Select Medical Holdings

Post-Acute Healthcare Servicesselectmedicalholdings.com

Select Medical Holdings operates a national U.S. network of 103 critical illness recovery hospitals, 41 rehabilitation hospitals, and 1,912 outpatient rehabilitation clinics across 38 states plus DC, serving patients requiring post-acute, inpatient rehabilitation, and outpatient therapy services; it is being taken private by WCAS and management for $3.9 billion.

Company typePublic
Founded-
HeadquartersMechanicsburg, United States
Headcount5,001–10,000
GTM typeB2C
OfferingServices

What Select Medical Holdings does

Select Medical Holdings Corporation (NYSE: SEM) is one of the largest U.S. operators of post-acute and outpatient rehabilitation facilities, operating 103 critical illness recovery hospitals in 28 states, 41 rehabilitation hospitals in 15 states, and 1,912 outpatient rehabilitation clinics across 37 states and the District of Columbia as of March 31, 2026, for total operations in 38 states plus DC. The company's clinical brands include Select Specialty Hospital, Regency Hospital, Kessler Institute for Rehabilitation, Select Medical Rehabilitation, Select Physical Therapy, NovaCare Rehabilitation, Kessler Rehabilitation Center, KORT Physical Therapy, Champion Sports Medicine, and Banner Physical Therapy, with joint ventures involving Cleveland Clinic, Baylor Scott & White, and Emory. Services span extended acute care for medically complex patients, inpatient rehabilitation for stroke, brain injury, spinal cord injury and orthopedic recovery, and outpatient physical, occupational, and speech therapy across pediatric, sports medicine, and industrial rehabilitation categories.

Revenue is generated through direct hospital and clinic operations reimbursed by Medicare, Medicaid, commercial insurers, workers' compensation, and individual patient arrangements; pricing is not publicly disclosed. Approximately 60% of revenue historically came from the specialty hospitals segment, with the remainder from inpatient rehabilitation and outpatient clinics. In November 2024 the company spun off Concentra Group Holdings Parent, Inc. (NYSE: CON), which operated 2,100+ urgent-care and occupational-health facilities and represented the higher-margin, commercially insured portion of the prior business. Full-year 2025 revenue was $5.45 billion (5.1% YoY) and FY2026 guidance is $5.6-$5.8 billion in revenue with $520-$540 million in adjusted EBITDA.

In March 2026 Select Medical entered a definitive $3.9 billion all-cash take-private agreement at $16.50/share led by Executive Chairman Robert A. Ortenzio, Senior EVP Martin F. Jackson, and Welsh, Carson, Anderson & Stowe, supported by approximately $1 billion in debt financing from JPMorgan Chase and Wells Fargo. Stockholders approved the merger on June 26, 2026 with over 79.88% voting in favor, the HSR waiting period expired April 27, 2026, and the deal is expected to close mid-2026, at which point Select Medical will be delisted from NYSE and exit the S&P SmallCap 600.

Select Medical Holdings firmographics

Firmographics

Name: Select Medical Holdings
Legal name: Select Medical Holdings Corporation
Website: https://selectmedicalholdings.com
Company type: Public
Operating status: Acquired
Headcount range: 5,001–10,000 employees
Short description: Select Medical Holdings operates a national U.S. network of 103 critical illness recovery hospitals, 41 rehabilitation hospitals, and 1,912 outpatient rehabilitation clinics across 38 states plus DC, serving patients requiring post-acute, inpatient rehabilitation, and outpatient therapy services; it is being taken private by WCAS and management for $3.9 billion.
Ownership category
akta.pro rank

Select Medical Holdings industry classification

Industry

Product category: Post-Acute Healthcare Services
NAICS: Specialty (except Psychiatric and Substance Abuse) Hospitals (6223), Offices of Physical, Occupational and Speech Therapists, and Audiologists (62134)
SIC: Services-Hospitals (8060), Services-Specialty Outpatient Facilities, Nec (8093)
akta.pro primary industry: Post-Acute Transitional Care / Subacute Rehab Centers (HLADAJAN)
akta.pro secondary industries: Orthopedic & Post-Surgical Rehabilitation Centers (HLADAJAI), Orthopedic & Sports Rehabilitation Centers (HLAFAFAI)

