Select Specialty Hospitals, a division of Select Medical Holdings Corporation, operates a network of critical illness recovery hospitals across the United States. These facilities specialize in treating patients with complex medical conditions requiring extended hospital stays.
Company Overview
Select Specialty Hospitals are state-licensed, accredited by The Joint Commission and Det Norske Veritas (DNV), and Medicare-certified long-term acute care hospitals. They provide care for patients recovering from critical illnesses, often with complex medical needs. The interdisciplinary team includes physicians, nurses, respiratory, occupational, physical, and speech therapists, nutritionists, pharmacists, and other staff. The hospitals promote healing and recovery in a compassionate environment by applying evidence-based best practices and rigorous protocols that drive clinical excellence. To underscore this commitment, Select Medical formed the Patient Safety and Quality Institute in 2019, which monitors, measures, and compares quality, safety, and outcomes across their nationwide network of 130 specialty hospitals as well as national standards.
Market Position
As of 2024, the specialty hospitals market in the U.S. is valued at approximately $67.5 billion, with a compound annual growth rate (CAGR) of 2.9% over the past five years. Select Medical Holdings Corporation, the parent company of Select Specialty Hospitals, holds a significant position in this market, with estimated revenues of $3.48 billion in 2024 and a profit margin of 8.8%.
Recent Developments
- Acquisitions: In June 2023, Select Medical Holdings Corporation acquired Select Specialty Hospital - Richmond, expanding its portfolio and reinforcing its market presence.
- Facility Expansion: In January 2024, the Miami Lakes Town Council approved an addition to the Select Specialty Hospital in Miami Lakes, Florida. The expansion includes a single-story, 11,528-square-foot addition to accommodate 26 new patient beds, increasing the facility's capacity from 60 to 86 beds.
Industry Trends
The specialty hospital sector is experiencing several key trends:
- Technological Integration: Advancements such as robotic-assisted surgeries, telemedicine, and AI-driven diagnostics are enhancing patient care and operational efficiency.
- Outpatient Services: There's a growing emphasis on outpatient and minimally invasive procedures, allowing patients to recover at home and reducing hospital stays.
- Personalized Medicine: Treatments tailored to individual genetic and molecular profiles are becoming more prevalent, particularly in oncology.
Competitive Landscape
The specialty hospital market is moderately competitive, with key players including:
- Memorial Sloan Kettering Cancer Center: A leading cancer treatment center with revenues of $6.91 billion in 2024.
- Encompass Health Corporation: Specializes in rehabilitation services, reporting revenues of $5.36 billion in 2024.
- Select Medical Holdings Corporation: Operates a network of specialty hospitals and rehabilitation centers, with revenues of $3.48 billion in 2024.
