Drake Center Sells Inpatient Rehabilitation

CINCINNATI, OH – Drake Center, Inc., a member of UC Health, today announced it has entered into a definitive agreement to sell to HealthSouth substantially all of the assets of Drake’s inpatient rehabilitation services and sublease space for the operation of two patient care units that specialize in treating rehabilitation patients who do not require extensive long term acute medical care. The units will be converted to a rehabilitation hospital that will be fully owned by HealthSouth. Drake will continue to operate the Long Term Acute Care Hospital (LTACH), which specializes in the care of patients with complex medical and pulmonary/mechanical ventilation needs. Drake will also continue to provide extensive outpatient rehabilitative services including physical, occupational, and speech therapy; as well as skilled nursing services and assisted living.

“HealthSouth has an excellent reputation, values the work Drake is known for, and will continue to use the Drake name,” said Karen Bankston, Senior Vice President and Chief Executive Officer of Drake Center. “By operating with a rehab license, HealthSouth can accept even more patients than Drake can with an LTACH license. We believe this is an excellent opportunity to sustain and grow rehabilitation services on our site to serve the needs of our community,” she added.

The newly created rehabilitation hospital, HealthSouth Rehabilitation Hospital at Drake, will offer the latest in inpatient rehabilitative care including specialized rehabilitation programs and cutting-edge technology. The new hospital is expected to be fully operational in the fourth quarter of 2011. Existing patients under Drake’s care at that time who qualify for acute, inpatient rehabilitation will be transitioned to the new hospital.

The closing of the transaction is also subject to certain county, state and federal regulatory approvals, as well as other conditions, and is expected to take place in the fourth quarter of 2011. Terms of the deal were not disclosed.

About Drake Center

Drake Center, a member of UC Health, is the region’s premier provider of long term acute care offering a complete range of inpatient and outpatient services including medically complex care; outpatient rehabilitation services including physical, occupational and speech therapy; diagnostic services; skilled nursing; assisted living; wellness services and research. Drake Center provides expert services for conditions requiring pulmonary/ventilator weaning and advanced wound care. For more information, visit www.DrakeCenter.com or call 513-418-2500.

About UC Health

UC Health includes University of Cincinnati Medical Center, ranked the best hospital in the region by US News and World Report; West Chester Hospital, Cincinnati’s newest hospital; Drake Center, Cincinnati’s premier provider of long term acute care; UC Physicians, Cincinnati’s largest specialty practice group with 650 board-certified clinicians and surgeons; the UC Cancer Institute; the UC Cardiovascular Institute; the UC Neuroscience Institute and the UC Diabetes and Endocrinology Institute. To learn more, visit UCHealth.com.

About HealthSouth

HealthSouth is the nation’s largest provider of inpatient rehabilitative healthcare services. Operating in 26 states across the country and in Puerto Rico, HealthSouth serves patients through its network of inpatient rehabilitation hospitals, long-term acute care hospitals, outpatient rehabilitation satellite clinics and home health agencies. HealthSouth can be found on the Web at www.healthsouth.com.

 

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