Keywords

Post-acute care services
Critical illness recovery
Inpatient rehabilitation
Outpatient rehabilitation
Specialty hospital operations

Where Select Medical Holdings is headquartered

Location

Headquarters

HQ city: Mechanicsburg
HQ country: United States
HQ region: North America

Offices1 record

Markets served

Select Medical Holdings business model

Business model

GTM type: B2C
Offering type: Services
Cost components: Personnel, Operations, Infrastructure, Supply Chain

Revenue model

Healthcare Services Revenue: Select Medical generates revenue through operating critical illness recovery hospitals, rehabilitation hospitals, and outpatient rehabilitation clinics. The company reports approximately 60% of revenue from its specialty hospitals segment. Concentra urgent-care subsidiary operates over 2,100 outpatient facilities representing a high-margin segment with stronger commercial insurance penetration.

Go-to-market motion1 record

Distribution channels1 record

Select Medical Holdings product offering

Product offering

Core offering

Select Medical Holdings operates a national network of critical illness recovery hospitals, inpatient rehabilitation hospitals, and outpatient rehabilitation clinics in the United States. As of March 31, 2026, the company ran 103 critical illness recovery hospitals in 28 states, 41 rehabilitation hospitals in 15 states, and 1,912 outpatient rehabilitation clinics in 37 states and the District of Columbia. The company provides post-acute medical care and rehabilitative therapy to patients recovering from critical illnesses, strokes, brain injuries, spinal cord injuries, and orthopedic conditions.

Product overview

Select Medical Holdings is a healthcare services company operating three core service segments: critical illness recovery hospitals (103 hospitals in 28 states), inpatient rehabilitation hospitals (41 hospitals in 15 states), and outpatient rehabilitation clinics (1,912 clinics in 37 states and DC). The company also maintained Concentra as an urgent care subsidiary until its November 2024 spin-off. The hospital brands include Select Specialty Hospital, Regency Hospital, Kessler Institute for Rehabilitation, and joint ventures with health systems such as Cleveland Clinic, Baylor Scott & White, and Emory. Outpatient services are delivered under brands including Select Physical Therapy, NovaCare Rehabilitation, Kessler Rehabilitation Center, KORT Physical Therapy, and Champion Sports Medicine, with pediatric therapy offered through Select Kids, NovaCare Kids, and Harmony Pediatric Therapy. The company was taken private via a $3.9 billion acquisition by a consortium led by Executive Chairman Robert A. Ortenzio and Welsh, Carson, Anderson & Stowe, with closing expected mid-2026.

Differentiator

Problem solved

Functional benefit

Brands

Select Specialty Hospital: Critical illness recovery hospital brand
Regency Hospital
Select Medical Rehabilitation
Kessler Institute for Rehabilitation
Select Physical Therapy
NovaCare Rehabilitation
Kessler Rehabilitation Center
KORT Physical Therapy
Champion Sports Medicine
Banner Physical Therapy

Products and services

Critical Illness Recovery Hospitals

Quantifiable outcome

Revenue growth of 5% year-over-year in Q1 2026 across all three operating divisions
+2 more outcomes

Companies that use Select Medical Holdings

Customer profile

Segments2 records

Ideal customer profiles2 records

Select Medical Holdings technology and API

Technology

Technology focussed No

API detail

Has API: No
API docs
API detail

Core technology

AI maturity

App detail

Select Medical Holdings partnerships and signals

Strategic signal

Partnerships

One partnership is on record.

Concentra Group Holdings Parent, Inc.minorStrategic or Co-development PartnerConcentra was spun off from Select Medical as a separate publicly traded company (NYSE: CON) in November 2024. Concentra operates over 2,100 urgent-care and occupational health outpatient facilities and represented a strategically valuable high-margin segment with stronger commercial insurance penetration.

