News Article | May 23, 2017
BETHESDA, Md.--(BUSINESS WIRE)--Global Medical REIT Inc. (NYSE:GMRE) (the “Company”) is a Maryland corporation engaged primarily in the acquisition of licensed, state-of-the-art, purpose-built healthcare facilities and the leasing of these facilities to leading clinical operators with dominant market share. In keeping with the practice of announcing the signing of purchase agreements that are materially significant to its portfolio, the Company announced today that on May 17, 2017 it entered into a purchase contract to acquire from SDB Partners, LLC (the “Seller”) the Carrus Specialty Hospital and the Carrus Rehabilitation Hospital with 81,352 combined square feet (including 17,529 square feet of shell space) (collectively, the “Facility”) for an aggregate purchase price of $26 million. The Carrus Specialty Hospital is a physician owned post-acute care facility and the Carrus Rehabilitation Hospital is an inpatient rehabilitation facility, both located in Sherman, Texas. Additionally, the Company has agreed to provide in the future, subject to certain conditions, (i) a tenant improvement allowance of $2 million and (ii) up to $5 million for the purpose of expanding the Facility. The acquisition is expected to close no later than July of 2017 and the Company expects to fund this acquisition using borrowings from its revolving credit facility. The Facility is currently leased by the Seller to two affiliated tenants, Texoma Hospital Partners, LLC (“THP”) and Carrus Rehabilitation Hospital, LLC (“Carrus Rehab”), the operators of the respective hospitals. Upon the closing of the acquisition, the Company, through a wholly-owned subsidiary of its operating partnership, intends to enter into a new, 20-year triple net lease (the “Lease”) with the Seller, as tenant, who then intends to enter into two separate subleases with THP and Carrus Rehab. The initial rent for the Facility in accordance with the terms of the Lease will be based on a capitalization rate of 8.8%. Carrus Healthcare, LLC, a Texas limited liability company, THP and Carrus Rehab intend to serve as guarantors of the Lease on a joint and several basis. David Young, the Company’s Chief Executive Officer, stated, “As I discussed during our recent Q1 earnings call, we have been working on a number of acquisition opportunities that we were eager to provide details about to our investors. One of those opportunities, the acquisition of the Carrus Specialty Hospital and the Carrus Rehabilitation Hospital will be a great addition to our portfolio when the deal closes, with very healthy rent coverage and an attractive cap rate. We look forward to advancing more opportunities within our pipeline into the executed contract stage over the coming weeks.” Global Medical REIT Inc. is a Maryland corporation engaged primarily in the acquisition of licensed, state-of-the-art, purpose-built healthcare facilities and the leasing of these facilities to leading clinical operators with dominant market share. The Company intends to produce increasing, reliable rental revenue by expanding its portfolio, and leasing each of its healthcare facilities to a single market-leading operator under a long-term triple-net lease. The Company’s management team has significant healthcare, real estate and public real estate investment trust, or REIT, experience and has long-established relationships with a wide range of healthcare providers. This press release contains statements that are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act, pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “anticipate”, “believe”, “expect”, “estimate”, “plan”, “outlook”, and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time those statements are made and/or management’s good faith belief as of that time with respect to future events. These statements relate to, among other things, the Company’s expectations regarding the completion of the acquisition described in this press release on the terms and conditions described herein, the expected closing date of this acquisition; and the execution of the leases with the stated expected lease terms. These forward-looking statements are subject to various risks and uncertainties, not all of which are known to the Company and many of which are beyond the Company’s control, which could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. These risks and uncertainties are described in greater detail in the Company’s filings with the United States Securities and Exchange Commission (the “Commission”), including, without limitation, the Company’s annual and periodic reports and other documents filed with the Commission. Unless legally required, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The Company undertakes no obligation to update these statements after the date of this release.
