KINDRED HEALTHCARE ANNOUNCES PLANS FOR TWO NEW HOSPITALS
Louisville, KY (July 20, 2005) – Kindred Healthcare, Inc. (the “Company”) (NYSE: KND) today announced plans to open freestanding hospitals in Havertown, Pennsylvania, and Peoria, Arizona.
The Company is planning a 57-bed long-term acute care (“LTAC”) hospital in Havertown in the metropolitan Philadelphia area. The hospital is expected to open in the second quarter of 2006 after completion of renovations and the receipt of certain regulatory approvals. The Company currently operates a freestanding LTAC hospital under the name Kindred Hospital - Philadelphia and a hospital-in-hospital under the name Kindred Hospital - Delaware County in the Philadelphia market.
The Company also is planning a 50-bed LTAC hospital in Peoria, a suburb in the west valley of Phoenix. This hospital will be on the campus of Plaza del Rio Care Center, which is operated by American Retirement Corporation (NYSE: ACR), a national senior living and health care services provider offering a broad range of care and services to seniors, including independent living, assisted living, skilled nursing and Alzheimer’s care. This hospital is expected to open in the first quarter of 2006 after completion of renovations and subject to the receipt of certain regulatory approvals and other third party consents. The Company currently operates two freestanding LTAC hospitals in the Phoenix area under the names Kindred Hospital - Arizona - Phoenix and Kindred Hospital - Arizona - Scottsdale.
“We are excited about the new relationship with Kindred Healthcare,” said Bill Sheriff, Chairman, President and CEO of American Retirement Corporation. “Placing an LTAC on the campus along with our Continuing Care Retirement Center and the nearby hospital creates the most comprehensive care network in the area.”
“As we continue to execute on our strategic development plans we are looking for new and innovative opportunities in which to grow and integrate each of our four business lines,” said Paul J. Diaz, President and Chief Executive Officer of the Company. “We believe our new Philadelphia hospital and particularly the opportunity to work in Phoenix with American Retirement Corporation, a well respected senior living provider, are great examples of the opportunities we see.”
Kindred Healthcare, Inc. through its subsidiaries operates hospitals, nursing centers, institutional pharmacies and a contract rehabilitation services business across the United States.
CONTACT:
Susan E. Moss
Vice President of Corporate Communications
(502) 596-7296
