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FOR IMMEDIATE RELEASE
AMARILLO, TX and ST. LOUIS, MO, September 8, 2005 -- Northwest Texas Healthcare System (NWTHS) and RehabCare Group, Inc. (NYSE:RHB), a leading national provider of physical rehabilitation management services, announced today they have teamed up to develop a new physical rehabilitation hospital, to be located at the intersection of 9th and Coulter Streets in Amarillo. Scheduled to open in the spring of 2006, the 45,000 square-foot, 44-bed facility will provide medical and therapy services to people in need of intensive inpatient rehabilitation.
"As a Level III Trauma facility, Northwest receives the majority of trauma patients from a 160-mile radius," says Frank Lopez, CEO of NWTHS. "Currently, almost 60 percent of Amarillo residents who need rehabilitation services have to travel outside of the area to receive them. Now, they'll be able to complete their rehabilitation process close to family and loved ones."
Lopez says patients will include those who have experienced a traumatic brain injury, stroke, burns, amputation, spinal cord injury and those with neurological disorders, such as multiple sclerosis or Parkinson's disease. Physical, occupational, speech and respiratory therapies will be provided, as well as physician supervision and round-the-clock nursing care.
"Northwest Texas Healthcare System has a long tradition of providing high-quality, cost-effective care and the latest in healthcare innovations," Lopez continues. "By partnering with RehabCare in this endeavor, we expand our post-acute service offerings with an experienced rehabilitation provider known for their commitment to excellence."
Founded in 1982, the St. Louis, MO-based RehabCare treats over 14,000 patients each day in conjunction with more than 900 hospitals and skilled nursing facilities in 38 states, the District of Columbia and Puerto Rico. The company employs over 6,900 licensed therapy professionals.
John Short, Ph.D, President and CEO of RehabCare, says their affiliation with NWTHS will not only bring much-needed services to a 26-county area of northwest Texas, it will help move the company closer to its vision of delivering post-acute continuums of care in vital regions.
"We are thrilled to be partnering with NWTHS in the development of a new rehab hospital," says Short. "This facility will be one of three freestanding rehabilitation hospitals we will operate in Texas. And with our two existing programs in skilled nursing facilities in Amarillo, will further enhance our ability to deliver the restorative services patients need in their transition from hospital to home."
The company will open a 24-bed rehabilitation hospital in Arlington in December and manages 19 hospital-based programs and over 100 therapy programs in skilled nursing facilities throughout the state. On August 1, RehabCare closed on its purchase of MeadowBrook Healthcare, which operates Clear Lake Rehabilitation Hospital in Webster, TX.
Short expects the new hospital to treat about 450 patients in the facility's first year of operation, progressing to about 700 patients per year by year three. At the outset, the facility will employ approximately 125 healthcare professionals, including rehabilitation nurses, therapists, rehabilitation technicians, as well as support personnel. Northwest's acute care medical center will provide ancillary services to the hospital, such as laboratory, diagnostics and other clinical services.
Northwest Texas Healthcare System is a 489-bed acute care medical center providing inpatient, outpatient, emergency and community health services, which is staffed by over 450 physicians representing 50 specialties. NWTHS is owned by a subsidiary of Universal Health Services, Inc., one of the country's premier healthcare management companies.
RehabCare Group, Inc. is a leading provider of physical rehabilitation program management services in inpatient, outpatient and skilled nursing settings.
This release contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties that may cause our actual results in future periods to differ materially from forecasted results. These risks and uncertainties may include, but are not limited to, our ability to consummate acquisitions; our ability to integrate recent and pending acquisitions and client partnering relationships within the expected timeframes and to achieve the revenue and earnings levels from such acquisitions and relationships at or above the levels projected; changes in governmental reimbursement rates and other regulations or policies affecting the services provided by us to clients and/or patients; the operational, administrative and financial effect of our compliance with other governmental regulations and applicable licensing and certification requirements; our ability to attract new client relationships or to retain and grow existing client relationships through expansion of our hospital rehabilitation and contract therapy service offerings and the development of alternative product offerings; the ability of new management of InteliStaf Holdings, Inc., our unconsolidated affiliate, to complete its business assessment of InteliStaf on a timely basis and to institute a business restructuring to improve revenues and earnings; the results of our impairment analysis to be conducted with respect to the carrying value of our investment in InteliStaf; the future financial results of our other unconsolidated affiliates; the adequacy and effectiveness of our operating and administrative systems; our ability to attract and the additional costs of attracting administrative, operational and professional employees; significant increases in health, workers compensation and professional and general liability costs; litigation risks of our past and future business, including our ability to predict the ultimate costs and liabilities or the disruption of its operations; competitive and regulatory effects on pricing and margins; and general and economic conditions, including efforts by governmental reimbursement programs, insurers, healthcare providers and others to contain healthcare costs.
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