Cornerstone Healthcare Group Announces Two New Partnerships with Home Health Acquisition and Launch of Long-Term Acute Care Joint Venture Hospital
DALLAS, March 15, 2019 /PRNewswire/ -- Cornerstone Healthcare Group ("Cornerstone"), a diversified healthcare company with operations in the specialty hospital, senior living, and behavioral health fields, announced two new partnerships, expanding its capabilities into home health and strengthening its operations in the long-term acute care space.
Cornerstone Expands Home Health Capabilities with Acquisition of Southland Home Health
Cornerstone recently acquired Southland Home Health ("Southland"), a home health company based in Phoenix, Arizona. This acquisition into home health complements Cornerstone's existing areas of expertise: specialty hospitals, behavior health, and senior living.
Southland specializes in post-acute care services, including skilled home health, palliative care, and hospice care.
"Southland Home Health is a leading provider in Maricopa County, and we see this as an exciting opportunity to partner with great people doing great things," said Cornerstone president and CEO Steve Jakubcanin. "We are passionate about home health and see this service line as a natural progression for our company."
Founded in 2009, Southland provides comprehensive, multidisciplinary in-home healthcare services across the greater Phoenix area. Through a team of skilled healthcare professionals, including Registered Nurses (RNs), Licensed Practical Nurses (LPNs), Certified Nursing Assistants (CNAs), and home health aides, Southland delivers individualized in-home care programs tailored to patients' needs. Southland has grown to become one of the top 10 home health agencies in Maricopa County. The company will continue to operate under the Southland brand following the acquisition.
Cornerstone expects the Southland partnership to be the first of a series of acquisitions in the home health space. The company is actively seeking opportunities to acquire home healthcare businesses that provide a geographic overlay to its specialty hospitals, senior living facilities, and behavioral health operations.
The full announcement about the acquisition of Southland Home Health can be found on the Cornerstone website – here.
In addition to its home health acquisition, Cornerstone established a new partnership in the long-term acute care space with the launch of a joint venture with Lake Charles Memorial Health System ("Lake Charles Memorial") to operate a long-term acute care hospital (LTACH) facility. As a result of the agreement, which was finalized at the end of 2018, the Cornerstone specialty hospital location in Sulphur, Louisiana relocated to Memorial Specialty Hospital's location within CHRISTUS St. Patrick Hospital in Lake Charles. Memorial Specialty Hospital, the LTACH unit of the Lake Charles Memorial system, has been renamed Cornerstone Hospital Southwest Louisiana. Cornerstone serves as the majority stakeholder in the new venture.
"Bringing Cornerstone's expertise in the LTACH space together with the trusted community healthcare system in Lake Charles Memorial represents an opportunity for two local industry leaders to collaborate and expand healthcare options in our community," said Cornerstone president and CEO Steve Jakubcanin. "We are grateful for the opportunity to come together in the comprehensive specialty care space and look forward to a bright future for the benefit of our patients."
"Cornerstone has a great track record with providing long-term care to patients across the country and a long history of care in Southwest Louisiana, " says Larry Graham, president and CEO of Lake Charles Memorial Health System. "It made sense to partner with such an experienced healthcare group to better serve the patients of Memorial. This joint venture will allow timely and more efficient care to the patients who need it the most."
The new Cornerstone Hospital Southwest Louisiana, which is accredited by The Joint Commission (TJC), is one of 18 specialty hospitals that Cornerstone operates nationwide. Cornerstone's specialty hospitals provide high-quality care for patients in need of longer medical stays due to multiple and/or complex medical conditions.
Cornerstone is pursuing opportunities nationwide to partner with health systems that can benefit from Cornerstone's expertise in specialty hospitals, senior living, and behavior health.
The full announcement about Cornerstone Hospital Southwest Louisiana and the new partnership with Lake Charles Memorial can be found on the Cornerstone website – here.
About Cornerstone Healthcare Group
Cornerstone Healthcare Group Holding, Inc. is a diversified healthcare company based in Dallas, Texas, 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 three complementary business segments: Long Term Acute Care, Behavioral Health and Senior Living. As a leading provider of complex acute and post-acute care services, Cornerstone's Long Term Acute Care division operates 18 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, with two additional hospitals planned in Texas. Cornerstone Senior Living is the owner and operator of seven communities in Texas, Arkansas, and Tennessee, with plans to continue to grow its footprint within targeted markets. For more information visit www.chghospitals.com.
MEDIA CONTACT
Lucy Bannon
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SOURCE Cornerstone Healthcare Group Holding, Inc.
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