BIRMINGHAM, Ala. and IOWA CITY, Iowa, Jan. 28, 2020 /PRNewswire/ -- Encompass Health Corp. (NYSE: EHC) and the University of Iowa Health System, the nonprofit corporation that supports the clinical, academic and research programs of University of Iowa Health Care, today announced they have entered into an agreement to jointly own a 40-bed, freestanding inpatient rehabilitation hospital currently under construction in Coralville, Iowa.
The hospital, which was announced by Encompass Health in early 2019, will be located near the southwest corner of Oakdale Boulevard and Coral Court in Coralville and is expected to open in the second quarter of 2020. It will be called University of Iowa Health Network Rehabilitation Hospital, a venture with Encompass Health.
"The university and Encompass Health share a mission of making a difference in lives of the patients we serve through high-quality, patient-centered care that is delivered in a multi-disciplinary setting," said Troy DeDecker, president of Encompass Health's central region. "This joint venture will allow Encompass Health to become a part of the well-known and highly respected healthcare services already being provided by the university, which will greatly benefit our future patients."
"This collaboration with Encompass Health is good for Iowans who need an inpatient rehabilitation level of care," says Brooks Jackson, M.D., M.B.A., University of Iowa Health Care Vice President for Medical Affairs and the Tyrone D. Artz Dean, Carver College of Medicine. "It means more patient care at the right place at the right time, and for the right cost, to achieve the right outcome."
Complementing local acute care services like those provided by the university, the future hospital will serve patients recovering from a variety of debilitating illnesses and injuries including strokes and other neurological disorders, brain injuries, spinal cord injuries, amputations and complex orthopedic conditions. It offers physical, occupational and speech therapies as well as 24-hour nursing care that aim to restore functional ability and quality of life.
The formation of the joint venture is subject to customary closing conditions, and the joint venture's operation of the future hospital is subject to regulatory approvals.
About University of Iowa Health Care
University of Iowa Health Care is the state's only comprehensive academic medical center, dedicated to providing world-class health care and health-related outreach services to all Iowans. Based in Iowa City, UI Health Care includes University of Iowa Hospitals & Clinics, the University of Iowa Hospitals & Clinics, the University of Iowa Roy J. and Lucille A. Carver College of Medicine, and University of Iowa Physicians, the state's most comprehensive multi-specialty physician group practice.
About Encompass Health
As a national leader in integrated healthcare services, Encompass Health (NYSE: EHC) offers both facility-based and home-based patient care through its network of inpatient rehabilitation hospitals, home health agencies and hospice agencies. With a national footprint that includes 133 hospitals, 245 home health locations, and 83 hospice locations in 37 states and Puerto Rico, the Company is committed to delivering high-quality, cost-effective, integrated care across the healthcare continuum. Encompass Health is ranked as one of Fortune's 100 Best Companies to Work For. For more information, visit encompasshealth.com, or follow us on our newsroom, Twitter and Facebook.
Statements contained in this press release which are not historical facts, such as those relating to the likelihood, timing and effects of the completion of this hospital project, are forward-looking statements. In addition, Encompass Health may from time to time make forward-looking public statements concerning the matters described herein. All such estimates, projections, and forward-looking information speak only as of the date hereof, and Encompass Health undertakes no duty to publicly update or revise such forward-looking information, whether as a result of new information, future events, or otherwise. Such forward-looking statements are necessarily estimates based upon current information and involve a number of risks and uncertainties. Encompass Health's actual results or events may differ materially from those anticipated in these forward-looking statements as a result of a variety of factors. While it is impossible to identify all such factors, factors which could cause actual results or events to differ materially from those anticipated include, but are not limited to, the regulatory review and approval process, any adverse outcome of various lawsuits, claims, and legal or regulatory proceedings that may be brought by or against the Company; the possibility this project will experience unexpected delays; the ability to successfully complete and integrate this project consistent with Encompass Health's growth strategy, including realization of anticipated revenues, and avoidance of unforeseen exposure to liabilities; changes in the regulation of the healthcare industry at either or both of the federal and state levels; competitive pressures in the healthcare industry and Encompass Health's response thereto; the hospital's ability to maintain proper local, state and federal licensing; potential disruptions, breaches, or other incidents affecting the proper operation, availability, or security of Encompass Health's information systems; Encompass Health's ability to attract and retain nurses, therapists, and other healthcare professionals in a highly competitive environment with often severe staffing shortages and the impact on Encompass Health's labor expenses from potential union activity and staffing shortages; changes, delays in (including in connection with resolution of Medicare payment reviews or appeals), or suspension of reimbursement for Encompass Health's services by governmental or private payors; general conditions in the economy and capital markets; and other factors which may be identified from time to time in Encompass Health's SEC filings and other public announcements, including Encompass Health's Form 10 K for the year ended December 31, 2018 and Form 10-Q for the quarters ended Sept. 30, 2019, June 30, 2019 and March 31, 2019.
Encompass Health contacts:
Media: Hillary Carnel | 205 970-5912
Investor Relations: Crissy Carlisle | 205 970-5860
UI Health System contact:
Tom Moore | 319 356-3945
SOURCE Encompass Health Corp.