Select Medical

Select Medical
Limited company
Traded as NYSE: SEM
Industry Healthcare
Founded 1996 (1996)
Headquarters Mechanicsburg, Pennsylvania, United States
Key people

Robert Ortenzio (Chairman)

David Chernow (President & CEO)
Products Specialty healthcare services
Revenue Increase $3.74 billion USD (2015)[1]
Number of employees
 >42,000
Website www.selectmedical.com

Select Medical is a healthcare company with approximately 42,000 employees throughout the United States. It owns long term acute care and inpatient rehabilitation hospitals, as well as occupational health and physical therapy clinics. The company is based in Mechanicsburg, Pennsylvania and was co-founded in 1996 by Rocco Ortenzio and Robert Ortenzio. Its parent company is Select Medical Holdings, which is listed on the New York Stock Exchange.

The family of Select Medical brands include:

Long-term acute care hospitals

Inpatient rehabilitation hospitals

Outpatient Physical Therapy

History

Co-founded in 1996 by Rocco Ortenzio and Robert Ortenzio, Select Medical began as a regional provider of outpatient physical rehabilitation. Contract therapy was added to the company's specialized health care offerings in 1997, and was quickly followed by the introduction of long-term acute care in 1998. In 1999, Select Medical made one of its largest acquisitions by purchasing NovaCare Physical Rehabilitation and Occupational Health.

In April 2001, the company completed an initial public offering and was listed on NASDAQ. Fourteen months later, Select Medical was listed on the New York Stock Exchange, where it is currently traded under the NYSE: SEM ticker. In 2004, the company acquired the Kessler Institute for Rehabilitation, thus formally adding inpatient medical rehabilitation to its patient care offerings. Further growth in this newest care line continued through joint ventures with Penn State Milton S. Hershey Medical Center, SSM Health Care - St. Louis and Baylor Health Care System in 2011.

In 2015, Select Medical completed one of its largest acquisition to date when it entered into a joint venture partnership for the purchase of Concentra, a national health care company that delivers a wide range of medical services, including urgent care, occupational medicine and physical therapy.[2]

In 2016, Select Medical divested its Contract Therapy business, Select Medical Rehabilitation Services, to an affiliate of Revelstoke Capital Partners LLC.[3] Select Medical also acquired Physiotherapy Associates, a national provider of outpatient physical rehabilitation care.[4] This acquisition continues to grow Select Medical's portfolio of outpatient rehabilitation clinics.

Twenty years later, the Select Medical of today encompasses three areas of expertise: long-term acute care, inpatient medical rehabilitation, and outpatient physical therapy, all of which are delivered and supported by more than 42,000 colleagues across the United States.

Company Timeline

November 1996: Select Medical Corporation is co-founded by Rocco Ortenzio and Robert Ortenzio

February 1997: Company commences operations

February 1997: Company commences outpatient operations

June 1997: Select Medical Corporation acquires its first contact therapy business

June 1998 and November 1998: Select Medical Corporation makes pedestal LTAC hospital acquisitions

November 1999: Select Medical Corporation makes one of its largest outpatient division acquisitions

April 2001: Company completes Initial Public Offering and is listed on NASDAQ

August 2002: Company is listed on the New York Stock Exchange

September 2003: Select Medical Corporation enters the medical rehabilitation hospital segment

January 2004 and 2005: Company is recognized by Forbes magazine as one of the Best Managed Companies in America

February 2005: Select Medical Corporation becomes a privately held company

July 2004 through 2011: U.S. News & World Report recognizes company's Kessler Institute for Rehabilitation as one of America's top rehabilitation hospitals

May 2007: Company doubles its outpatient division through strategic acquisition

September 2009: Select Medical Holdings Corporation completes Initial Public Offering and is listed on the New York Stock Exchange (NYSE:SEM)

July 2011: Company re-brands as Select Medical and adopts its first tag line: "Improving Quality of Life."

December 2012: Company announces post-acute care partnership with Emory Healthcare

June 2013: Company announces acquisition of inpatient rehabilitation facilities that become HonorHealth Rehabilitation Hospital and Select Specialty Hospital of San Antonio; company announces an expanded partnership with OhioHealth creating the OhioHealth Rehabilitation Hospital

December 2013: Company announces partnership with Cedars-Sinai and UCLA Health System to create the California Rehabilitation Institute[5]

March 2014: Company announces partnership with TriHealth to operate the TriHealth Rehabilitation Hospital serving the greater Cincinnati area[6]

June 2014: Company announces joint venture with the Cleveland Clinic to operate the Cleveland Clinic Rehabilitation Hospital in Northeast Ohio[7]

July 2014: Company announces joint venture with PinnacleHealth System to operate the Helen M. Simpson Rehabilitation Hospital and 23 outpatient clinics in Central Pennsylvania[8]

June 2015: Company completes acquisition of Concentra Inc., a national health care company that delivers a wide range of medical services, including urgent care, occupational medicine and physical therapy;[2] the company also announces a strategic partnership with New Orleans-based Ochsner Health System to build a new inpatient rehabilitation facility[9]

February 2016: Company announces agreement with Kindred Healthcare, Inc. to acquire hospitals from each other.[10]

March 2016: Company announces sale of its Contract Therapy business[3] and completes acquisition of Physiotherapy Associates (Physio)[4]

June 2016: Company completes the exchange of Hospitals with Kindred Healthcare. Inc.[11]

References

  1. ↑ "Select Medical 2015 Annual Report" (PDF).
  2. 1 2 "Concentra Acquisition" (PDF).
  3. 1 2 "Select Medical Rehabilitation Services Divestiture" (PDF).
  4. 1 2 "Physio Acquisition" (PDF).
  5. ↑ "California Rehabilitation Institute Announcement" (PDF).
  6. ↑ "TriHealth Rehabilitation Hospital Announcement" (PDF).
  7. ↑ "Cleveland Clinic Rehabilitation Hospital Announcement" (PDF).
  8. ↑ "Pinnacle Health Announcement" (PDF).
  9. ↑ "Ochsner Announcement" (PDF).
  10. ↑ "Kindred Healthcare Announcement" (PDF).
  11. ↑ "Kindred Healthcare Completion" (PDF).
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