A definitive agreement has been signed combining Concentra Holdings LLC, a subsidiary of Select Medical, and U.S. HealthWorks, a subsidiary of Dignity Health Holdings Company (DHHC).
As both are providers of occupational medicine and urgent care services, the partnership is aimed at strengthening the delivery of care through greater access and standardization of best practices improving the health and wellness services for employers and employees, notes a media release from Select Medical.
Subject to the satisfaction of closing conditions, the transaction will occur through an equity purchase and contribution agreement, whereby Concentra will acquire all of the issued and outstanding shares of stock of U.S. HealthWorks from DHHC. Following the closing of the transaction, Dignity Health will own a 20% equity interest in the combined entity holding Concentra and U.S. HealthWorks.
“We are excited about our partnership with Dignity Health, which enables us to join forces and deliver best-in-class occupational medicine and urgent care to communities and corporate work sites nationwide,” says Robert A. Ortenzio, executive chairman and co-founder of Select Medical, in the release.
“Caring for America’s workforce creates a healthier population, which means more productivity for business, a stronger economy, and connected communities,” states Daniel Morissette, Dignity Health’s senior executive vice president/chief financial officer, in the release. “Combining the two organizations will strengthen the delivery of clinical care, standardize best practices, and improve service for employers and employees.”
[Source(s): Select Medical Holdings Corporation, PR Newswire]
