit (ICU) as well as the build-out for additional onsite diagnostic procedures for our LTAC patients,” said Brock Hardaway, Triumph President and Chief Operating Officer. “The expanded services will allow the hospital to more fully meet the needs of patients requiring specialized care during an extended hospital stay.”
Triumph hospitals specialize in providing services to medically complex patients for whom the general acute care hospital is no longer the most appropriate or cost-effective setting. LTACHs have an average length of stay of more than 25 days compared with the five- to seven-day lengths of stay in general hospitals, explained Hardaway. Triumph will work closely with area hospitals to ensure that patients requiring extended hospitalizations receive the highest quality care.
Wednesday, October 20, 2010
Triumph HealthCare Announces Merger With RehabCare Group, Inc.
(Houston, Texas/November 3, 2009) Houston based Triumph HealthCare; the nation’s third largest provider of long-term acute care (LTAC), today announced a definitive agreement for a merger with RehabCare Group, Inc. (NYSE: RHB) In 2005, RehabCare launched its Hospital Division, which owns and operates rehabilitation and LTAC hospitals. The combined organization will operate 29 LTAC hospitals and six inpatient rehabilitation facilities in 13 states. Established in 1982, RehabCare is a publicly traded (NYSE: RHB), leading provider of rehabilitation management services across the post-acute continuum of care. They currently partner with over 1,250 hospitals, skilled nursing facilities and other long-term care facilities throughout the United States in building programs that achieve the company’s mission of helping people regain their lives.
John, H. Short, PhD, RehabCare President and Chief Executive Officer, relayed, “Our long-stated strategy has been to accelerate the growth of our hospital operations through acquisitions. This will give us immediate scale and allow us to integrate the best practices of Triumph, an industry leader in the management of long-term acute care hospitals. By melding the strengths of our two companies, we also build a more diverse company with the potential to deliver the post-acute continuum of care in more markets, offer additional career options for clinicians and reach more patients in need of specialized long-term acute care services.”
The combined LTAC Hospital business will be managed by Brock Hardaway, Triumph’s President and Chief Operating Officer. Both Triumph and RehabCare are committed to ensuring a smooth transition for all Triumph employees, with very little impact expected at the corporate offices and no impact at the hospitals. “Over the last several years, we have been exploring a number of strategic alternatives to fund the company’s continued growth,” explained Hardaway. He added, “RehabCare Group was clearly the best choice for continuing our mission of a financially strong and growing organization. The resources for growth and expansion will be increased, and career opportunities for our employees will be expanded.”
The deal is expected to close on or about December 1, 2009 subject to the customary closing conditions, including receipt of certain regulatory approvals.
Triumph HealthCare to Acquire South Bend Indiana Long Term Acute Care Hospital
(Houston, Texas/October 17 2008) Triumph HealthCare, the nation’s third largest provider of long term acute care (LTAC), today announced they will acquire Our Lady of Peace Hospital from South Bend, Indiana based Saint Joseph Regional Medical Center. Our Lady of Peace is a 32 bed LTAC located on the fourth floor of Saint Joseph’s South Bend Campus. The deal, expected to close October 31, will increase Triumph’s hospital count to twenty-one.
“We are very excited about Triumph’s expansion into Indiana and look forward to becoming actively involved in the healthcare community of South Bend,” stated Charles Allen, CEO for Triumph HealthCare. Allen added, “While evaluating possible acquisitions, Our Lady of Peace’s similarly aligned commitment to quality in healthcare made this hospital stand out. We anticipate a very smooth transition with no reduction of workforce at the hospital.”
Our Lady of Peace, which has provided LTAC hospital services in South Bend for over eight years, will remain in their current location for the present. Future plans call for a move to Saint Joseph’s Mishawaka location on 4th Street. There is a current federal moratorium on adding new LTAC beds which is set to expire in 2011. This move will position Triumph for not only expanded services but additional beds should the moratorium be lifted.
