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Select Medical history
Select Medical company history timeline
Select Medical was founded in the year 1996.
1996: The company is incorporated.
Co-founded by Rocco A. Ortenzio and Robert A. Ortenzio in 1996, Select Medical began as a regional provider of outpatient physical rehabilitation.
June 1997: Select Medical Corporation acquires its first contact therapy business
In the year 1997, contract therapy was added to the company's specialized health care offerings as well.
In the year 1998, the company had introduced long-term acute care.
Rocco Ortenzio commented to the press, "Critical mass is of paramount importance in today's health-care environment." In 1998, Select Medical generated revenues of close to $150 million, but that amount would grow at a strong clip over the ensuing years.
The debt load now stood at slightly more than $200 million, a significant improvement over the amount the company owed in 1999.
In 1999, Select Medical made one of its largest acquisitions by purchasing NovaCare Physical Rehabilitation and Occupational Health.
To help pay down that amount, as well as to fund further acquisitions, the company began taking steps in 2000 to make an initial public offering (IPO) of stock.
With Wall Street heavy hitters Merrill Lynch, Credit Suisse First Boston, and J.P. Morgan managing the offering, Select Medical launched a road show in March 2001 to promote the company.
April 2001: Company completes Initial Public Offering and is listed on NASDAQ
A changing of the guard also took place in September 2001, when Rocco Ortenzio stepped down as chief executive officer in favor of his son Robert.
In the year 2001, the company was transformed into a limited public entity.
After adding another ten long-term acute-care hospitals and 35 outpatient rehabilitation clinics in 2001, Select Medical saw its revenues in 2001 improve by 19 percent over the previous year to $959 million, with a net profit of $29.7 million.
August 2002: Company is listed on the New York Stock Exchange
The company continued to grow in 2002, adding eight new hospitals and 20 rehabilitation clinics.
September 2003: Select Medical Corporation enters the medical rehabilitation hospital segment
Revenues for 2003 grew to nearly $1.4 billion, and net income improved to $74.5 million.
2003: Kessler Rehabilitation Corporation is acquired.
In the year 2004, the company had acquired the Kessler Institute for Rehabilitation, thus adding inpatient medical rehabilitation to its patient care offerings as well.
May 2007: Company doubles its outpatient division through strategic acquisition
September 2009: Select Medical Holdings Corporation completes Initial Public Offering and is listed on the New York Stock Exchange (NYSE:SEM)
In 2009, the company announced a joint venture with SSM Health Care.
April 2011: Company's chief operating officer named one of the nation's top-25 women in healthcare by Modern Healthcare
July 2011: Company launches re-branding initiative, refining Select Medical Corporation to Select Medical.
In December 2012, the company announced a partnership with Emory Healthcare.
Also in 2013, Select Medical and OhioHealth Corp announced a joint venture and reopened the OhioHealth Rehabilitation Hospital in August 2013.
December 2013: Company announces partnership with Cedars-Sinai and UCLA Health System to create California Rehabilitation Institute
In 2013, David Chernow was appointed CEO while co-founders Robert and Rocco Ortenzio became chairman of the company.
By the year 2015, the company had entered into a joint venture with Concentra.
Also in 2015, the company announced a partnership with Ochsner Health System.
In 2015, Select Medical completed its acquisition of Concentra, a national health care company.
In February 2016, the company announced an agreement to swap hospitals with Kindred Healthcare.
March 2016: Company completes acquisition of Physiotherapy Associates, a national provider of outpatient physical rehabilitation care offering a wide range of services including general orthopedics, spinal care, neurological rehabilitation, as well as orthotics and prosthetic services.
As of the year 2016, the company had divested its Contract Therapy business and Select Medical Rehabilitation Services.
As of the year 2018, the total revenue generated by the company is more than $5.2 million.
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Select Medical competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Allina Health | 1983 | $4.5B | 29,000 | 265 |
| The Rehabilitation Hospital of Wisconsin | - | $8.3M | 95 | 56 |
| Hospital for Special Care | 1941 | $170.0M | 1,068 | 2 |
| On With Life | 1987 | $10.0M | 124 | 5 |
| Community Health Systems | 1985 | $12.6B | 120,000 | 5,573 |
| Banner Health | 1999 | $7.8B | 50,000 | 1,967 |
| Select Specialty Hospital | - | $146.3M | 50 | 37 |
| RehabCare Hospital Holdings LLC | 2006 | $12.0M | 150 | - |
| Vanguard Health | 1997 | $4.9B | 36,801 | - |
| Tender Touch Rehab | 1993 | $350.0M | 3,000 | 610 |
Select Medical history FAQs
Zippia gives an in-depth look into the details of Select Medical, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Select Medical. The employee data is based on information from people who have self-reported their past or current employments at Select Medical. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. None of the information on this page has been provided or approved by Select Medical. The data presented on this page does not represent the view of Select Medical and its employees or that of Zippia.
Select Medical may also be known as or be related to SELECT MEDICAL HOLDINGS CORP, Select Medical, Select Medical Corp, Select Medical Corp., Select Medical Holdings Corporation and Select Medical Inc.