Jan 12 2010
Kindred Healthcare, Inc. (the “Company”) (NYSE:KND) today announced
plans for a replacement hospital, the opening of a new hospital,
development of six new hospital-based subacute units and a new
transitional care center in several of its key markets in Texas,
Florida, California, Ohio, Indiana and Washington. Once completed, these
projects will expand the Company’s capacity to provide a continuum of
post-acute care by approximately 130 long-term acute care (“LTAC”)
hospital beds, approximately 150 subacute beds and approximately 150
skilled nursing beds. In addition, the Company announced development
plans for its Peoplefirst HomeCare and Hospice business in Ohio
and Massachusetts.
“These projects reflect our commitment to continuing to develop high
quality, cost-effective healthcare services in markets that we believe
can benefit from the continuum of post-acute care services and clinical
expertise provided by Kindred Healthcare”
Houston, Texas
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The Company has signed a letter of intent to lease a new freestanding
72-bed LTAC hospital in the Houston market. This hospital will replace
the existing Kindred Hospital Bay Area. The Company plans to convert
the current Kindred Hospital Bay Area into a subacute facility pending
certain regulatory approvals and renovations.
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The new Kindred Hospital Bay Area will feature all private rooms and a
12-bed intensive care unit as well as a large procedure/treatment
room. Pending state approval, the Company anticipates opening the new
hospital in the second quarter of 2010.
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In addition, the Company plans to develop a 28-bed co-located
hospital-based subacute unit at its 110-bed Kindred Hospital Houston,
which is located in the Houston Medical Center.
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Following the opening of these facilities, the Company will have three
hospitals and two subacute units in the Houston market.
Dallas, Texas
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The Company plans to develop a 32-bed co-located hospital-based
subacute unit in its existing Kindred Hospital Dallas. The Company
anticipates opening this subacute unit in the third quarter of 2011
pending certain regulatory and other approvals.
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Following the completion of this project, the Company will operate six
hospitals and one co-located hospital-based subacute unit in the
Dallas-Fort Worth market.
Melbourne, Florida
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The Company has opened Kindred Hospital Melbourne, a 60-bed
freestanding hospital in Melbourne, Florida. This is the Company’s
tenth LTAC hospital in Florida.
Southern California
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The Company has opened a 38-bed co-located hospital-based subacute
unit within its Kindred Hospital Brea. The Company currently operates
seven hospitals and one nursing and rehabilitation center in the Los
Angeles-Orange County-Riverside market.
Cleveland, Ohio
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The Company has entered into an agreement to acquire 108 skilled
nursing beds from a regional healthcare provider, pending certain
regulatory approvals.
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Pending certain regulatory approvals, the Company plans to transfer 30
of these skilled nursing beds to The Greens Nursing and Rehabilitation
Center and 30 skilled nursing beds to an existing co-located
hospital-based subacute unit at its Kindred Hospital Cleveland.
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The Company currently operates two LTAC hospitals, two nursing and
rehabilitation centers, one co-located hospital-based subacute unit
and an assisted living facility in the Cleveland market.
Indianapolis, Indiana
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The Company intends to open a new 120-bed Transitional Care Center
(licensed for skilled nursing care) in Westfield, Indiana, north of
Indianapolis. The center will specialize in intensive short-term
rehabilitation therapy.
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Pending certain regulatory approvals, the Company anticipates
groundbreaking in the first quarter of 2010 and opening in the first
quarter of 2011.
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The Company currently operates two LTAC hospitals, six nursing and
rehabilitation centers and one hospice location in the Indianapolis
market.
Seattle, Washington
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The Company plans to convert a previously closed nursing and
rehabilitation center in downtown Seattle into a 50-bed LTAC hospital
to be renamed Kindred Hospital Seattle at First Hill that also will
include a 30-bed co-located hospital-based subacute unit offering
transitional care services. The Company expects to open this facility
by the third quarter of 2011 after completion of renovations and the
receipt of certain regulatory approvals.
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The Company also plans to reconfigure its existing 80-bed Kindred
Hospital Seattle into a 30-bed LTAC hospital with a 30-bed co-located
hospital-based subacute unit and rename it Kindred Hospital Seattle at
Northgate. The Company expects to complete this conversion by the
fourth quarter of 2010 after completion of renovations and the receipt
of certain regulatory approvals.
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The Company currently operates two additional nursing and
rehabilitation centers in the Seattle market.
Peoplefirst HomeCare and Hospice
The Company also announced that Peoplefirst HomeCare and Hospice
has acquired the assets of Acclaim Hospice and Palliative Care with
locations in the Columbus and Dayton, Ohio, areas. These locations
continue to operate under the Acclaim name and generated revenues of
approximately $9 million in 2009.
In addition, Peoplefirst HomeCare and Hospice is developing a new
location in the Boston, Massachusetts, area. The Company expects to
begin serving patients in this market by March 1, 2010. After the
opening of the Boston location, Peoplefirst HomeCare and Hospice
will serve five markets – Boston, Columbus, Dayton, Denver and
Indianapolis.
Management Commentary
“These projects reflect our commitment to continuing to develop high
quality, cost-effective healthcare services in markets that we believe
can benefit from the continuum of post-acute care services and clinical
expertise provided by Kindred Healthcare,” said Paul J. Diaz, President
and Chief Executive Officer of the Company. “These markets are ideal
settings in which to expand our service lines, commit capital to our
cluster market strategy, and benefit from the increasing collaboration
between our Health Services Division, Hospital Division and Peoplefirst
Rehabilitation Services. Our cluster market strategy is providing us
with new opportunities to share best clinical practices, reduce costs
and offer a continuum of care that is beneficial to patients and
families and attractive to third party payors.”
Source: Kindred Healthcare, Inc.