Baylor Health Care System ("Baylor") and Select Medical Corporation ("Select") today announced that they have closed their previously announced joint venture transaction, and that the joint venture will commence operations on April 1, 2011.
The joint venture consists of a partnership between Baylor Institute for Rehabilitation and Select Physical Therapy Texas that creates a regional rehabilitation network to serve the Dallas-Fort Worth metroplex. The joint venture expands access to comprehensive inpatient medical rehabilitation and outpatient physical rehabilitation care throughout the metroplex. It encompasses two freestanding medical rehabilitation hospitals (representing a total of 136 beds) and 30 outpatient physical rehabilitation locations. The joint venture manages three Baylor inpatient rehabilitation units (representing a total of 57 beds). It will also provide therapy staffing services for Baylor acute care hospitals in the metroplex.
The joint venture will provide services as a component of the Baylor Health Care System and its daily operations will be managed by Kessler Rehabilitation Services, Inc., a Select Medical company and affiliate of Kessler Institute for Rehabilitation. Kessler Institute is the nation's largest single rehabilitation hospital and is ranked No. 2 on U.S. News & World Report's annual survey of the nation's best rehabilitation hospitals. Baylor Institute for Rehabilitation has also earned repeat recognitions in the magazine's annual "America's Best Hospitals" list.
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