ScionHealth Completes Acquisition of Cornerstone Healthcare Group

Combination delivers on ScionHealth's commitment to provide patients with world-class care close to home.

LOUISVILLE, Ky., Jan. 23, 2023 /PRNewswire/ -- ScionHealth today reported the close of its previously announced acquisition of Cornerstone Healthcare Group ("Cornerstone"). The addition of Cornerstone's talented caregivers and diversified portfolio of high-quality post-acute care facilities enhances ScionHealth's position as a leading healthcare delivery network across 28 states and is an important step in executing the organization's strategic plan for growth and innovation.

The acquisition adds 15 specialty hospitals, eight senior living locations and approximately 3,000 talented employees to ScionHealth's network to advance access to high-quality care, enhance innovation and improve the patient experience. The transaction expands ScionHealth's national network of specialty and community-based hospitals and physician practices to deliver essential care solutions in local communities nationwide.

"ScionHealth's expansion, through the acquisition of Cornerstone, demonstrates our platform for growth and our priority in supporting exceptional patient and employee experiences in hospitals close to home," said Rob Jay, chief executive officer of ScionHealth. "We are excited to add Cornerstone and its dedicated team members to ScionHealth, and eager to leverage best practices from both organizations to continue delivering compassionate, quality-focused care to patients across the country who place their trust in us."

"I am pleased to welcome the 3,000 talented caregivers from Cornerstone who share our vision to deliver best-in-class clinical expertise, healthcare solutions and innovation to ScionHealth's specialty hospital family," said Danny Brywczynski, president of ScionHealth's Specialty Hospital Division. "Within our expanded specialty hospital portfolio, we will continue to deliver quality care and exceptional outcomes for the nation's most medically complex patients."

Simultaneous to the close of the transaction with Cornerstone, Lifepoint Health successfully completed the purchase of Cornerstone Behavioral Health El Dorado in Tucson, Arizona, from ScionHealth.

ScionHealth was established in late 2021 with a focus on investment in community healthcare and grounded in commitments to outstanding patient care and quality outcomes.

Sidley Austin LLP and Paul, Weiss, Rifkind, Wharton & Garrison, LLP served as legal counsel to ScionHealth.

About ScionHealth
ScionHealth strives to deliver on its promise of high-quality, patient-centered hospital care by empowering the hands that heal to do what they do best. The health system is focused on driving innovation, serving its communities, and investing in people and technology to deliver compassionate patient care and excellent health outcomes. Based in Louisville, ScionHealth operates 94 hospital campuses (76 specialty hospitals and 18 community hospital campuses and associated health systems) and eight senior living locations in 28 states. For more information, please visit www.scionhealth.com.

Media Contact:
Scott Shepherd
Vice President, Communications and Marketing
ScionHealth
[email protected]

Forward-Looking Statements
This communication contains certain information, including statements as to the expected timing, completion and effects of the proposed transaction involving ScionHealth and Cornerstone Healthcare Group, which may constitute forward-looking statements. Such forward-looking statements are subject to risks and uncertainties, and actual results may differ materially. Such forward looking statements include, among others, statements about the benefits of the proposed transaction, including future financial and operating results, plans, objectives, expectations for ScionHealth and other statements that are not historical facts. Such statements are based on the current beliefs and expectations of management and are subject to significant risks and uncertainties outside of its control. These risks and uncertainties include, among others: the possibility that the anticipated benefits from the proposed transaction will not be realized, or will not be realized within the expected time periods; the occurrence of any event, change or other circumstances that could give rise to termination of the proposed transaction agreement or cause the proposed transaction not to close within the anticipated timeline or at all; risks associated with the disruption of management's attention from ongoing business operations due to the proposed transaction; risks associated with the retention of key employees; and the inability to obtain necessary regulatory approvals of the proposed transaction or the receipt of such approvals being subject to conditions that are not anticipated. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Except as otherwise required by law, neither ScionHealth nor Cornerstone Healthcare Group undertakes any obligation, and expressly disclaims any obligation, to update, alter or otherwise revise any forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future events or otherwise.

SOURCE ScionHealth