IHS acquires two out-of-state nursing homes Hunt Valley company adds Charleston, S.C., and Las Vegas units.

July 21, 1992|By Mensah Dean | Mensah Dean,Staff Writer

Integrated Health Services Inc. of Hunt Valley said yesterday that it has added two out-of-state nursing homes to its rapidly growing business.

In separate moves, IHS said, it bought Silvercrest, a 120-bed nursing home in Las Vegas and leased and will manage Driftwood on the Ashley, a 160-bed nursing home in Charleston, S.C.

IHS, one of the fastest-growing companies in long-term nursing care, said it will convert the two homes from traditional acute nursing centers to include medical units that provide rehabilitative and other health services.

The company said its new homes will save patients an average of 50 percent on medical bills compared with a traditional hospital by excluding high-priced intensive-care units and emergency rooms. The average cost per day in an IHS home is roughly $500, compared with $1,100 to $1,200 a day at an acute-care hospital, said IHS spokesman Anthony Russo.

IHS said its sub-acute hospitals treat patients who are medically stable but require specialized care.

IHS added the facilities because they are in markets that have been identified as areas of growth in sub-acute care, said Dr. Robert N. Elkins, IHS president.

IHS, which operates 51 sub-acute facilities, earned $2.1 million, or 22 cents a share, on revenue of $31.1 million in the quarter that ended March 31.

Terms of yesterday's acquisitions were not released.

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