Birmingham, Ala.-based HealthSouth Corp. has entered an agreement to purchase Cardinal Hill Rehabilitation Hospital in Lexington, Ky.
The hospital is currently owned by the not-for-profit Kentucky Easter Seal Society, an affiliate of the national disabilities organization. Financial terms of the deal are not yet being disclosed, a HealthSouth spokeswoman said.
Cardinal Hill includes 158 licensed inpatient rehabilitation beds and 74 licensed skilled-nursing beds. It also provides outpatient rehabilitation and home health services.
The hospital chose HealthSouth as a buyer because of its ability to negotiate payer contracts, its use of integrated electronic medical records and its financial viability, among other reasons, said Gary Payne, Cardinal Hill's CEO. Payne will remain CEO following the acquisition, the HealthSouth spokeswoman said.
The agreement, expected to close in the first half of 2015, is subject to regulatory approval and other customary closing conditions.
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