Acquisition Expands Cornerstone's Specialty Hospital Operations, Advances Firm's Strategic Growth Initiatives
Dallas, TX /PRNewswire/ - Cornerstone Healthcare Group ("Cornerstone"), a diversified healthcare company that manages a network of specialty hospitals, senior living communities, behavioral health facilities, and home health and hospice operations, announced today its acquisition of the Long-term Acute Care Hospital in HCA Houston Healthcare Medical Center's North Tower from HCA Houston Healthcare.
"Opening a Cornerstone hospital at this site offers a number of benefits for everyone involved. With access to two trusted providers in one convenient location, this facility is an example of the future of patient-focused care," said Cornerstone Healthcare Group President and CEO, Steve Jakubcanin. "We are looking forward to working in tandem with HCA Houston Healthcare to provide our specialty care at the HCA Houston location, which has recently announced a number of the new and expanded clinical programs that complement Cornerstone's capabilities. That is a win for the community, clinicians, patients, and their families."
HCA Houston Healthcare Medical Center is investing $40 million in new patient safety and quality, cardiac cath labs, advanced medical equipment and a new building façade.
The new Cornerstone Special Hospital Houston Medical Center is accredited by the Center for Improvement in Healthcare Quality.
Cornerstone currently operates 18 specialty hospitals nationwide. These facilities provide high-quality care for patients in need of longer medical stays due to multiple and/or complex medical conditions.
The acquisition is the latest transaction in Cornerstone's long-term strategic growth plan. Key initiatives include: expanding complementary businesses like home health, which create efficiencies and enable Cornerstone to operate across the spectrum of care; and establishing strategic partnerships with healthcare networks and other providers that can benefit from Cornerstone's specialized expertise. Earlier this year, Cornerstone announced two partnerships as part of these initiatives, one stemming from its acquisition of a Phoenix-based home health company, and the other a LTACH joint venture with a community healthcare system.
Cornerstone continues to pursue opportunities nationwide to partner with premium health systems looking to expand their clinical programming and collaborate with Cornerstone's expertise in specialty hospitals, senior living, behavioral health, and home health.
About Cornerstone Healthcare Group
Cornerstone Healthcare Group Holding, Inc. is a diversified healthcare company based in Dallas, Texas, majority owned by funds managed by Highland Capital Management, L.P. Cornerstone's mission is to provide the highest quality, patient-focused healthcare and customer service to every patient, family member, and physician it serves. Cornerstone is comprised of four complementary business segments: Long Term Acute Care, Behavioral Health, Senior Living and Home Health and Hospice. As a leading provider of complex acute and post-acute care services, Cornerstone's Long Term Acute Care division operates eighteen long term acute care hospitals in Texas, Oklahoma, Louisiana, Arkansas, Arizona, and West Virginia. Cornerstone Behavioral Health offers a continuum of services focused on older adults and is quickly establishing psychiatric facilities in select regions. The Behavioral Health division currently operates one facility in Arizona. Cornerstone's Senior Living division is the owner and operator of seven communities in Texas, Arkansas and Tennessee, with plans to continue to grow its footprint within targeted markets. Cornerstone's home health division is the owner and operator of Arizona based Southland Home Care, Southland Hospice and Southland Geriatric and Palliative Care. Cornerstone is the owner-operator of its operational divisions and does not outsource management of its properties. For more information, visit www.chghospitals.com.