A health system with 79 hospital campuses in 25 states is likely to gain a new senior living platform this year.
ScionHealth this week announced its intention to acquire Cornerstone Healthcare Group, a diversified health care company based in Dallas. In addition to behavioral health and specialty hospital holdings, the company’s umbrella also includes Cornerstone Senior Living, which has eight communities in three states.
ScionHealth was recently formed last year, the company’s network also includes 61 long-term acute care hospitals and 18 community hospital campuses.
The transaction is set to expand Louisville, Kentucky-based ScionHealth’s national reach, and both organizations are “committed to quality-driven, person-centered care and services,” according to a company representative.
The two organizations will continue to operate separately until the transaction closes, which Scion expects to happen in the second half of 2022. Two specialty hospitals belonging to Cornerstone are excluded from the acquisition. Terms of the deal were not disclosed.
By adding Cornerstone to Scionhealth’s umbrella, CEO Rob Jay said the move signal’s his company’s ability to serve as a “strong platform for growth.”
“Adding Cornerstone to ScionHealth is a significant first milestone and reflects our commitment to deliver high-quality healthcare solutions in the communities we serve,” Jay said in a news release regarding the transaction. “We are excited to welcome Cornerstone’s talented group of employees and providers into the ScionHealth family.”
The latest move comes as players in senior living and health care shift assets and form new partnerships. In February of last year, Brookdale Senior Living (NYSE: BKD) sold a majority stake in its home health hospice and outpatient therapy service line, which appeared to play into Brookdale’s larger strategic vision of health integration in senior living and linked the company to insurance giant UnitedHealth Group (NYSE: UNH) and its Optum platform.