Scale indicators8 records

Recent moves8 records

Expansion highlights4 records

Select Medical Holdings competitors and assessment

Company assessment

Direct peers

Encompass Health Corporation: Encompass Health is the largest pure-play operator of inpatient rehabilitation hospitals in the U.S., directly comparable to Select Medical's 41 IRFs and competing for Medicare rehab discharges from the same acute-care referral base.
Enhabit Inc. Enhabit was spun off from Encompass Health in 2022 as a home health and hospice operator; it competes with Select Medical for post-discharge patients and overlaps in the broader post-acute care continuum.
U.S. Physical Therapy, Inc. U.S. Physical Therapy operates ~650 outpatient physical therapy clinics, directly comparable to Select Medical's 1,912-clinic outpatient rehab segment in terms of therapy services, payor mix, and clinic economics.
The Ensign Group, Inc. Ensign operates skilled nursing and post-acute rehabilitation facilities across the U.S., overlapping with Select Medical's critical illness recovery hospitals and outpatient rehab clinics in caring for medically complex post-acute patients.

Broad incumbents

Acadia Healthcare Company, Inc. Acadia is a publicly traded specialty hospital operator (behavioral health); comparable as a publicly traded specialty inpatient platform with similar CMS reimbursement exposure and growth-by-de-novo strategy.
Tenet Healthcare Corporation: Tenet operates acute-care hospitals and ambulatory surgery networks with significant post-acute and outpatient service exposure; comparable as a multi-segment U.S. healthcare services operator with Medicare-skewed revenue mix.
HCA Healthcare, Inc. HCA is the largest U.S. for-profit hospital system; it discharges a meaningful share of patients into Select Medical's specialty and rehab hospitals and competes for inpatient post-acute capacity in shared geographies.
Universal Health Services, Inc. UHS operates acute-care and behavioral health hospitals nationwide; its acute-care footprint generates the inpatient referrals that feed Select Medical's rehab and critical illness recovery hospitals.

Emerging players

Surgery Partners, Inc. Surgery Partners is a specialty outpatient facility operator (ambulatory surgery centers); overlaps with Select Medical's outpatient strategy and post-surgical rehabilitation referral pipeline but on the surgical side.
Aveanna Healthcare Holdings: Aveanna provides home health and private duty nursing services, comparable as a post-acute and home/community-based care provider that competes for the same discharged patient population as Select Medical.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Select Medical Holdings financial estimates

Financial estimate

Revenue estimate

Valuation estimate

Select Medical Holdings leadership team

Management profile

Number of profiles

Profiles2 records

Select Medical Holdings subsidiaries and ownership

Company hierarchy

Subsidiaries1 record

Select Medical Holdings funding detail

Funding detail

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

Select Medical Holdings M&A and investment

M&A and investment

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Select Medical Holdings

What does Select Medical Holdings do?

Is Select Medical Holdings a public or private company?

Select Medical Holdings is a public company. It is classified as private equity controlled and is currently acquired.

When was Select Medical Holdings founded?

Select Medical Holdings was founded in -1. It employs 5,001 to 10,000 people.

Where is Select Medical Holdings based?

Select Medical Holdings is headquartered in Mechanicsburg, United States, in the North America region.

How does Select Medical Holdings make money?

One revenue line is on record: healthcare Services Revenue.

Who are Select Medical Holdings's main competitors?

Direct peers on record are Encompass Health Corporation, Enhabit Inc., U.S. Physical Therapy, Inc. and The Ensign Group, Inc.. Broad incumbents are Acadia Healthcare Company, Inc., Tenet Healthcare Corporation, HCA Healthcare, Inc. and Universal Health Services, Inc.. Emerging players are Surgery Partners, Inc. and Aveanna Healthcare Holdings.

Does Select Medical Holdings have an API?

No public API is recorded for Select Medical Holdings.

What industry is Select Medical Holdings in?

Select Medical Holdings's product category is Post-Acute Healthcare Services. Its primary akta.pro industry code is HLADAJAN, Post-Acute Transitional Care / Subacute Rehab Centers, with a secondary code of HLADAJAI, Orthopedic & Post-Surgical Rehabilitation Centers. Its NAICS code is 6223 and its SIC code is 8060.