Friday, May 13, 2022
ScionHealth and Cornerstone Healthcare Group ("Cornerstone") today announced that they have entered into a definitive agreement for ScionHealth to acquire Cornerstone. The combination of the two patient-focused and quality-driven organizations will strengthen ScionHealth's position as a leading healthcare delivery network, expanding services, resources, and expertise to grow and invest in the health and well-being of patients and employees in communities nationwide.
The addition of Cornerstone's locations will enhance ScionHealth's ability to advance access to high-quality care and implement innovative solutions to improve the patient experience. The transaction expands ScionHealth's national network of long-term acute care hospitals, community-based hospitals and physician practices to deliver life-saving care solutions for the nation's most medically complex patients.
ScionHealth was established in late 2021 with a focus on investment in community healthcare and grounded in commitments to outstanding patient care and quality outcomes. The acquisition of Cornerstone is the first step in executing ScionHealth's strategic plan for growth and innovation.
"When we launched ScionHealth, we knew our portfolio would serve as a strong platform for growth," said Rob Jay, chief executive officer of ScionHealth. "Adding Cornerstone to ScionHealth is a significant first milestone and reflects our commitment to deliver high-quality healthcare solutions in the communities we serve. We are excited to welcome Cornerstone's talented group of employees and providers into the ScionHealth family. Cornerstone shares our values, as well as a similar focus on advancing clinical and quality excellence to benefit patients, pursue innovative solutions, and make healthcare more accessible. Additionally, today's announcement reinforces ScionHealth's commitment to being an active member of the Louisville business community, as well as a strong employer in Louisville and the other communities where our team members live and work across the U.S."
"This combination with ScionHealth confirms Cornerstone's commitment to quality care," said Steve Jakubcanin, chief executive officer and president. "We are proud to join an organization that puts people first and shares our vision to deliver best-in-class healthcare innovation and clinical expertise. We look forward to the benefits this combination will have for our team members and those we serve."
Upon the completion of regulatory approvals and satisfaction of customary closing conditions, the acquisition of Cornerstone is expected to be completed in the second half of 2022. Cornerstone Specialty Hospitals Clear Lake and Cornerstone Specialty Hospitals Houston Medical Center are excluded from the acquisition.