Allen explained, “An LTAC hospital has an average length of stay of more than 25 days compared with the five- to seven-day length of stay in a general hospital. Triumph’s hospitals specialize in providing services to medically-complex patients for whom the general acute care hospital is no longer the most appropriate or cost-effective setting.” Triumph will work closely with St. Joseph’s and other area hospitals to ensure that patients requiring extended hospitalizations receive the highest quality of care.
Triumph will begin immediate interviews and job fairs to provide Our Lady of Peace employees with available employment options. Triumph HealthCare currently operates twenty LTACs in six states.
“We are very excited about Triumph’s expansion into Indiana and look forward to becoming actively involved in the healthcare community of South Bend,” stated Charles Allen, CEO for Triumph HealthCare. Allen added, “While evaluating possible acquisitions, Our Lady of Peace’s similarly aligned commitment to quality in healthcare made this hospital stand out. We anticipate a very smooth transition with no reduction of workforce at the hospital.”
Our Lady of Peace, which has provided LTAC hospital services in South Bend for over eight years, will remain in their current location for the present. Future plans call for a move to Saint Joseph’s Mishawaka location on 4th Street. There is a current federal moratorium on adding new LTAC beds which is set to expire in 2011. This move will position Triumph for not only expanded services but additional beds should the moratorium be lifted.
Allen explained, “An LTAC hospital has an average length of stay of more than 25 days compared with the five- to seven-day length of stay in a general hospital. Triumph’s hospitals specialize in providing services to medically-complex patients for whom the general acute care hospital is no longer the most appropriate or cost-effective setting.” Triumph will work closely with St. Joseph’s and other area hospitals to ensure that patients requiring extended hospitalizations receive the highest quality of care.
Triumph will begin immediate interviews and job fairs to provide Our Lady of Peace employees with available employment options. Triumph HealthCare currently operates twenty LTACs in six states.
Triumph Hospital Amarillo Expands to Medical Center
(Amarillo, Texas/November 26, 2007) – Houston based Triumph HealthCare, the nation’s third largest provider of long-term acute care (LTAC) services, today announced expansion plans for their Amarillo hospital. The new location is expected to begin accepting patients as soon as some minor renovations are complete. The hospital will operate 64 private rooms to include a state of the art, fully licensed 7 bed Intensive Care Unit (ICU). The 63,000 square foot newly constructed building, formerly High Plains Hospital, will be located directly across from the Amarillo Medical Center on the corner of Wallace and Research Blvd.
“Triumph Hospital Amarillo specializes in providing services to medically complex patients for whom the short-term acute care hospitals, like Baptist St. Anthony and Northwest, are no longer the most appropriate or cost-effective setting,” stated Charles L. Allen, President and CEO for Triumph HealthCare. “The average length of stay for patients in our specialty hospital is over 25 days compared with the 5 to 7 day lengths of stay in general hospitals,” added Allen.
Triumph Hospital Amarillo is designed to care for those patients requiring extended hospitalizations due to a chronic disease process or catastrophic illness or injury. Allen said the new hospital will expand upon the "higher end services" that are currently provided in the existing location, including intensive care services, special procedures, in-house radiology with CT services, and other diagnostic capabilities.
“We currently employ over 130 full time employees and anticipate adding new jobs with our expanded capabilities,” relayed Jeff Smith, Region Vice President of Operations for the facility. “Triumph Hospital Amarillo currently is located in a facility that was built in 1968. The plan will be to operate both campuses until the end of the year and eventually consolidate operations at years end.” Initially, the new location will accommodate 35 patients. We will begin immediately renovations to make ready the additional patient rooms and build out our new procedure and diagnostic space.
Triumph’s existing Amarillo location, formerly SCCI Hospital Amarillo, is located at 2828 West 27th Avenue. Triumph HealthCare acquired SCCI Hospitals in August 2005.
