Peoria, Ill.-based OSF HealthCare received approval from the state to acquire a majority ownership stake in Louisville, Ky.-based Kindred Healthcare's long-term care hospital in Peoria.
Under the approved deal, announced Oct. 4, OSF HealthCare was renamed Greater Peoria Specialty Hospital. It is now known as OSF HealthCare Transitional Care Hospital.
Kindred and OSF plan to work together to renovate the hospital and build an acute inpatient rehabilitation unit. The revamped hospital will house 18 long-term acute care beds and a 29-bed acute rehabilitation unit.
Although long-term acute care services will be provided during the renovation, the organizations said they expect the construction to be done by September 2022.
"We are excited to work with OSF HealthCare in this innovative partnership that will renovate our existing hospital into a dual-purpose facility to better serve the Peoria community," said Mike Warrington, president of Kindred's Hospital Division. "Replacing some of our LTAC beds with acute rehabilitation beds and a state-of-the-art therapy gym creates a combination of services that optimize this hospital’s offerings to more appropriately meet the local demand for post-acute healthcare services."