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May 12, 2022, 15:00 ET
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Combination strengthens ScionHealth’s position as a leading healthcare delivery network committed to investing in community healthcare
LOUISVILLE, Ky. and DALLAS, May 12, 2022 /PRNewswire/ — ScionHealth and Cornerstone Healthcare Group ("Cornerstone") today announced that they have entered into a definitive agreement for ScionHealth to acquire Cornerstone. The combination of the two patient-focused and quality-driven organizations will strengthen ScionHealth’s position as a leading healthcare delivery network, expanding services, resources, and expertise to grow and invest in the health and well-being of patients and employees in communities nationwide.
The addition of Cornerstone’s locations will enhance ScionHealth’s ability to advance access to high-quality care and implement innovative solutions to improve the patient experience. The transaction expands ScionHealth’s national network of long-term acute care hospitals, community-based hospitals and physician practices to deliver life-saving care solutions for the nation’s most medically complex patients.
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. The acquisition of Cornerstone is the first step in executing ScionHealth’s strategic plan for growth and innovation.
"When we launched ScionHealth, we knew our portfolio would serve as a strong platform for growth," said Rob Jay, chief executive officer of ScionHealth. "Adding Cornerstone to ScionHealth is a significant first milestone and reflects our commitment to deliver high-quality healthcare solutions in the communities we serve. We are excited to welcome Cornerstone’s talented group of employees and providers into the ScionHealth family. Cornerstone shares our values, as well as a similar focus on advancing clinical and quality excellence to benefit patients, pursue innovative solutions, and make healthcare more accessible. Additionally, today’s announcement reinforces ScionHealth’s commitment to being an active member of the Louisville business community, as well as a strong employer in Louisville and the other communities where our team members live and work across the U.S."
"This combination with ScionHealth confirms Cornerstone’s commitment to quality care," said Steve Jakubcanin, chief executive officer and president. "We are proud to join an organization that puts people first and shares our vision to deliver best-in-class healthcare innovation and clinical expertise. We look forward to the benefits this combination will have for our team members and those we serve."
Upon the completion of regulatory approvals and satisfaction of customary closing conditions, the acquisition of Cornerstone is expected to be completed in the second half of 2022. Cornerstone Specialty Hospitals Clear Lake and Cornerstone Specialty Hospitals Houston Medical Center are excluded from the acquisition.
ScionHealth strives to provide high-quality, patient-centered acute and post-acute hospital solutions. 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 79 hospital campuses in 25 states – 61 long-term acute care hospitals and 18 community hospital campuses and associated health systems. For more information, please visit www.scionhealth.com.
Vice President, Communications and Marketing
About Cornerstone Healthcare Group
Cornerstone Healthcare Group Holding, Inc. is a diversified healthcare company based in Dallas, Texas. Cornerstone’s mission is to make a difference by providing exceptional care and delivering the best experience to all who they serve. For more information, visit www.chghospitals.com.
Sr. Brand and Social Media Manager
Cornerstone Healthcare Group
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.
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