KINDRED HEALTHCARE OPENS NEW HOSPITAL IN PITTSBURGH, PENNSYLVANIA, AND ACQUIRES SKILLED NURSING CENTER AND ASSISTED LIVING RESIDENCE IN CLEVELAND, OHIO
Louisville, KY (August 1, 2007) – Kindred Healthcare, Inc. (the “Company”) (NYSE:KND) today announced the opening of Kindred Hospital Pittsburgh - North Shore in Pittsburgh, Pennsylvania, and the acquisition of a skilled nursing center and assisted living residence formerly operated by The Greens Communities, LTD (the “Greens Acquisition”).
Kindred Hospital Pittsburgh - North Shore is a 72-bed freestanding long-term acute care (“LTAC”) hospital with a co-located 39-bed Sub-Acute Unit in Pittsburgh, Pennsylvania. The Company currently operates a freestanding LTAC hospital under the name Kindred Hospital - Pittsburgh and a hospital-in-hospital (“HIH”) under the name Kindred Hospital at Heritage Valley in the Pittsburgh market.
In the Greens Acquisition, the Company acquired The Greens Postacute and Rehabilitation Center, a 160-bed skilled nursing center, and The Fountains on the Greens, an assisted living residence with a total of 82 beds, located in Cleveland, Ohio. Terms of the transaction were not disclosed. Kindred currently operates a nursing center under the name The LakeMed Nursing and Rehabilitation Center, a recently opened freestanding LTAC hospital under the name Kindred Hospital - Cleveland that also contains a 40-bed Sub-Acute Unit, and an HIH under the name Kindred Hospital - Cleveland - Gateway in the Cleveland market.
“These projects help support our growth strategy of developing new hospitals and identifying strategic acquisitions in markets where we already offer services,” said Paul J. Diaz, President and Chief Executive Officer of the Company. “The new Pittsburgh hospital gives us a larger presence in an existing market and allows us to provide Sub-Acute Services. The Greens acquisition is an example of our growing cluster market strategy, where we are looking for opportunities to share resources and expertise among our hospitals and nursing centers in the same market.”
About Kindred Healthcare
Kindred Healthcare, Inc. (NYSE:KND) is a Fortune 500 healthcare services company, based in Louisville, Kentucky, with annual revenues of $4.2 billion that provides services in approximately 560 locations in 39 states. Kindred through its subsidiaries operates long-term acute care hospitals, skilled nursing centers and a contract rehabilitation services business, Peoplefirst Rehabilitation Services, across the United States. Kindred’s 51,000 employees are committed to providing high quality patient care and outstanding customer service to become the most trusted and respected provider of healthcare services in every community we serve. For more information, go to www.kindredhealthcare.com.
CONTACT:
Susan E. Moss
Vice President of Corporate Communications
(502) 596-7296
