Specialty Hospitals of Washington Completes Financial Restructuring and Emerges From Chapter 11

Veteran Long-Term Acute Care Hospital Industry Executive Marc C. Ferrell Named CEO

Successful Restructuring Process Preserves Vital Facilities and Services, as Well as the Jobs of More Than 750 District of Columbia Metro Area Employees

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Specialty Hospitals of Washington

Dec 22, 2014, 08:27 ET

WASHINGTON, Dec. 22, 2014 /PRNewswire/ -- Specialty Hospitals of Washington – which operates the only Long-Term Acute Care Hospitals (LTACH) in the greater metropolitan area surrounding and including Washington, DC, as well as the area's only nursing home facilities licensed for residents requiring ventilators – announced today that it has been acquired by DCA Acquisitions, LLC and has emerged from Chapter 11. In addition, Marc C. Ferrell, a seasoned entrepreneur and executive in the LTACH industry, has been named the company's new Chief Executive Officer, effective immediately.

"Specialty Hospitals has emerged from the restructuring process with a strong financial foundation and we are well positioned to provide an enhanced level of service as the leading long-term acute care resource in the greater Washington, DC metropolitan area," said Marc Ferrell, Chief Executive Officer of DCA Acquisitions, LLC, the new owner of Specialty Hospitals. "We are very much aware of our critical position in the region's continuum of care, allowing patients in our care to recover from critical and complex injuries and remain safely where they are with the same physicians and nurses, close to their loved ones. As Specialty Hospitals moves forward, we intend to invest in our facilities, which are an important resource for not only the approximately 1,500 patients in our care annually, but our community as a whole."

During the restructuring process, which began in May 2014, Specialty Hospitals continued to provide vital services without disruption to its more than 300 patients and residents, their families, and the company's more than 750 employees. Specialty Hospitals' two health care facilities are the only LTACH operations in Washington, D.C. and the only freestanding LTACHs between Philadelphia and Richmond. The Capitol Hill facility has 117 Skilled Nursing Facility (SNF) beds and 60 LTACH beds. The Hadley facility has 62 SNF beds and 82 LTACH beds.

Chief Executive Officer Marc Ferrell joins Specialty Hospitals with more than 23 years of experience in working with Long-Term Acute Care Hospitals and healthcare providers generally. Most recently, he was the Chief Operating Officer and Co-Founder of Vista Healthcare, an LTACH start-up based in Los Angeles, where he directed day-to-day operations at the hospital and corporate levels. Through Mr. Ferrell's leadership, Vista grew into a 280-bed, five-facility LTACH system, largely by acquiring and re-opening shuttered acute care hospitals as LTACHs. Prior to Vista, Mr. Ferrell was Vice President of Hospital Operations at Specialty Healthcare Services, a start-up LTACH business that grew to seven LTACHs in four different states.

Contact:
Lisa Proctor, Vice President of Public Relations and Marketing
(202) 574-5715
[email protected]

Long term acute care hospitals (LTACHs) have been established to concentrate on medically complex and critically ill patients. LTACHs provide highly specialized care to promote and optimize recovery potential. LTACHs are typically designed to offer patients a longer length of stay and a more resource-intensive level of physician and nursing care, along with individualized therapies.

The Specialty Hospitals of Washington are accredited by The Joint Commission and provides healthcare services to adult patients (pediatric services exempt) and residents and prohibits discrimination based on race, religion, gender identity or expression, sex, sexual orientation, national origin, age, physical or mental disability, marital status, personal appearance, family responsibilities, political affiliation, matriculation, or status as a covered veteran in accordance with applicable federal, state and local laws.

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SOURCE Specialty Hospitals of Washington