KINDRED HEALTHCARE ANNOUNCES ADDITIONAL HOSPITAL DEVELOPMENT
Louisville, KY (September 6, 2006) – Kindred Healthcare, Inc. (the “Company”) (NYSE: KND) today announced plans to expand its hospital operations in Springfield, Illinois; Seattle, Washington; Indianapolis, Indiana; and Las Vegas, Nevada. These projects will expand the Company’s hospital capacity by approximately 69 long-term acute care (“LTAC”) hospital beds and 110 skilled nursing beds.
Springfield, Illinois New Hospital
The Company announced that it intends to build a new 50-bed freestanding
LTAC hospital in Springfield, Illinois. The hospital is expected to open
in the first quarter of 2008 after construction and the receipt of certain
regulatory approvals. The Company currently operates five hospitals in
the state of Illinois.
Seattle, Washington Conversions
In Seattle, the Company plans to convert a previously closed
nursing center in downtown Seattle into a 50-bed LTAC hospital to be renamed
Kindred Hospital Seattle at First Hill that will also include a 30-bed
skilled nursing unit offering subacute services. The Company also plans
to reconfigure its existing Kindred Hospital - Seattle into a 30-bed LTAC
hospital with a 30-bed skilled nursing unit and rename it Kindred Hospital
Seattle at Northgate. Both projects are expected to be completed in the
first quarter of 2008 after completion of renovations and the receipt
of certain regulatory approvals. The Company also currently operates three
nursing centers in the Seattle market.
Indianapolis, Indiana Replacement Hospital
In Indianapolis, the Company updated its plans originally announced
in October 2005 for a freestanding hospital in Greenwood, Indiana, immediately
south of Indianapolis. The new 60-bed hospital will replace the existing
46-bed Kindred Hospital - Indianapolis South facility, which has been
in its current location for over 12 years. The original announcement called
for the new hospital to have a skilled nursing unit and for construction
to be completed in the first quarter of 2007. The new design for Kindred
Hospital - Indianapolis South includes all private hospital rooms. The
hospital is expected to open in the first quarter of 2008 after construction
and subject to the satisfaction of certain conditions and the receipt
of certain regulatory and other approvals.
The Company also currently operates a freestanding LTAC hospital in downtown Indianapolis under the name Kindred Hospital - Indianapolis as well as five nursing centers in the Indianapolis market.
Las Vegas, Nevada Expansions
In Las Vegas, the Company plans to develop a 50-bed skilled nursing
unit at Kindred Hospital - Las Vegas Flamingo offering subacute rehabilitation
and care for medically complex patients. In addition, the Company plans
to add five LTAC beds at this facility. Kindred Hospital - Las Vegas Flamingo
currently operates 92 LTAC beds. The project is expected to be completed
in the second quarter of 2007 after completion of renovations and the
receipt of certain regulatory approvals. The Company also currently operates
one other freestanding LTAC hospital, Kindred Hospital - Las Vegas Sahara;
one hospital-in-hospital, Kindred Hospital - Las Vegas at Desert Springs
Hospital; and two nursing centers in the Las Vegas market.
“These projects reflect our goals of continuing to develop hospitals in markets that we believe can benefit from our specialty hospital services and to realign our hospitals and nursing centers to address the post-acute needs of the markets we currently serve,” said Paul J. Diaz, President and Chief Executive Officer of the Company. “The Seattle, Indianapolis and Las Vegas markets are ideal settings in which to expand our collaborative marketing model between our Health Services Division and the Hospital Division. These collaborative efforts allow us 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.”
About Kindred Healthcare
Kindred Healthcare, Inc. (NYSE: KND), is a Fortune 500 healthcare services
company, based in Louisville, Kentucky, with annualized revenues of $4.3
billion that provides services in over 500 locations in 39 states. Kindred
through its subsidiaries operates long-term acute care hospitals, skilled
nursing centers, institutional pharmacies and a contract rehabilitation
services business, Peoplefirst Rehabilitation Services, across
the United States. Kindred’s 56,000 employees are committed to providing
high quality patient care and outstanding customer service to become the
most trusted and respected provider of healthcare services in every community
we serve. For more information, go to www.kindredhealthcare.com.
CONTACT:
Susan E. Moss
Vice President of Corporate Communications
(502) 596-7296