News Article | May 8, 2017
Hamilton, ON (May 8, 2017) -- Canadian physicians are being advised to reduce their prescribing of opioid medication to patients with chronic non-cancer pain in a new guideline for clinical care that focuses on harm reduction. The guideline was developed in response to concerns that Canadians are the second highest users per capita of opioids in the world, while the rates of opioid prescribing and opioid-related hospital visits and deaths have been increasing rapidly. The guideline's recommendations for clinical practice have been developed by an international team of clinicians, researchers and patients, led by the Michael G. DeGroote National Pain Centre at McMaster University and funded by Health Canada and the Canadian Institutes of Health Research. The guideline was published by the Canadian Medical Association Journal (CMAJ) today at http://bit. . The guideline incorporates medical evidence published since the previous national opioid use guideline was made available in 2010. They are recommendations for physicians, but are not regulatory requirements. An estimated 15% to 19% of Canadians live with chronic non-cancer pain, which is pain lasting more than three months and interfering with daily activities. The guideline does not look at opioid use for acute pain, nor for patients with pain due to cancer or in palliative care, or those under treatment for opioid use disorder or opioid addiction. The guideline and related material is available at http://bit. . This also includes an app available to help physicians and patients work through shared decision-making on the topic. This is available at http://bit. . "Opioids are not first line therapy for chronic non-cancer pain. There are important risks associated with opioids, such as unintentional overdose, and these risks increase with higher doses," said Jason Busse, principal investigator for the guideline development, an associate professor of anesthesia of McMaster's Michael G. DeGroote School of Medicine, and researcher for the Michael G. DeGroote National Pain Centre. "Canada is in the midst of an opioid epidemic. The guideline aspires to promote evidence-based prescribing of opioids for chronic non-cancer pain." Also in the CMAJ today is a related commentary http://bit. about the new Canadian guideline. Dr. Andrea Furlan of Toronto Rehabilitation Hospital and Dr. Owen Williamson of Monash University in Australia, say the updated guideline aims "to promote safer and more effective opioid prescribing to the small proportion of patients with chronic non-cancer pain who may benefit from their use, and this may well be achieved." Busse added that Canadian physicians must now learn about the new guideline and apply its recommendations in practice, noting that recent research has shown limited impact of the guideline published in 2010. "The guideline isn't self-implementing. We recognize implementation is a provincial responsibility, but we need dedicated funding for a national strategy to effectively ensure the guideline is used, and that we measure its impact." The guideline's recommendations were developed over the past two years by a team that included a four-member steering committee; a 15-member guideline panel of clinicians, research methodologists and patients; a 13-member multi-disciplinary advisory group of experts in the treatment of pain and use of opioids, and a 16-person patient advisory committee. Specific care was made to ensure the recommendations are evidence-based, guided by patients' values and preferences, and that guideline panel members who voted on the recommendations were free of important financial or intellectual conflicts of interest. For the final guideline, consideration was given to more than 500 comments from individuals and associations who answered a call for response to the draft recommendations released in January. To book an interview, please contact:
News Article | November 29, 2016
Northeast OB/GYN, a division of MaternOhio, is pleased to welcome Dr. Ashita Gehlot, MD to its practice. She is currently accepting new patients at locations in Gahanna and Old Stringtown Rd. in Grove City. An experienced Ob/Gyn physician, Dr. Gehlot offers care for every stage of a woman’s life, from adolescence through menopause and beyond. Her services include care of normal and high-risk pregnancies, preconception counseling, well-woman annual health visits, minimally invasive surgery for ovarian and uterine issues and much more. As a convenience to her patients, her office offers appointment scheduling, prescription refill requests and access to test results online, and provides early morning appointment options. Dr. Gehlot attended the Medical College of Georgia in Augusta, GA, for her medical education. She pursued obstetrics and gynecology because it offered a variety of experiences