Select Medical Signs Agreement to Acquire Vibra Hospital of Richmond

Rhea-AI Summary

Select Medical has announced the acquisition of Vibra Hospital of Richmond, a long-term acute care facility in Virginia. The financial terms of the agreement have not been disclosed. The 63-bed hospital will be rebranded as Select Specialty Hospital – Richmond, focusing on post-ICU care for critically ill patients. This acquisition will enhance Select Medical's care continuum in Virginia, joining existing facilities and outpatient centers in the state. As of December 31, 2022, Select Medical operated 103 critical illness recovery hospitals across 28 states, further establishing its position in the healthcare industry.

Positive

• Acquisition expands Select Medical's presence in Virginia.
• Enhances network for post-ICU medical care.
• Increases accessibility to critical illness recovery services.

Negative

• None.

MECHANICSBURG, Pa., April 5, 2023 /PRNewswire/ -- Select Medical today announced it has signed an agreement to acquire Vibra Hospital of Richmond, a long-term acute care hospital in Richmond, Virginia.  Financial terms of the deal were not disclosed. 

Under Select Medical's new ownership, the 63-bed hospital will carry the brand Select Specialty Hospital – Richmond and provide post-ICU medical care for chronic, critically ill patients requiring extended healing and recovery.

"We look forward to bringing the industry's highest quality of critical illness recovery care to Richmond as the needs for this patient population continue to grow across the region," said Tom Mullin, executive vice president of hospital operations at Select Medical.  "The acquisition will also extend Select Medical's care continuum in Virginia providing access to a full network of inpatient and outpatient care settings throughout a patient's recovery journey."

The addition of Select Specialty Hospital – Richmond will expand Select Medical's presence in Virginia joining Select Specialty Hospital – Hampton Roads in Newport News, Inova Specialty Hospital in Mount Vernon (opening in May 2023), Riverside Rehabilitation Hospital in Yorktown and 43 Select Physical Therapy outpatient centers across the state.

About Select Medical 
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 December 31, 2022, Select Medical operated 103 critical illness recovery hospitals in 28 states, 31 rehabilitation hospitals in 12 states, and 1,928 outpatient rehabilitation clinics in 39 states and the District of Columbia. Concentra operated 540 occupational health centers in 41 states. At December 31, 2022, Select Medical had operations in 46 states and the District of Columbia. For more information, visit: www.selectmedical.com.

Media Contact 
Shelly Eckenroth, seckenroth@selectmedical.com or 717-920-4035

View original content:https://www.prnewswire.com/news-releases/select-medical-signs-agreement-to-acquire-vibra-hospital-of-richmond-301790780.html

SOURCE Select Medical Corporation

FAQ

What is the significance of Select Medical's acquisition of Vibra Hospital of Richmond?

The acquisition enhances Select Medical's position in Virginia's healthcare market by providing extended care for critically ill patients.

How many beds does the newly acquired Vibra Hospital of Richmond have?

The Vibra Hospital of Richmond has 63 beds.

What will Vibra Hospital of Richmond be rebranded as?

It will be rebranded as Select Specialty Hospital – Richmond.

When was the acquisition agreement for Vibra Hospital signed?

The acquisition agreement was announced on April 5, 2023.

How does this acquisition impact Select Medical's network in Virginia?

It expands Select Medical's care continuum, linking it to existing facilities and outpatient centers in Virginia.