HealthSouth (HLS), Tidelands Health Enter Joint Venture in South Carolina

August 29, 2016 7:05 AM EDT

News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.

HealthSouth Corp. (NYSE: HLS) and Tidelands Health have formed a joint venture to own and operate Tidelands' existing inpatient rehabilitation hospital. The hospital is located at 4070 Highway 17 Bypass South in Murrells Inlet, South Carolina, on the campus of Tidelands Waccamaw Community Hospital. The joint venture expects to operate 29 inpatient rehabilitation beds at this location.

In addition, the joint venture plans to file a Certificate of Need application to build a second, 46-bed inpatient rehabilitation hospital that will be located in Little River, South Carolina. The state-of-the-art hospital will supplement the joint venture's ability to provide comprehensive, inpatient physical rehabilitation to residents of the Little River area who have experienced stroke, trauma, brain injury and complex orthopedic conditions, as well as other major illnesses or injuries.

"The joint venture will provide increased access to high-quality physical rehabilitation for the residents of Georgetown and Horry counties and the surrounding communities," said Ed Mowen, president of the MidAtlantic region for HealthSouth. "We look forward to working together with Tidelands Health to provide high-quality rehabilitative care in a hospital setting, designed to restore and strengthen patients so they can return to their highest possible level of independence."

Bruce Bailey, president and CEO of Tidelands Health, said the partnership will better enable the region's largest health system to meet the fast-growing area's need for superior, compassionate inpatient rehabilitation care.

"Over the years, Tidelands Waccamaw Rehabilitation Hospital has improved the lives of thousands of patients. As the region's only inpatient rehabilitation hospital, we have seen firsthand the growing need for this critically important service in our community," Bailey said. "Our partnership with HealthSouth will allow us to marry our strengths with those of one of the nation's largest health care providers, delivering outstanding care and service at two dedicated inpatient rehabilitation hospitals to serve the region."

The hospitals will join HealthSouth's national network of inpatient rehabilitation hospitals including five currently operating in South Carolina.

The joint venture's operation of the inpatient rehabilitation hospital in Murrells Inlet, South Carolina, is expected to begin in 2018, and is subject to customary closing conditions, including regulatory approvals. The hospital will continue to operate under the name Tidelands Waccamaw Rehabilitation Hospital. Construction on the new hospital in Little River, South Carolina, will begin following the approval of the Certificate of Need, and the new hospital will commence operations following completion of construction and receipt of all necessary regulatory approvals.

Serious News for Serious Traders! Try Premium Free!

You May Also Be Interested In

Related Categories

Corporate News, Management Comments

Add Your Comment