Kindred Healthcare LLC and Landmark Medical Center, a subsidiary of Prime Healthcare, announce a definitive agreement to create a partnership that will own and operate the Rehabilitation Hospital of Rhode Island in North Smithfield, Rhode Island.
Kindred will have a 60% ownership interest in the joint venture, and Landmark will own 40%. The hospital is licensed for 82 rehabilitation beds.
Under the agreement, Kindred will bring its rehabilitation management and services expertise to the existing hospital, which serves patients from across Rhode Island and neighboring Massachusetts.
“This partnership will enable us to expand the services provided and help more patients recover from their illnesses or injuries, restore function and regain the independence needed to get back to their lives,” says Russ Bailey, Chief Operating Officer, Kindred Rehabilitation Hospitals, in a media release.
“We look forward to working with Kindred to develop a best in class continuum of care,” notes Mike Souza, CEO, Landmark Medical Center and the Rehabilitation Hospital of Rhode Island.
Kindred and Prime expect to complete the transaction by the third quarter of 2020, subject to the completion of due diligence, regulatory and licensing approvals, per the release.
[Source(s): Kindred Healthcare, The Rehabilitation Hospital of Rhode Island, Business Wire]