Tuesday, January 24, 2023
ScionHealth today reported the close of its previously announced acquisition of Cornerstone Healthcare Group ("Cornerstone"). The addition of Cornerstone's talented caregivers and diversified portfolio of high-quality post-acute care facilities enhances ScionHealth's position as a leading healthcare delivery network across 28 states and is an important step in executing the organization's strategic plan for growth and innovation.
The acquisition adds 15 specialty hospitals, eight senior living locations and approximately 3,000 talented employees to ScionHealth's network to advance access to high-quality care, enhance innovation and improve the patient experience. The transaction expands ScionHealth's national network of specialty and community-based hospitals and physician practices to deliver essential care solutions in local communities nationwide.
"ScionHealth's expansion, through the acquisition of Cornerstone, demonstrates our platform for growth and our priority in supporting exceptional patient and employee experiences in hospitals close to home," said Rob Jay, chief executive officer of ScionHealth. "We are excited to add Cornerstone and its dedicated team members to ScionHealth, and eager to leverage best practices from both organizations to continue delivering compassionate, quality-focused care to patients across the country who place their trust in us."
"I am pleased to welcome the 3,000 talented caregivers from Cornerstone who share our vision to deliver best-in-class clinical expertise, healthcare solutions and innovation to ScionHealth's specialty hospital family," said Danny Brywczynski, president of ScionHealth's Specialty Hospital Division. "Within our expanded specialty hospital portfolio, we will continue to deliver quality care and exceptional outcomes for the nation's most medically complex patients."
Simultaneous to the close of the transaction with Cornerstone, Lifepoint Health successfully completed the purchase of Cornerstone Behavioral Health El Dorado in Tucson, Arizona, from ScionHealth.
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.
Sidley Austin LLP and Paul, Weiss, Rifkind, Wharton & Garrison, LLP served as legal counsel to ScionHealth.