Medical Innovations, a Houston-based home-care company, has signed a five-year contract to start up and manage Horizon/CMS' home-care nursing operations. Terms of the deal weren't disclosed.
"The addition of home-care nursing will considerably expand our continuum of lower-cost healthcare services and enhance our managed-care contracting capabilities," said Albert Sousa, vice president for medical specialty services at Horizon/CMS.
Horizon/CMS has 135 long-term-care centers and 37 rehabilitation hospitals, and provides subacute-care services through 55 specialty hospitals and units.
With about 50 operating sites, Medical Innovations provides home-care services or manages healthcare agencies for hospitals in 11 states.
Albuquerque, N.M.-based Horizon/CMS reported a net loss of $28.9 million, or 56 cents per share, for its first quarter ended Aug. 31. Net earnings included a one-time charge of $63.5 million for costs resulting from the merger of Continental Medical Systems and Horizon. For Horizon and CMS combined, revenues grew 13% to $431.4 million.