Integrated Health agrees to manage 23 Calif. facilities

February 03, 1994|By Patricia Meisol | Patricia Meisol,Sun Staff Writer

Integrated Health Services Inc. of Owings Mills said yesterday it has signed an agreement to manage 23 long-term-care and psychiatric facilities in northern California.

The agreement with Crestwood Hospitals Inc., a privately held company, is for 10 years and includes an option to buy the company when the contract expires.

Terms were not disclosed.

Crestwood is the largest private convalescent company in California and has annual revenues of about $100 million. It has 14 long-term-care facilities and nine psychiatric facilities for a total of 3,140 beds.

With the latest contract, Integrated Health will operate 135 facilities nationwide. It completed a $182 million purchase in December that essentially doubled its size to 106 facilities and gave it a market presence in the key states of Florida, Texas and Pennsylvania.

Also in December, Integrated acquired three more facilities in Florida for $9.5 million and bought a Minnesota rehabilitation company for $22.5 million.

The company specializes in subacute care for patients recovering from hospitalization.

It is developing a systematic approach to such patients by purchasing the ancillary services they require, such as drugs and follow-up care at home.

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