Triumph HealthCare to Acquire Memorial Hermann Continuing Care LTAC Hospital Operations
(Houston, Texas/June 5, 2007) Triumph HealthCare, Houston’s largest provider of long-term acute care (LTAC), and Memorial Hermann, Texas’ largest not-for-profit healthcare system, today announced that Triumph will acquire Memorial Hermann Continuing Care Corporation’s LTAC operations. The deal, expected to close July 1, will further solidify Triumph HealthCare as the market leader in long-term acute care. Triumph and Memorial Hermann will also establish an affiliation under which the parties will work together on several fronts. Triumph will operate eleven hospitals in the Houston metropolitan area, totaling 769 beds.
“Both Memorial Hermann and Triumph provide full geographic coverage in the metropolitan area and have similarly aligned commitments to quality in healthcare. An affiliation between the two organizations made sense,” stated Charles Allen, CEO for Triumph HealthCare.
“We entered into the long term acute care business to meet a need in the community and we have provided this specialized care for a number of years,” said Dan Wolterman, Memorial Hermann president & CEO. “Recent changes in regulations have made it increasingly difficult for us to compete effectively. We are confident Triumph can offer the community high-quality LTAC care going forward.”
Allen explained, “An LTAC hospital has an average length of stay of more than 25 days compared with the five- to seven-day length of stay in a general hospital. Triumph’s hospitals specialize in providing services to medically-complex patients for whom the general acute care hospital is no longer the most appropriate or cost-effective setting.” Triumph will work closely with Memorial Hermann to ensure that patients requiring extended hospitalizations receive the highest quality of care.
Historically, Memorial Hermann Continuing Care operated 201 LTAC beds at three of its acute care hospital campuses. The Memorial Hermann subsidiary had recently consolidated two of its operations at the new Memorial Hermann Westside campus, located at Beltway 8 and Westview. Triumph plans to continue to operate 66 beds, including an eight-bed ICU, at this location through a lease agreement with Memorial Hermann, which will retain the property. The third Memorial Hermann LTAC operation, adjacent to Memorial Hermann Northwest, will close.
“We anticipate a very smooth transition with no reduction of workforce at the hospitals. Triumph will begin immediate interviews and job fairs to provide Continuing Care employees with available employment options,” stated Allen. Triumph HealthCare is the third largest provider nationally of LTAC with twenty-one facilities in six states. “As a Houston based company, this makes the acquisition and affiliation even more exciting,” Allen added.
“Both Memorial Hermann and Triumph provide full geographic coverage in the metropolitan area and have similarly aligned commitments to quality in healthcare. An affiliation between the two organizations made sense,” stated Charles Allen, CEO for Triumph HealthCare.
“We entered into the long term acute care business to meet a need in the community and we have provided this specialized care for a number of years,” said Dan Wolterman, Memorial Hermann president & CEO. “Recent changes in regulations have made it increasingly difficult for us to compete effectively. We are confident Triumph can offer the community high-quality LTAC care going forward.”
Allen explained, “An LTAC hospital has an average length of stay of more than 25 days compared with the five- to seven-day length of stay in a general hospital. Triumph’s hospitals specialize in providing services to medically-complex patients for whom the general acute care hospital is no longer the most appropriate or cost-effective setting.” Triumph will work closely with Memorial Hermann to ensure that patients requiring extended hospitalizations receive the highest quality of care.
Historically, Memorial Hermann Continuing Care operated 201 LTAC beds at three of its acute care hospital campuses. The Memorial Hermann subsidiary had recently consolidated two of its operations at the new Memorial Hermann Westside campus, located at Beltway 8 and Westview. Triumph plans to continue to operate 66 beds, including an eight-bed ICU, at this location through a lease agreement with Memorial Hermann, which will retain the property. The third Memorial Hermann LTAC operation, adjacent to Memorial Hermann Northwest, will close.
“We anticipate a very smooth transition with no reduction of workforce at the hospitals. Triumph will begin immediate interviews and job fairs to provide Continuing Care employees with available employment options,” stated Allen. Triumph HealthCare is the third largest provider nationally of LTAC with twenty-one facilities in six states. “As a Houston based company, this makes the acquisition and affiliation even more exciting,” Allen added.
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