in one distinct field and allowed for creating lasting relationships with patients and their families. She did her Internship and Residency in the Department of Obstetrics and Gynecology at the University of Arkansas for Medical Sciences in Little Rock, AR. She practiced in Little Rock after graduating from residency. “I feel passionate about educating and empowering women to make well-informed decisions,” said Dr. Gehlot. “I strongly feel patient- and family-centered care with cooperative decision making between the patient and physician leads to the best medical decision that suits the patient’s lifestyle, resources and limitations. It’s important to take a woman’s whole health picture into consideration when working with a patient.” Dr. Gehlot is excited about moving to Columbus and practicing in the area. “It is a privilege to work with the Columbus community and usher women through different stages of their lives and respond to their evolving needs.” MaternOhio Clinical Associates, Inc. (MOCA) is Ohio’s largest and most experienced private OB/GYN practice. They provide specialized women’s healthcare services to more than 100,000 patients annually throughout 16 locations. To learn more about Northeast OB/GYN MaternOhio and request an appointment, visit http://moca-obgyns.com. About OhioHealth OhioHealth is a nationally recognized, not-for-profit, charitable, healthcare organization with Methodist roots. Based in Columbus, Ohio, OhioHealth has been recognized as one of the top five large health systems in America by Truven Health Analytics, an honor it has received six times. It is also recognized by FORTUNE Magazine as one of the “100 Best Companies to Work For” and has been for 10 years in a row, 2007-2016. Serving its communities since 1891, it is a family of 28,000 associates, physicians and volunteers, and a network of 11 hospitals, 50+ ambulatory sites, hospice, home-health, medical equipment and other health services spanning a 47-county area. OhioHealth hospitals include OhioHealth Riverside Methodist Hospital, OhioHealth Grant Medical Center, OhioHealth Doctors Hospital, OhioHealth Grady Memorial Hospital, OhioHealth Dublin Methodist Hospital, OhioHealth Hardin Memorial Hospital, OhioHealth Marion General Hospital, OhioHealth O’Bleness Hospital, OhioHealth Mansfield Hospital, OhioHealth Shelby Hospital and OhioHealth Rehabilitation Hospital. For more information, please visit our website at http://www.ohiohealth.com.
News Article | February 15, 2017
CORPUS CHRISTI, TX--(Marketwired - February 15, 2017) - On Saturday, February 11, the Texas State Aquarium's Second Chances Wildlife Rehabilitation Hospital released eight rehabilitated green sea turtles back into their natural habitat on Padre Island National Seashore in Corpus Christi, Texas. The green sea turtles were brought to the Second Chances hospital on January 9 at the request of the Padre Island National Seashore after becoming cold-stunned during a recent temperature drop in the Corpus Christi area. Cold-stunning is a hypothermic reaction that sea turtles can develop when exposed to cold water for a prolonged amount of time since turtles are cold-blooded and cannot warm themselves. Cold-stunned turtles are unable to swim and can develop symptoms including decreased heart rate and circulation and pneumonia. If they do not receive treatment, cold-stunned sea turtles can die. Second Chances staff was able to warm the sea turtles to raise their body temperature and provided them with additional medical care. On January 16, 16 sea turtles were released into their natural habitat in the Gulf of Mexico. The eight sea turtles released on Saturday remained with Second Chances for more treatment until they were declared ready to be released last week. The release was extremely successful, and all of the turtles swam off immediately after being placed in the water. "This release was another huge moment for the Second Chances team, and we are ecstatic to see this final group of sea turtles returned to the ocean," said Manager of Wildlife Rehabilitation Laura Martinelli. "This is just the start of our program's involvement with sea turtle rehabilitation, and we look forward to working with Padre National Island Seashore and the community to give sea turtles and other animals a second chance at life." Second Chances is asking the public to take watch for cold-stunned turtles on the beach, especially during colder days. If you locate a stranded turtle, do not attempt to touch or handle it, but call 1-866-TURTLE-5 to notify wildlife rescuers who can pick up the turtle and arrange for its treatment. Texas State Aquarium - Our mission is to engage people with animals, inspire appreciation for our seas, The Aquarium is an accredited member of the Association of Zoos and Aquariums and the World Association of Zoos and Aquariums.
