Select Medical Holdings SEM entered a joint venture with the New Jersey-based integrated healthcare system, AtlantiCare. The agreement involves the construction of an inpatient rehabilitation hospital in Galloway Township, Zacks reports.
While the construction of the hospital is likely to start in 2023, subject to state approvals, the same is expected to commence operations in 2024 or 2025. The facility formed as a result of the JV, named Bacharach Institute for Rehabilitation, will be furnished with innovative rehabilitative technologies to cure patients suffering from debilitating illnesses and injuries.
The JV with AtlantiCare also encompasses joint management of operations of the 13 outpatient physical therapy centers situated in the southeastern region of New Jersey that form part of Select Medical’s NovaCare Rehabilitation brand. SEM will assume the role of the majority owner and managing partner of the newly planned facility as well as 13 outpatient physical therapy centers. Read more.
