Select Medical, an operator of long-term acute care and inpatient rehabilitation hospitals, will serve as the majority owner and managing partner across the two post-acute care lines.
Construction of the hospital will begin this year, subject to state approvals. It is projected to open in 2024 or 2025.
Under the agreement, Select Medical will contribute 13 outpatient physical therapy centers under its NovaCare Rehabilitation brand.
“As our partnership with Select Medical has developed, so too have the possibilities for patient care in our region,” AtlantiCare President and CEO Lori Herndon said in a Feb. 14 news release. “Staying at the forefront of healthcare and growing access to critical services is part of how we build healthy communities. With Select Medical, we will be able to continue to deliver on that important mission.”
In 2022, AtlantiCare generated $12.3 million in income from operations and had an operating margin of 1.2 percent, according to its most recent financial report.
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