News Article | February 21, 2017
New Facility to Support Continued Growth of Bay Area Regional Medical Center Medistar Corporation (“Medistar”) announced today the development of a new, modern skilled nursing facility in Webster, Texas to complement and support the continued growth and active expansion of Bay Area Regional Medical Center. The 70-bed skilled nursing facility also will complement the services provided for the community by PAM Bay Area Rehabilitation Hospital, which is operated by Post Acute Medical, LLC. With 45 private rooms, this modern inpatient rehabilitation facility was developed in 2015 by Medistar. Monzer Hourani, Founder and CEO of Medistar said, “We are pleased to continue our longstanding commitment to residents and providers in the Bay Area Houston community, bringing robust resources to fulfill unmet needs across the post-acute continuum of care.” Medistar Corporation is a full-service medical real estate development company headquartered in Houston, Texas. As it has for 44 years, Medistar primarily specializes in the design, development, financing, acquisition and construction of acute care hospitals, post-acute care hospitals, skilled nursing facilities, senior care facilities, integrated medical plazas, medical office buildings and related facilities for the healthcare industry nationwide. Please visit www.MedistarCorp.com for more information. Bay Area Regional Medical Center is committed to providing the highest quality medical care while making a difference in people’s lives. Designed with a beautiful, soothing environment, Bay Area Regional offers some of the latest technology for physicians to provide advanced diagnostic and treatment techniques. With a focus on excellence, Bay Area Regional is the first hospital in the Houston area to achieve the highest level Chest Pain Center Accreditation, the first hospital in Texas to be named a Center of Excellence for Hidden Scar, and the first hospital to perform the non-surgical gastric balloon procedure in the Houston Bay Area. For more information about Bay Area Regional Medical Center or to find a physician, visit www.BARMC.us.
News Article | February 15, 2017
Doctors, nurses, therapists, social workers and neuropsychologists — many of them national leaders in their field — showcased their peer-reviewed published research at the first Research and Scholarly Activities Expo, called Path to Discovery, at JFK Johnson Rehabilitation Institute. The medical professionals also displayed their published book chapters, professional presentations and workshops that are advancing the field of rehabilitation medicine. “Our physicians and researchers are publishing nationally, presenting at research conferences around the nation, and creating valuable training programs for new physicians. We wanted to create a forum to bring all of our great work together in one place,” said Sara J. Cuccurullo, MD, Vice President and Medical Director of JFK Johnson. Dr. Cuccurullo also is Chair of the Department of Physical Medicine and Rehabilitation at Rutgers Robert Wood Johnson Medical School. The posters, papers, educational displays and hands-on demonstrations at the November, 2016, event focused on a range of topics, such as audiology, cognitive rehabilitation, orthopedic injury, speech therapy, brain trauma and stroke rehabilitation. One demonstration focused on management of tracheostomies, a surgical opening created in the neck to allow direct access to the patient’s breathing tube. Chris Wade, RN, BSN, CRRN, the nurse manager of the Brain Trauma Unit, teaches medical residents the best way to manage patients with tracheostomies to reduce infection and other complications. She demonstrated how a tracheostomy works on a specially designed mannequin. The JFK Johnson education protocols for tracheostomy are being used in rehabilitation institutes across the nation. “Managing a tracheostomy is highly specialized and complex,” Wade said. Nearby, Elizabeth Aspell, Au.D., CCC-A, was discussing advances in audiology for the hearing impaired. She has researched new technology to help patients who have difficulty discerning sounds in noisy environments. Advances in hearing-aid technology block out background noise, and studies at JFK Johnson have found the new devices helpful to many patients. “A lot of people will say they tried a hearing aid 10 years ago and it didn’t work,” Aspell said. “Yet today when they come to us, we are able to help most of them.” Also on display was the textbook Physical Medicine and Rehabilitation Board Review, Third Edition. Dr. Cuccurullo is editor of the textbook, which has sold more than 25,000 copies and is used by physicians around the nation as they prepare for medical board examinations and re-certification. “The book is a reflection of our department, and many of our physicians have written chapters,” Dr. Cuccurullo