Posted by Jason Greis on August 11, 2010 under Articles, Industry News | 
On August 4, 2010 it was announced that Cornerstone Healthcare Group completed a merger with Solara Healthcare. Both Cornerstone and Solara are privately-owned, Dallas-based providers of Long-Term Acute Care (LTAC) hospital services. The newly-combined company consists of 18 owned and managed LTAC hospitals, operating in Texas, Louisiana, Arizona, West Virginia, Ohio and Oklahoma. The combined company will be led by Mike Brohm, President and CEO of Cornerstone and the Cornerstone executive management team. Cornerstone and Solara will both continue to operate under their existing brand names. The combined company will become the nation’s fourth largest provider of LTACH services (by number of LTACH facilities owned or managed) behind Select, Kindred and Rehabcare (and assuming Select and Regency complete their proposed transaction). Financial terms of the merger were not disclosed. Read More...
Tags: cornerstone, greisguide, greisguidetoltachs, highland capital management, jason greis, ken ross, kindred, LifeCare, ltac, LTACH, LTCH, mcguirewoods, merge, merger, mike brohm, rehabcare, select, solara, transaction
Posted by Jason Greis on September 29, 2009 under Articles |
Section 114 of the Medicare, Medicaid, and SCHIP Extension Act of 2007 (“MMSEA”) established, among other things, a three-year temporary moratorium on the establishment of new LTACHs and LTACH beds, subject to certain limited exceptions. When rules implementing the moratorium were released by CMS in an Interim Final Rule on May 22, 2008, CMS did not specify which change of ownership and facility relocation activities by existing LTACHs and LTACH satellite would continue to be permissible under the moratorium. In fact, CMS specifically advised the industr that such questions should be directed to their Medicare Administrative Contractors, and that the CMS Regional Office would address specific situations on a case by case basis. Read More...
Tags: asset sale, Change of Ownership, chow, co-locate, consolidate, consolidation, development, greisguide, greisguidetoltachs, hospital, jason greis, long term acute care hospital, long term care hospital, ltac, LTACH, LTCH, medicare, merge, merger, mmsea, provider agreement, provider number, Relocation, satellite, Section 114, stock sale, transaction
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