Joint venture will construct and operate a 52-bed hospital in the
San Diego area
LOUISVILLE, Ky. & SAN DIEGO--(BUSINESS WIRE)--Jun. 14, 2016--
Kindred Healthcare, Inc. (“Kindred” or the “Company”) (NYSE:KND) today
announced that it has signed a definitive agreement with Palomar Health
(“Palomar”) to create a joint venture to construct and operate a 52-bed
inpatient rehabilitation hospital in Escondido, California, a city in
north San Diego County.
Kindred will own a slight majority in the joint venture and will manage
the day-to-day operations of the new hospital, to be constructed on the
campus of Palomar Medical Center in Escondido. Subject to several
regulatory and other approvals, Kindred expects the hospital to open by
the third quarter of 2019.
Kindred and Palomar have an existing relationship as Kindred Hospital
Rehabilitation Services manages the inpatient rehabilitation unit at
Palomar Health’s Downtown Campus. Also in the San Diego market, Kindred
operates a transitional care hospital and home health and hospice
services. Palomar Health, the largest and most comprehensive healthcare
system in northern San Diego County, operates three hospitals, including
Palomar Medical Center, which opened in 2012. It was the first hospital
in California to be affiliated with the Mayo Clinic Care Network and
offers a complete range of health services to more than 500,000
residents within its public hospital district.
“We look forward to expanding our relationship with Palomar with this
new hospital,” said
Benjamin A. Breier
, Kindred’s President and Chief
Executive Officer. “This new hospital will provide inpatient
rehabilitation services that complement Palomar’s highly regarded acute
care services and help patients recover and return home. Kindred
continues to develop partnerships with some of the nation’s leading
health systems because they recognize Kindred’s expertise and care model
allows us to meet the needs of each partner health system and drive
clinical, regulatory and business results. These collaborative efforts
deliver the best in patient care and have helped our inpatient
rehabilitation services business outperform peers in key clinical
measures.”
“We at Palomar Health are delighted to continue our longstanding
partnership with Kindred Healthcare, an internationally recognized
expert in rehabilitation,” said
Robert Hemker
, President and Chief
Executive Officer of Palomar Health. “This joint venture to build a new
inpatient rehabilitation hospital demonstrates our commitment to Patient
First care allowing us to expand our high quality and trusted
rehabilitation services.”
About Kindred Healthcare
Kindred Healthcare, Inc., a top-90 private employer in the United
States, is a FORTUNE 500 healthcare services company based in
Louisville, Kentucky with annual revenues of approximately $7.2 billion(1).
At March 31, 2016, Kindred through its subsidiaries had approximately
102,000 employees providing healthcare services in 2,700 locations in 46
states, including 95 transitional care hospitals, 19 inpatient
rehabilitation hospitals, 92 nursing centers, 20 sub-acute units, 618
Kindred at Home home health, hospice and non-medical home care sites of
service, 104 inpatient rehabilitation units (hospital-based) and a
contract rehabilitation services business, RehabCare, which served 1,752
non-affiliated sites of service. Ranked as one of Fortune magazine’s
Most Admired Healthcare Companies for seven years, Kindred’s mission is
to promote healing, provide hope, preserve dignity and produce value for
each patient, resident, family member, customer, employee and
shareholder we serve. For more information, go to www.kindredhealthcare.com. You can also follow us on Twitter and Facebook.
About Palomar Health
Palomar Health is the most comprehensive health care delivery system in
northern San Diego County and the first California member of the Mayo
Clinic Care Network. It is the largest public healthcare district by
area in the state, with more than 500,000 residents, and is governed by
a publicly-elected board of directors. Palomar Health has several
facilities serving North County, including hospitals in Escondido and
Poway, expresscare health clinics in Escondido, San Elijo Hills and
Temecula, and a skilled nursing facility in Poway. The health system
provides medical services in virtually all fields of medicine, including
primary care, cardiovascular care, emergency services, trauma, cancer,
orthopedics, women’s health, rehabilitation, robotic surgery and
bariatric surgery. For more information about Palomar Health, please
visit www.PalomarHealth.org.
___________
(1)
Revenues based upon Kindred consolidated revenues for the twelve
months ended March 31, 2016.
Source: Kindred Healthcare, Inc.
Kindred Healthcare
Susan E. Moss, 502-596-7296
Senior Vice
President,
Marketing and Communications
susan.moss@kindred.com
or
Palomar
Health
Chris Saunders, 760-519-4607
Public Relations Manager
chris.saunders@palomarhealth.org