said. Two of the many other presenters included: Dr. Cuccurullo said the Expo was successful in sharing the many ways JFK Johnson is advancing the field of rehabilitation and may become an annual event. Since 1974, JFK Johnson Rehabilitation Institute has developed programs in such specialties as stroke rehabilitation, orthopedic programs, fitness, cardiac rehabilitation, women's health, pediatrics and brain injury rehabilitation. In addition to providing inpatient adult rehabilitation services, the Institute treats thousands of children and adults each year on an outpatient and short-term basis. Outpatient rehabilitation programs are provided in Edison and at our facilities in Metuchen and Monroe. We also provide consulting, treatment, education and advocacy for local companies, professionals and schools. Our Continuum of Care assures patients of an integrated, personalized program that facilitates the recovery process and encourages family participation. JFK Johnson Rehabilitation Institute offers 94 inpatient beds in a separately licensed hospital attached to the Anthony M. Yelencsics Community Hospital. Together, they comprise JFK Medical Center, a private, not-for-profit community hospital. The JFK Johnson Rehabilitation Institute is accredited by the Joint Commission. The facility is also accredited by the Committee on Accreditation of Rehabilitation Facilities. JFK Johnson Rehabilitation Institute is also licensed by the state of New Jersey as a Comprehensive Rehabilitation Hospital. For additional information about our inpatient services, please call (732) 321-7733.
News Article | December 9, 2016
POST FALLS, ID, December 09, 2016-- Dr. Neilly Buckalew has been included in Marquis Who's Who. As in all Marquis Who's Who biographical volumes, individuals profiled are selected on the basis of current reference value. Factors such as position, noteworthy accomplishments, visibility, and prominence in a field are all taken into account during the selection process.Since her graduation from Dartmouth College in 1991, where she earned an AB magna cum laude in Anthropology and Environmental Science, Dr. Buckalew's career has continually reflected her dedication to health and well being, as well as the education of others in living well. She served as the executive director of Kwanitewk NATIVE Resource Network providing environmental education programs to elementary schools and protecting culturally important natural areas for Tribal Governments across the continental U.S from 1991-1996. Recognizing her work with Tribal Governments she received a full scholarship as the First Native American Fellow and Institute for the Study of World Politics completing a Masters in environmental law graduating Magnum Cum Laude in 1996. She continued her environmental health work for Tribal Governments with the firm George Waters Consulting in Washington DC as Senior Executive of Environmental Health and Management from 1997-1998. While living in DC she also volunteered at Dr. Patch Adam's Washington Free Clinic from 1998-2001, providing prenatal education and care for immigrant, indigent, and teen mothers including becoming a certified Doula in 1999 providing these services free as well to mothers in need. Before going on to obtain her Medical Degree and Masters of Science from the University of Pittsburgh School of Medicine graduating Cum Laude in 2010, she evolved her interests and skills in integrative health by first becoming a prenatal yoga instructor, deepening her skills further as a yoga therapist starting her still existing Yoga for Life program, and then additionally trained in Naturopathic, Ayurvedic and Traditional Chinese medicine, practicing as a licensed Naturopath from 2002-2005 at which time she entered medical school. She completed her medical training, from 2011-2015 as a Physical Medicine and Rehabilitation physician at the Mayo Clinic and the University of Pittsburgh School of Medicine. Starting in medical school and throughout her residency she conducted ground breaking research in the neurobiology of chronic pain in older adults as well as the measurable effects of yoga on the brain using mobile electroencephalography as a National Institutes of Health fellow with the National Institute on Aging. Dr. Buckalew is currently the Associate Medical Director of the Rehabilitation Hospital of the Northwest (RHN) in Post Falls, Idaho as well as Program and Research Director at Living Oak Integrated Medicine and Rehabilitation, and Program Director of the Optimal Well-Being Network (OWN). OWN's mission includes providing services and a path to successful reintegration for Veterans and their families healing from trauma including traumatic brain injury through OWN's Healing Heroes program.Throughout her life she has lived out the philosophy that a leader is a community servant and that