New rehab hospital in Chicago part of Rush joint venture
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Rush University Medical Center and post-acute care provider Select Medical today announced a joint venture to operate outpatient facilities in the region, as well as a new 84-bed rehabilitation hospital on the academic medical center’s Near West Side campus.
In addition to 63 physical therapy centers in the Chicago and Northwest Indiana region, the deal includes the construction of Rush Specialty Hospital, which will have 30 critical illness recovery beds and 54 inpatient rehabilitation beds, according to a statement. Until the hospital’s expected 2022 completion, Select Medical will manage Rush’s existing rehabilitation unit in the Johnston R. Bowman Health Center on its campus.
Mechanicsburg, Pa.-based Select Medical will serve as “majority owner and managing partner across three post-acute care lines,” says the statement, which does not disclose financial terms of the deal. A Select Medical spokeswoman declined to comment on the financial terms of the deal.
“In a post-COVID-19 world, post-acute services will be even more important, and as a national standard-bearer of quality and safety, Rush was looking for a strategic partner that would complement the excellent care our patients and their families have come to expect,” Rush system CEO Dr. Ranga Krishnan said in the statement.
The outpatient rehabilitation centers include 62 NovaCare Rehabilitation, Select Physical Therapy and Michiana Orthopaedic & Sports Physical Therapy locations from Select Medical, as well as the Rush rehabilitation center, the statement says, adding that all 63 will be rebranded as Rush Physical Therapy.
“Any change when you’re locked into an existing structure is difficult to do. . . .What we are thinking is, how do we fit into the landscape—from wellness to post-acute care?” Krishnan told Crain’s earlier this month. “We are doing what I call partner, build or buy. If we can afford a partner with the right values, the right player, we will. Some (changes) will involve having to buy certain things we don’t have. And if we have no choice, we’ll build it.”