Integrated Health Services Inc., said yesterday it has completed a deal announced in the spring to lease 43 long-term care facilities around the country and outfit them with skilled medical units.
The arrangement involves facilities in the key growth states of Florida, Louisiana, and Texas and will expand the IHS network by 25 percent.
The Hunt Valley-based firm is the leading provider of subacute care inside nursing homes for people released early from hospitals who still need skilled medical attention. It operates or owns 24,000 beds in 30 states.
The transaction is part of a strategy to acquire or build a full range of medical services for recovering patients in selected areas which IHS can offer as a package to insurance companies.
"Since size and market share are important tools in winning managed care accounts, our acquisition strategy will help us establish alliances with hospitals, physicians, and managed care organizations," Dr. Robert N. Elkins, IHS chairman and chief executive officer, said. "In the near term, it provides additional long-term care facilities in target markets that can be converted to more advanced, higher margin subacute beds and programs."
The 43 facilities, to be leased from Litchfield Asset Management Corporation of New Milford, Conn., had $150 million in 1993 revenues.