all beings deserve to live well. She led a team of seniors at her undergraduate alma mater helping to start the still existing Dartmouth Organic Farm. As a medical student she started the Integrative Health Interest group and a scholarly certification program in Integrative Medicine. As a resident she began and continues to volunteer her medical expertise yearly to provide free medical services in Honduras as a part of the Honduras Hope Medical Mission and is currently designing an innovative enterprise, Bee Well, that is aimed at the restoration of the endangered honey bee and as a means for economic enterprise for impoverished Honduran families. In her current leadership role for RHN and OWN, she is implementing the first hospital based yoga therapy intern program for stroke recovery and prevention.Dr. Buckalew has been the recipient of numerous awards throughout her career for both her academic achievements and humanitarianism, starting with the Teacher's and Arts Scholarship at Dartmouth College, and during her tenure at Kwanitewk she received a Merit Award from the Lindbergh Foundation for her work with the Zuni Tribe restoring traditional agricultural. She was awarded the Dean's Merit full scholarship in medical school, National Institute of Health fellowships for pre-doctoral and post doctoral research, received the DCM Award for Academic Excellence in Geriatric Medicine, nominated to Alpha Omega Alpha as well and awarded one of the highest honors for a physician, the Gold Humanism Honor Society, and the James Cheehan-Laird Cheke Memorial Prize for understanding the true healing power of a patient. For her overall career achievements she has been listed in the 66th and 70th editions of Who's Who in America, recognized in the 2000 Notable Women, is a 2009 International Peace Prize recipient, has been included in the 2013 Leading Physicians of the World and is a decorated member of the International Order of Merit.About Marquis Who's Who :Since 1899, when A. N. Marquis printed the First Edition of Who's Who in America , Marquis Who's Who has chronicled the lives of the most accomplished individuals and innovators from every significant field of endeavor, including politics, business, medicine, law, education, art, religion and entertainment. Today, Who's Who in America remains an essential biographical source for thousands of researchers, journalists, librarians and executive search firms around the world. Marquis now publishes many Who's Who titles, including Who's Who in America , Who's Who in the World , Who's Who in American Law , Who's Who in Medicine and Healthcare , Who's Who in Science and Engineering , and Who's Who in Asia . Marquis publications may be visited at the official Marquis Who's Who website at www.marquiswhoswho.com
News Article | November 17, 2016
SAN ANTONIO, TX, November 17, 2016-- Lizette Davis, Owner and Occupational Therapist of AccessAbility Home Modifications, has been recognized as a Distinguished Professional in her field through Women of Distinction Magazine. Lizette Davis will soon be featured in an upcoming edition of Women of Distinction in 2016.Founded by Lizette Davis and her husband in 2009, Accessability Home Modifications, which is based in San Antonio, Texas, is an extension of her field and her career history in healthcare by being able to give back to patients in a whole different way. The organization, which performs free Home Safety Assessments for prospective clients before discussing their options, offers various residential construction and remodeling options to create a more harmonious, safe, and comfortable place to live."What we do at AccessAbility Home Modifications is make lives easier for patients," Davis said, "by making their homes more accessible. For example, we build ramps, widen doorways, and install showers to make them wheelchair accessible. We also install grab bars, transfer benches, shower chairs and toilet frames in bathrooms for shower for those needing more stability. Our mission at AccessAbility Home Modifications is to give residential homes the same amenities you'll find inside a hospital or rehabilitation facility, but in the comfort of patients' own homes so they can age in place."Bringing together Davis' experience in occupational therapy and her husband's experience in construction, they bring more than 26 years of relative working knowledge to the table. Davis previously spent nearly a decade working for Warm Springs Rehabilitation Hospital, Therapeutic Intervention for Kids, and Little Engine Homecare, Inc."During my time in occupational therapy, I discovered that many of my patients would run the risk of injuring themselves once they plateaued or their insurance would run out. Most of them were living in homes that weren't safe or wheelchair accessible, either," Davis noted, whose business today revolves around