Select Medical And Riverside Health Enter Joint Venture
Select Medical Corporation announced a joint venture agreement with Riverside Health System to operate a long-term acute care hospital and an acute inpatient rehabilitation hospital in Newport News, Va. The agreement also includes the future construction of a new freestanding inpatient rehabilitation hospital in the region.
Under the deal, Riverside Health remains the majority owner of the 50-bed Riverside Rehabilitation Institute. Select Medical will be the majority owner of the 25-bed long-term acute care Hampton Roads Specialty Hospital and serve as managing partner of both hospitals. Upon the opening of the new inpatient rehabilitation facility, expected in early 2019, the long-term acute care hospital will relocate to Riverside Regional Medical Center.