LOUISVILLE, Ky.--(BUSINESS WIRE)--Kindred Healthcare, LLC (“Kindred”) and Landmark Medical Center, a subsidiary of Prime Healthcare, today announced a definitive agreement to create a partnership that will own and operate the Rehabilitation Hospital of Rhode Island in North Smithfield, Rhode Island. Kindred will have a 60 percent ownership interest in the joint venture and Landmark will own 40 percent. The hospital is licensed for 82 rehabilitation beds.
Under the agreement, Kindred will bring its proven rehabilitation management and services expertise to the existing hospital, which serves patients from across Rhode Island and neighboring Massachusetts. Each year, Kindred Rehabilitation Services treats nearly 50,000 patients at its joint venture inpatient rehabilitation hospitals across the country. Kindred’s inpatient rehabilitation hospitals serve patients who are recovering from a variety of conditions, including stroke, brain injury, spinal cord injury, orthopedic injury, neurological conditions, amputation and trauma.
“We have great respect for the professionals at Landmark and look forward to entering the Rhode Island and greater New England markets in partnership with them,” said Russ Bailey, Chief Operating Officer, Kindred Rehabilitation Hospitals. “This partnership will enable us to expand the services provided and help more patients recover from their illnesses or injuries, restore function and regain the independence needed to get back to their lives.”
“This partnership is built upon the Rehabilitation Hospital of Rhode Island’s outstanding reputation, which will be enhanced by the clinical expertise and patient outcomes for which Kindred Healthcare is well known,” said Mike Souza, CEO, Landmark Medical Center and the Rehabilitation Hospital of Rhode Island. “We look forward to working with Kindred to develop a best in class continuum of care.”
Kindred and Prime expect to complete the transaction by the third quarter of 2020, subject to the completion of due diligence, regulatory and licensing approvals.
About Kindred Healthcare
Kindred Healthcare, LLC is a healthcare services company based in Louisville, Kentucky with annual revenues of approximately $3.2 billion(1). At March 31, 2020, Kindred through its subsidiaries had approximately 31,800 employees providing healthcare services in 1,731 locations in 46 states, including 64 long-term acute care hospitals, 21 inpatient rehabilitation hospitals, 10 sub-acute units, 95 inpatient rehabilitation units (hospital-based) and contract rehabilitation service businesses which served 1,541 non-affiliated sites of service. Ranked as one of Fortune magazine’s Most Admired Healthcare Companies for nine years, Kindred’s mission is to help our patients reach their highest potential for health and healing with intensive medical and rehabilitative care through a compassionate patient experience. For more information, go to www.kindredhealthcare.com. You can also follow us on Facebook, LinkedIn, and Twitter.
- Revenues for the last twelve months ended March 31, 2020.
About The Rehabilitation Hospital of Rhode Island
North Smithfield, RI – The Rehabilitation Hospital of Rhode Island (www.rehabhospitalri.com) is Rhode Island’s only stand-alone rehabilitation hospital. With a capacity of 82-beds, it has an excellent reputation for providing high quality services for patients. Prime Healthcare Services- acquired the Rehabilitation Hospital of Rhode Island in North Smithfield, RI in January 2014.