both functionality and safety. "That's when it dawned on me and it became my mission to help these patients by forming a remodeling business with my husband that focused on their needs."Currently serving as the Chair and as a Founder of No More Falls Coalition, Davis helps spread awareness and education to the senior population and those with disabilities on safety. She is also a volunteer Vice-President of Operations for the San Antonio Coalition for Veterans and Families, helping connect veterans and their families with various community resources. Davis holds an MS in Occupational Therapy at the University of Texas Health Science Center and is a Certified Aging in Place Specialist by the National Association of Home Builders.For more information, visit www.AccessAbility1.com About Women of Distinction Magazine:Women of Distinction Magazine strives to continually bring the very best out in each article published and highlight Women of Distinction. Women of Distinction Magazine's mission is to have a platform where women can grow, inspire, empower, educate and encourage professionals from any industry by sharing stories of courage and success.Contact:Women of Distinction Magazine, Melville, NY631-465-9024 firstname.lastname@example.org
News Article | February 16, 2017
FRANKLIN, Tenn.--(BUSINESS WIRE)--Community Health Systems, Inc. (NYSE:CYH) announced today that subsidiaries of the Company have signed a definitive agreement to sell eight hospitals and their associated assets to subsidiaries of Steward Health Care LLC. Facilities included in the transaction are 119-bed Wuesthoff Health System-Melbourne in Melbourne, Fla.; 298-bed Wuesthoff Health System-Rockledge in Rockledge, Fla.; 154-bed Sebastian River Medical Center in Sebastian, Fla.; ValleyCare Health System of Ohio, with 355-bed Northside Medical Center in Youngstown, 311-bed Trumbull Memorial Hospital and 69-bed Hillside Rehabilitation Hospital in Warren; 258-bed Sharon Regional Health System in Sharon, Pa. and 254-bed Easton Hospital in Easton, Pa. The transaction is expected to close in the second quarter of 2017, subject to customary regulatory approvals and closing conditions. The Company will apply proceeds of the transaction to pay down debt. Commenting on the announcement, Wayne T. Smith, chairman and chief executive officer of Community Health Systems, Inc., said, “This transaction is a significant step in our strategic work to optimize our portfolio and operations for the future. These hospitals play an important role in their communities and can benefit from Steward Health Care’s community-based care model going forward.” The Company will provide an update on its divestiture activity during its fourth quarter and year-end 2016 earnings call. The conference call is scheduled to begin at 10:00 a.m. Central time, 11:00 a.m. Eastern time, on Tuesday, February 21, 2017. A live broadcast of the conference call will be available online at www.chs.net. Community Health Systems, Inc. is one of the largest publicly traded hospital companies in the United States and a leading operator of general acute care hospitals in communities across the country. The Company, through its subsidiaries, owns, leases or operates 158 affiliated hospitals in 22 states with an aggregate of nearly 27,000 licensed beds. The Company’s headquarters are located in Franklin, Tennessee, a suburb south of Nashville. Shares in Community Health Systems, Inc. are traded on the New York Stock Exchange under the symbol “CYH.” More information about the Company can be found on its website at www.chs.net. Statements contained in this news release regarding potential transactions, operating results, and other events are forward-looking statements that involve risk and uncertainties. Actual future events or results may differ materially from these statements. Readers are referred to the documents filed by Community Health Systems, Inc. with the Securities and Exchange Commission, including the Company’s annual report on Form 10-K, current reports on Form 8-K and quarterly reports on Form 10-Q. These filings identify important risk factors and other uncertainties that could cause actual results to differ from those contained in the forward-looking statements. The Company undertakes no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
News Article | November 10, 2016
LOS ANGELES--(BUSINESS WIRE)--#24hrhomecare--Guardian Rehabilitation Hospital, a leading 5-Star skilled nursing facility in Los Angeles, has collaborated with award winning in-home care company, 24Hr HomeCare, to form Continuum Homecare, a non-medical in-home care division to extend the care for patients into the home. Guardian is a 93-bed skilled nursing facility that specializes in short-term rehabilitation services for individuals after a hospitalization. Many of Guardian’s patients are transferring from l