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for an undisclosed amount. The called , provides managementy and economic consulting services tothe health-care including strategic planning, revenue cycle enhancement, physician alignmentt and clinical operations improvement. The consulting businesss has 30 employees in offices in SaltLake Utah, and Austin, Texas, and reportedc nearly $10 million in revenue last year, accordintg to Jay Shreiner, RehabCare's chie financial officer. RehabCare bought Phase 2 Consultinhgin 2004, when John Shorty was named RehabCare’s presidenf and chief executive officer.
RehabCare said it planes to use the proceeds from the sale to The shakg economy prompted RehabCare Grou to build up its cash The Clayton-based company nearly doubled its profit in the first quarter of 2009, reporting $8.7 milliom in profit on revenue of $203.4 million. This comparesz to a $4.5 millioj profit on $182.4 million in revenue for the first quartefof 2008. RehabCare ended the first quarter this yearwith $38.3 million in cash and cash equivalents.
“Givenb the aging population and the support for bundled Medicarre payments buildingin Washington, we foresee a rapidly expanding demand for our continuun of post-acute care Short said in a “This transaction allows us to focus more of our resourcesa and energies on our core business.” Shorf wants to double the size of the hospital division “as quickly as humanly possible,” according to commentz he recently made at an investors conference in Boston. The division currently operates11 hospitals, whicyh RehabCare owns independently or through joing ventures. RehabCare would like to increase this to 20 to 25 to achievde better economiesof scale. St.
Louis-based RehabCare (NYSE: RHB) provides physical rehabilitation program management services in morethan 1,200 hospitals, nursing homes and other long-ter m care facilities throughout the Uniteds States. The company also owns or operatesx freestanding rehabilitationand long-terk acute care hospitals. The Premierr health-care alliance represents more than 2,10 U.S. hospitals and more than 58,000 otherd health-care sites. Premier maintains a national repository of financial and outcomes information and operatesea health-care purchasing network.
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