Select Medical Holdings Corporation
Select Medical Holdings Corp. operates a network of post-acute care and rehabilitation facilities in the United States, including critical illness recovery hospitals, rehabilitation hospitals, and outpatient rehabilitation clinics. The company also provides related shared services and employee leasing support to certain non-consolidating subsidiaries, with operations spanning 39 states and the District of Columbia.
Tilikausi 2025 · muutos edellisvuodesta
Kehitys 2020–2025
Liiketoiminta
Osuus liikevaihdostaInpatient hospitals for medically complex patients needing extended recovery care.
Inpatient rehabilitation facilities focused on intensive therapy and recovery.
Clinic-based therapy services for patients recovering from injury or surgery.
Employee leasing, administration, and other non-core revenue items.
Tuotteet
Raportoitu · osuus liikevaihdosta- Health Care Patient Service Non Medicare61,5 %
- Health Care Patient Service Medicare28,6 %
- Services and other9,9 %
Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.
Asiakkaat
The company serves patients needing post-acute and rehabilitative care after serious illness, injury, surgery, or hospitalization. Its referral base includes physicians, case managers, hospitals, health systems, employers, and insurers that direct patients into its facilities and clinics. Payor mix and reimbursement arrangements are central because the business depends on third-party payment sources for most patient services.
Medically complex patients needing extended inpatient recovery after acute hospitalization; they require specialized long-stay care.
Patients needing intensive inpatient therapy to regain function after illness, injury, or surgery.
Ambulatory patients receiving physical and related rehabilitation services in clinic settings.
Physicians, case managers, and hospitals that steer patient volume into the network.
Medicare, commercial insurers, managed care, and workers' compensation programs that fund services.
Strategia
The company’s strategy centers on expanding its facility network through selective acquisitions, new outpatient clinic openings, and joint ventures with health systems. It also emphasizes using scale, referral relationships, and centralized infrastructure to support growth across its inpatient and outpatient platforms.
Adds facilities and market density in fragmented post-acute markets.
Extends the network into underserved local markets and leverages existing referrals.
Creates patient flow, shared referral channels, and joint operating opportunities.
Supports efficiency across a geographically dispersed facility base.
Maantiede
Select Medical’s business is concentrated in the United States, with facilities across 39 states and the District of Columbia. Its footprint is diversified across inpatient and outpatient settings, which helps it participate in local referral networks and expand within existing markets. Geography matters because reimbursement, referral patterns, and competition are highly local in post-acute and rehabilitation care.
Riskit
The business is exposed to reimbursement changes, especially Medicare rate and methodology updates, because a large share of revenue depends on government and third-party payors. It also faces heavy regulation, competition from local and national providers, integration risk from acquisitions, and balance-sheet sensitivity from substantial indebtedness.
- Medicare reimbursement changesVaikutus: KorkeaTodennäköisyys: Korkea
A large portion of revenue is tied to Medicare rates and payment rules.
Kohdistuu: Critical illness recovery hospitals and rehabilitation hospitals
- Regulatory and compliance riskVaikutus: KorkeaTodennäköisyys: Kohtalainen
Healthcare operations are heavily regulated and subject to sanctions.
Kohdistuu: All segments
- Leverage and refinancing riskVaikutus: KorkeaTodennäköisyys: Kohtalainen
Substantial indebtedness can constrain capital allocation and refinancing options.
Kohdistuu: Corporate capital structure
- Competitive pressureVaikutus: KeskitasoTodennäköisyys: Kohtalainen
Patients and referral sources can shift to other hospitals and clinics.
Kohdistuu: Outpatient rehabilitation and inpatient rehab markets
- Acquisition integration riskVaikutus: KeskitasoTodennäköisyys: Kohtalainen
Systems, IT, and operating model integration can create disruptions and costs.
Kohdistuu: Acquired facilities and joint ventures
Kirjanpito
Harkinnanvaraiset erätThe company holds significant goodwill across three reporting units and tests it annually.
Vaikutus: A change in assumptions could trigger a non-cash impairment charge.
Employee health, workers' compensation, and malpractice liabilities are estimated actuarially.
Vaikutus: Reserve changes affect operating expense and liabilities.
Revenue depends on Medicare, commercial, and other payors with different reimbursement rules.
Vaikutus: Changes in mix or rates can affect recognized revenue and comparability.
Purchased facilities can create goodwill and intangible assets that require valuation.
Vaikutus: Affects future amortization, impairment risk, and balance-sheet composition.
Samankaltaisia listattuja yhtiöitä
Julkisesti listattuja yhtiöitä, joilla on samankaltainen liiketoiminta.
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Päivitetty: 24.9.2026