Richardson-based Rockwall Hospitals buys Integra Hospital Plano

by PegNews wire

The terms of the deal were not disclosed.

RICHARDSON — Rockwall Hospitals, Inc. announced today that it had closed on the purchase of Integra Hospital Plano, a 73-bed rehabilitation facility in Plano, Texas, near Dallas, and Sage Rehabilitation Hospital, a 42-bed facility in Baton Rouge, La.

Both are full-service rehabilitation hospitals and represent, not only Rockwall Hospitals’ first ventures into 100 percent ownership of hospitals, but also the Richardson, Texas-based company’s first and second rehabilitation hospitals, as well as its first facility outside Texas. Rockwall Hospitals also operates and is the largest sole owner in the hospital partnership of Patients Medical Center in Pasadena, Texas, and Texas Regional Medical Center at Sunnyvale, which is under construction and is scheduled to open in August in Sunnyvale, Texas. Rockwall is scheduled to begin construction later this year on Southlake Regional Medical Center in Southlake, Texas, which also has physician investors.

The purchase price for the two hospitals was not disclosed.

“These are wonderful hospitals in growing communities,” said Mark W. Kennedy, president and CEO of Richardson, Texas-based Rockwall Hospitals. “It is Rockwall Hospitals’ intention to offer some ownership opportunities in both hospitals to selected and qualified local physicians.

“These hospitals have done excellent jobs of maintaining high patient censuses during their former owner’s bankruptcy. This is a testament to the dedication and professionalism of the employees, therapists, nurses and physicians in both of these facilities. It’s also one of the largest factors in Rockwall Hospitals’ decision to acquire the Plano and Baton Rouge hospitals.”

Plano-based Integra Hospital Management, LLC and its related companies filed bankruptcy in late 2008.

Integra Hospital Plano, which will keep its name, has 241 part-time and full-time employees and the Baton Rouge hospital employs 242 part-time and full-time employees. Kennedy said almost all the employees are keeping their jobs. Greg Rogers is the new CEO for Integra Hospital Plano and Jay Ivy will remain CEO of Sage Rehabilitation Hospital.

“We have a lot of potential to do more for patients in Baton Rouge and we are excited that Rockwall Hospitals, Inc. is the company that can take us to a new level,” said Ivy, whose hospital’s skilled-nursing unit recently earned a five-star rating from Medicare for its overall care. “I would like to see us expand our programs for brain-injury treatment and also expand our presence in Baton Rouge’s rehabilitation medical market.”

Source: Rockwall Hospitals