Matros says worst is over

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                                                                      RehabCare pays $570 million
                                                                      for hospital rehab provider
» CapitalSource Inc. plans to sell
all of its healthcare net lease portfolio to
Omega Healthcare Investors Inc. The sale,
which covers 143 long-term care facilities,
is expected to total $860 million. Capital-                           By Liza Berger                                                                                    largest LTACH provider in the
Source is a commercial lender.                                        RehabCare Group Inc., a                                                                           country, according to Rehab-
                                                                      major provider of therapy                                                                         Care officials.
» Kindred Healthcare Inc, returned                                    services to skilled nursing                                                                          “This transaction builds
to the black in the third quarter of 2009.                            facilities (SNFs), has agreed                                                                     out our post-acute continuum




                                                                                                                                          Photo: RehabCare Group Inc.
That compares to a loss of $21 million in                             to purchase Triumph Health-                                                                       of care in 11 markets where
the same quarter last year. Profits totaled                           care, a developer and operator                                                                    there is overlap with our other
more than $5 million. Revenues rose by                                of long-term acute care hospi-                                                                    services, creating opportuni-
6% to more than $1 billion in the third                               tals. The price of the acquisi-                                                                   ties for synergies, improved
quarter of 2009. Still, the company is “con-                          tion is $570 million.                                                                             patient flow and enhanced
cerned in the near term with weakness in                                 The purchase is expected to    Dr. John Short is president and                                 care,” Short said.
both Medicare and Medicaid rates in our                               bolster RehabCare’s hospital      CEO of RehabCare Group Inc.                                        Skilled nursing rehabili-
nursing center business,” President and                               business, which generated                                                                         tation services represent the
CEO Paul J. Diaz said in a statement. The                             hospital operating revenues of    mass to leverage our infra-                                     largest portion of RehabCare’s
company raised its 2009 earnings guid-                                nearly $40 million in the third   structure and expand our                                        business. Operating revenues
ance for continuing operations.                                       quarter of 2009. Triumph,         capabilities in a fundamental                                   in the third quarter totaled
                                                                      which is based in Houston,        component of the post-acute                                     about $123 million. It has
» Five Star Quality Care Inc. earned                                  operates 20 hospitals, includ-    continuum,” said Dr. John H.                                    more than 1,000 SNF contract
a profit in the third quarter of 2009                                 ing 11 freestanding and nine      Short, president and CEO of                                     therapy locations.
after posting a $2.25 million loss in the                             co-located long-term acute        RehabCare, in a statement.                                         RehabCare’s third divi-
same period last year. It earned about $4                             care hospitals (LTACHs).             The additional LTACHs                                        sion, hospital rehabilitation
million in the quarter. Revenues in the                               The deal was expected to          also will create a balanced                                     services, comprises inpatient
quarter totaled about $297 million, a 6%                              close Dec. 1.                     portfolio of post-acute ser-                                    rehabilitation facilities, sub-
increase over last year. For the first nine                              “This transaction, our larg-   vices, he noted. The combined                                   acute services and outpatient
months of 2009, Five Star earned $38                                  est to date, will significant
				
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