Kindred Healthcare, LLC (Kindred) and Landmark Medical Center, a subsidiary of Prime Healthcare, 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% ownership interest in the joint venture and Landmark will own 40%. 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 consumers 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. 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.
Kindred Healthcare, LLC is a health care services company based in Louisville, Kentucky with annual revenues of approximately $3.2 billion. 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.
The Rehabilitation Hospital of Rhode Island is a stand-alone rehabilitation hospital with a capacity of 82-beds. Prime Healthcare Services acquired the Rehabilitation Hospital of Rhode Island in North Smithfield, Rhode Island in January 2014.
This was reported by Business Wire on June 17, 2020.
Contact information: Susan E. Moss, Kindred Healthcare, Senior Vice President, Marketing and Communications, 680 South Fourth Street, Louisville, Kentucky 40202; 502-596-7296; Email: firstname.lastname@example.org; Website: www.kindredhealthcare.com